Cairn India shares up 5% on buyback proposal, crude gains

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Higher crude oil prices help increase realisations at oil exploration firms such as Cairn India. Higher crude oil prices help increase realisations at oil exploration firms such as Cairn India.
SummaryCairn India stock surges ahead of its board meeting to consider a proposal to buy back shares.

Shares in Cairn India Ltd surged as much as 5 per cent after the oil explorer said its board would meet on Tuesday to consider a proposal to buy back shares.

Shares also gained as Brent crude jumped $2 to end at its highest in more than a month on Thursday, fuelled by a sharp run-up in gasoline and gas oil prices on news of dwindling stocks and refinery glitches in the United States and Europe.

Higher crude oil prices help increase realisations at oil exploration firms such as Cairn India, which sells crude in dollars. The rupee also weakened, heading for a third consecutive session of falls against the dollar.

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