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BL Research Bureau

Chennai, Sept. 11 Shareholders of Cairn India can heave a huge sigh of relief following the company receiving formal permission from the Government for its proposed pipeline connecting the Rajasthan oilfield to the Gujarat coast.

With this, the sizeable uncertainty surrounding the company’s production plans from the Rajasthan fields has been removed.

In anticipation of approval, Cairn had already completed the front-end design work for the pipeline, including route surveys.

It has also already set off the process of ordering equipment with long lead times needed for the pipeline. These are encouraging signs that the pipeline will be completed to commence oil production on schedule by mid-2009.

The Cairn India stock, which has been subdued since listing in January, started moving up in the last few days. It gained 1.5 per cent on Tuesday to close at Rs 159.05 on the BSE.

With the pipeline hurdle out of the way, the stock could move to higher levels in the near term.

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