Overweight rating to Cairn India shares, target price Rs 400: JP Morgan

Oct 21 2013, 10:27 IST
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Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan. (Reuters) Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan. (Reuters)
SummaryJP Morgan assumes coverage of Cairn India with an overweight rating from a neutral.

JP Morgan assumes coverage of Cairn India Ltd with an "overweight" rating and a target price of Rs 400, from a "neutral" rating with a 315 rupees target price as of October 2011.

Cairn offers high-margin production growth built around its key asset in the state of Rajasthan, but trades at a 50 percent discount to peers, the investment bank says.

Cairn India's shares are up 1.1 per cent at Rs 332 at 10.10 am.

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