Outlook on Cairn India dim, advise profit taking: UR Bhat

In a chat with ET Now, UR Bhat, MD, Dalton Capital Advisors shares his view on the business prospects of Cairn India. Excerpts:

ET Now: What about Cairn India? Again, a whole host of brokerages overweight on this one. Tomorrow the board meets to decide on the buyback price. Is the story already done with and at Rs 330, is there any positive on the price?

UR Bhat: In the short term yes, if there is some surprise on the buyback announcement, that could do fine but otherwise, it will probably more or less mimic what happens to the crude prices and given the deal with Iran on the nuclear issue, the outlook for crude immediately is not very good. Therefore, one needs to be again probably taking some money out of the table here.