Shares of oil explorer Cairn India (CAIL.NS) rose 3.8 percent to 353.90 rupees, tracking gains in crude oil prices and after UBS upgraded the stock to "buy" from "neutral" and raised its target price to 400 rupees from 375 rupees.
UBS said Cairn was a good proxy to play the rising crude prices and the weakening rupee, while saying it expected a "healthy" dividend from the unit of U.K.-based explorer Cairn Energy sometime in the next three months.
Cairn was also "likely" to announce "positive" updates in the next six months about reserves at the Rajasthan block, as well as possibly from its Sri Lanka reserves, the investment bank added.
UBS said Cairn was a good proxy to play the rising crude prices and the weakening rupee, while saying it expected a "healthy" dividend from the unit of U.K.-based explorer Cairn Energy sometime in the next three months.
Cairn was also "likely" to announce "positive" updates in the next six months about reserves at the Rajasthan block, as well as possibly from its Sri Lanka reserves, the investment bank added.
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