CNE.L - Cairn Energy PLC

LSE - LSE Delayed Price. Currency in GBp
171.60
-4.20 (-2.39%)
At close: 4:35PM GMT
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Previous Close175.80
Open175.50
Bid171.30 x 0
Ask171.70 x 0
Day's Range169.90 - 176.10
52 Week Range141.93 - 216.80
Volume980,063
Avg. Volume1,232,150
Market Cap1.012B
Beta (5Y Monthly)1.37
PE Ratio (TTM)N/A
EPS (TTM)-97.90
Earnings DateMar 10, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateFeb 06, 2012
1y Target Est3.37
  • What’s in Modi’s Budget for Indians? Precious Little
    Bloomberg

    What’s in Modi’s Budget for Indians? Precious Little

    (Bloomberg Opinion) -- An all-out push to revive its sputtering economy is not within India’s reach. Instead of spending meager local resources to rebuild faltering demand, New Delhi is betting that world growth this year will be down in the dumps — and that will make India appear attractive to foreigners even when it really isn’t. The budget unveiled by Prime Minister Narendra Modi’s government Saturday left virtually every domestic constituency unhappy. My interpretation? Luring overseas investors to high-yielding Indian assets amid a global coronavirus scare is the preferred strategy. Under this blueprint, sovereign wealth funds such as Singapore’s GIC Pte and Abu Dhabi Investment Authority will pay no taxes on what they earn from Indian infrastructure investment made before 2024, even though domestic investors were miffed the budget didn’t scrap their long-term capital gains tax.Financiers in Mumbai are upset that the budget did little to clear the jammed arteries of credit. But yield-starved overseas investors will get full access to parts of the rupee-denominated Indian government bond market, where 10-year yields are a juicy 6.6%. The overseas participation ceiling on corporate bonds, currently limited to 9%, will rise to 15%. A Saudi Aramco-style initial public offering of the Life Insurance Corp., a state-owned former monopoly with $434 billion in assets, would add to Wall Street banks’ bragging rights. The locals will have to sacrifice, though. Funding has been cut for a  rural job guarantee program even as widespread agrarian distress weighs on demand for everything from toothpaste to biscuits. The urban middle class got thrown a carrot of lower tax rates, but it’s only for those who give up existing exemptions. Most people won’t. Dividend earners will, in fact, pay higher taxes as well as a levy — albeit one they can offset against their tax bill — on sending money overseas for education or holidays. Except for a renewed commitment to affordable housing, Modi’s government provided little demand stimulus. Existing bottlenecks remain, including a large overhang of unfinished homes. A bold rescue of troubled shadow banks, which are clogging up credit, isn’t in the cards. The planned 10.85 trillion rupees ($152 billion) of capital expenditure is expected to grow by just 2.4%.Break it down, and the 6.73 trillion rupee outlay of public-sector companies will shrink by 5%. The remaining 4.12 trillion rupees of capital spending funded out of budgetary resources will grow, but 5% of it will go to propping up dying state-run telecom companies. With the private sector refusing to invest, such poor-quality public expenditure won’t pull up growth in nominal gross domestic product — which is what matters for tax collections — to the targeted 10% rate, from a four-decade low of 7.5% in the fiscal year that ends March 31. India’s fiscal situation is parlous. I have previously argued that the country should attract patient capital from developed countries, because its domestic balance sheets — financial, corporate, government and households — are simultaneously stretched. Meanwhile, global pension and sovereign funds are staring at chronically low interest rates, a problem that could worsen if the coronavirus plays havoc with growth in an over-leveraged world.To attract some of this money to a highway or a grid-connected solar farm is tactically sound. So is the plan to seek India’s inclusion in global bond indexes. However, an honest embrace of global capital this isn’t. That would have meant reversing a 2012 weaponization of tax laws to hound investors like Vodafone Group Plc, and Cairn Energy Plc. Vodafone’s entire investment in India is now worthless because of the state’s overreach. Amazon.com Inc. is being snubbed because people in Modi’s administration don’t like what what the Jeff Bezos-owned Washington Post is saying about it.Yet the government’s bargain with its own 1.3 billion people is far from fair. Desperate job seekers, firms and farmers are all paying a price for the fiscal deficit, which is closer to 5% than the 3.8% New Delhi is acknowledging for this year and a far cry from the 3.5% projected for next. The fudge comes at a cost: With the government cornering household savings, the cost of capital can’t fall, even with the central bank furiously cutting its policy rate and buying longer-dated bonds.Inconvenient truths about the deficit could jeopardize India’s fragile investment-grade rating. Foreigners will stop coming. Showing them love in the time of coronavirus may be the only idea India has right now. But ultimately it’s Indians who will have to believe in a pro-growth message to generate a return for themselves as well as for global capital. It’s this link of trust that’s missing.To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Rigzone.com

    Cairn Exits Norway

    Cairn Energy plc has entered into an agreement to sell the entire share capital of Capricorn Norge AS, the company's wholly owned subsidiary in Norway.

  • Does Cairn Energy PLC's (LON:CNE) CEO Pay Compare Well With Peers?
    Simply Wall St.

    Does Cairn Energy PLC's (LON:CNE) CEO Pay Compare Well With Peers?

    Simon Thomson has been the CEO of Cairn Energy PLC (LON:CNE) since 2011. This report will, first, examine the CEO...

  • Introducing Cairn Energy (LON:CNE), The Stock That Dropped 21% In The Last Year
    Simply Wall St.

    Introducing Cairn Energy (LON:CNE), The Stock That Dropped 21% In The Last Year

    The simplest way to benefit from a rising market is to buy an index fund. While individual stocks can be big winners...

  • Thomson Reuters StreetEvents

    Edited Transcript of CNE.L earnings conference call or presentation 10-Sep-19 8:00am GMT

    Half Year 2019 Cairn Energy PLC Earnings Call

  • U.S. court upholds ex-HSBC executive's conviction for foreign-exchange scheme
    Reuters

    U.S. court upholds ex-HSBC executive's conviction for foreign-exchange scheme

    A U.S. appeals court on Thursday upheld the conviction of a former HSBC Holdings Plc executive who was sentenced to two years in prison for defrauding Cairn Energy Plc in a $3.5 billion currency trade. A unanimous three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan ruled that a jury had enough evidence to find that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, withheld material information from Cairn. "We are extremely disappointed with the result," said Alexandra Shapiro, Johnson's lawyer.

  • Who Has Been Buying Cairn Energy PLC (LON:CNE) Shares?
    Simply Wall St.

    Who Has Been Buying Cairn Energy PLC (LON:CNE) Shares?

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...

  • We Think Cairn Energy (LON:CNE) Has A Fair Chunk Of Debt
    Simply Wall St.

    We Think Cairn Energy (LON:CNE) Has A Fair Chunk Of Debt

    David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

  • How Much Of Cairn Energy PLC (LON:CNE) Do Institutions Own?
    Simply Wall St.

    How Much Of Cairn Energy PLC (LON:CNE) Do Institutions Own?

    If you want to know who really controls Cairn Energy PLC (LON:CNE), then you'll have to look at the makeup of its...

  • Is Cairn Energy PLC's (LON:CNE) CEO Salary Justified?
    Simply Wall St.

    Is Cairn Energy PLC's (LON:CNE) CEO Salary Justified?

    In 2011 Simon Thomson was appointed CEO of Cairn Energy PLC (LON:CNE). This report will, first, examine the CEO...

  • Francisco Garcia Parames' Top 5 Buys of the 1st Quarter
    GuruFocus.com

    Francisco Garcia Parames' Top 5 Buys of the 1st Quarter

    Spanish guru’s buys include Italian oil and gas conglomerate

  • Those Who Purchased Cairn Energy (LON:CNE) Shares A Year Ago Have A 22% Loss To Show For It
    Simply Wall St.

    Those Who Purchased Cairn Energy (LON:CNE) Shares A Year Ago Have A 22% Loss To Show For It

    The simplest way to benefit from a rising market is to buy an index fund. But if you buy individual stocks, you can do both better or worse than that. For example, the Cairn Energy PLC (LON:CNE) share price is down 22% in the...

  • Thomson Reuters StreetEvents

    Edited Transcript of CNE.L earnings conference call or presentation 12-Mar-19 9:00am GMT

    Full Year 2018 Cairn Energy PLC Earnings Call

  • Reuters

    EnQuest shares slump to three-year low after partner downgrades Kraken oilfield reserves

    British oil firm EnQuest's shares slumped to a three-year low on Tuesday after Cairn Energy, its partner in its flagship Kraken project, cut its estimate of the oilfield's reserves by around a fifth. The Kraken oil and gas field in the British North Sea is EnQuest's largest producing asset. EnQuest holds around a 70 percent stake and Cairn owns the rest.