Cairn India signed the agreement with Sri Lanka

Cairn India gained 1.70% to Rs 241.75 at 12:00 IST on BSE after the company said on Monday, 7 July 2008 it has signed the agreement with the government of Sri Lanka for the exploration of oil and natural gas in the Mannar basin.

The company made this announcement after trading hours yesterday, 7 July 2008.

The stock hit a high of Rs 242.50 and a low of Rs 226.50 so far during the day. The stock had a 52-week high of Rs 342.50 on 21 May 2008 and a 52-week low of Rs 134.60 on 17 August 2007.

The company has an equity capital of Rs 1894.43 crore. Face value per share is Rs 2.

Cairn India will invest $100 million for the first phase of oil exploration in Sri Lanka's northwestern Mannar oil basin.

Cairn India reported a net loss of Rs 8.74 crore in Q1 March 2008 as compared to net loss of Rs 8.54 crore in Q1 March 2007. Net sales rose 78% to Rs 0.89 crore in Q1 March 2008 over Q1 March 2007.

Cairn India’s principal activity is to explore, develop and produce crude oil and natural gas.