The BSE Sensex was down 29.80 points, or 0.17%, to 17,344.43
On BSE, 68.73 lakh shares were traded in the counter. The scrip had an average daily volume of 13.74 lakh shares in the past one quarter.
The stock hit a high of Rs 283.50, which is also its all time high on BSE. The stock touched a low of Rs 261 so far during the day. The stock had hit a 52-week low of Rs 128 on 9 May 2007.
The large-cap scrip had outperformed the market over the past one month till 6 May 2008, gaining 14.65% compared to the Sensex`s return of 10.26%. It also outperformed the market in the past one quarter, advancing 23.79% compared to Sensex`s decline of 4.23%.
The company`s current equity is Rs 1892.19 crore. Face value per share is Rs 10.
On 6 May 2008, Cairn India rose 1.67% to Rs 260.75 after Goldman Sachs Group Inc. raised the stock`s price estimate by 14% to Rs 325 per share.
Cairn India reported higher net loss of Rs 24.31 crore in Q1 March 2008 as compared to net loss of Rs 8.54 crore in Q1 March 2007. Total income rose 79.80% to Rs 22.66 crore in Q1 March 2008 over Q1 March 2007.
Cairn India`s principal activity is to explore, develop and produce crude oil and natural gas.
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Meanwhile the BSE Sensex was down 87.49 points or 0.50% to 17,285.52
India`s second largest software exporter by sales TCS was the top gainer from Sensex pack. The stock surged 3.22% to Rs 968.05 on 4.46 lakh shares.
Other Infosys Technologies (up 1.36% to Rs 1846), Wipro (up 0.30% to Rs 499.80), and Satyam Computers (up 0.20% to Rs 496.20), advanced.
The BSE IT sector outperformed the market over the past one month till 6 May 2008, gaining 18.87% compared to the Sensex`s return of 10.26%. It also outperformed the market in the past one quarter, advancing 14.93% compared to Sensex`s decline of 4.23%.
A firm dollar augurs well for IT pivotals as they derive majority of revenue from exports. The Indian rupee fell further sharply by 19 paise to Rs 41.13/14 against the American dollar as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.
IT pivotals had advanced steadily after India`s second largest software exporter by sales Infosys Technologies issued decent guidance for the year ending March 2009. Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 (FY 2009) over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
The company sees significant growth opportunities in the medium to long term. It, however, may face short-term challenges due to global economic uncertainties
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National Aluminium Company (Nalco) is exploring the possibility of setting up a greenfield aluminium smelter and captive power plant near Jharsuguda, western Orissa at an investment of more than Rs 14,000 crore. The capacity of the proposed smelter is pegged at 5 lakh tonnes per annum with a captive generation facility of 1,250 MW. The alumina required for the project is likely to be sourced from Nalco's existing refinery at Damanjodi.
Engineer's India (EIL), which has been appointed the consultant, has found the project technically feasible. Jharsuguda is being chosen as the possible site for the plant as it is in the vicinity of the IB valley coal reserves. While the company has the required technology, land acquisition is expected to be trouble-free as most part of the identified patch is government land and barren. The state-owned Industrial Promotion and Investment Corporation of Orissa (Ipicol) has forwarded the company's application for water from IB River to the water resources department.
Besides, the company is weighing various options for setting up smelter plants in countries like South Africa and Iran depending upon the availability of cheap power. It has recently entered into a MoU with the Kerman Development Organisation for setting up a smelter and subsequently a gas-based power plant in Iran in a joint venture. The capacity of the proposed smelter will be 3.1 lakh tonnes which will come up in two phases.
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