Buy Cairn :: Goldman Sachs Top Pick: October 2011

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Buy Cairn India
Our 12-month SOTP-based target price of 351 implies 30% potential upside
We forecast growth of Cairn’s production volumes by 2X between FY11-FY14E. Cairn’s production
growth profile are among g p g the best in the peer group with high oil price leverage
We expect positive operational updates going forward after Vedanta deal concludes this month

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TOP PICKS:: Goldman Sachs India Handbook: October 2011