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The Cairn India stock has flared up amid rumours of a takeover attempt on its parent, Cairn plc. The stock gained 6.78 per cent to Rs 204.75 with sharp surge in trading volumes of 45.33-lakh shares against two-week average figure of 11-lakh shares on the BSE. During intra-day, the stock touched a high of Rs 216.80 (also its life-time high).

Global media has been speculating that BP Plc may make an offer to acquire Cairn Energy Plc. The latter gained sharply at the London Stock Exchange following these reports. A Bloomberg report quoted spokespersons of BP and Cairn Energy Plc as saying that “we never comment on market rumours.”

There are also rumours that Mr L.N. Mittal may buy stake in Cairn’s India business. Denying this, Cairn India said that the company’s management is focussed on delivering substantial growth and it believes in the business. “There has and always will be rumours or speculation about the company. We get on with running the business to ensure we deliver the growth,” the company said.

K.S. Badri Narayanan

More Stories on : Stocks | Mergers & Acquisitions | Ear to the ground | Petroleum

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