Cairn India shares surged despite a weak market today following the announcement of its second oil discovery in the Krishna Godavari basin block.
The company had said yesterday that it has made an oil discovery in the Nagayalanka-SE-1 well in the onshore block KG-ONN-2003/1 in the Krishna Godavari basin on the east coast.
The stock opened on a bullish note and rallied to a high of Rs 362.85. It was later trading at Rs 357.60, up 0.2 per cent.
Similar movement was seen on the National Stock Exchange as well where the stock opened at Rs 360.30, then surged to Rs 363. It was later quoting at Rs 357.75, up 0.31 per cent.
Cairn Energy India Pty Ltd is the operator of the block with 24 per cent stake, while Cairn India holds 25 per cent. The remaining 51 per cent is with the state-owned Oil and Natural Gas Corporation.