JPMorgan resumes Cairn India at 'overweight' on valuations

Reuters

Reuters Market Eye - J.P.Morgan assumes coverage of Cairn India Ltd (NSI:CAIRN.NS - News) with an "overweight" rating and a target price of 400 rupees, 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 percent at 332 rupees at 1010 am.

(Reporting by Abhishek Vishnoi)

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