At present, Cairn India trades up on the Sensex after the company started production in the company’s Mangala oil mines in Rajasthan.

Reportedly, Cairn India’s Rajasthan oil fields are slated to be launched by PM Man Mohan Singh.

The government has selected Hindustan Petroleum Corp, Indian Oil Corp and Mangalore Refinery and Petrochemicals to buy crude oil from Cairn India’s Rajasthan mines.

Cairn India has signed pricing contracts with a couple of state-led refining firms, which are Mangalore Refinery and Petrochemicals and Indian Oil Corporation.

Cairn India presently trades at Rs.231.45, which is high with 2.55 points from its earlier close of Rs.228.90 on the Nifty.

16,212 shares traded on BSE in the counter. The stock saw a standard everyday volume of 15.90lakh shares in the last single quarter.

Oil and Natural Gas Corporation has declared that it is planning to invest in the Cairn India’s Rajasthan oilfields for nearly $1 billion.

Cairn India presently trades at Rs.222.05, which is higher by 2.70 points from its earlier close of Rs.219.35 on the Sensex.

Cairn India will start manufacturing crude oil from its productive Rajasthan fields by May-end if it gets sanction from associate ONGC for field reserves and if the Government is able to discover purchasers for the oil.

ONGC has come up as the leading earner on the Sensex Oil & Gas index.