Reuters Market Eye: JPMorgan assumed coverage of Cairn India Ltd with an "overweight" rating and a target price of Rs 400, from a "neutral" rating with a Rs 315 target price as of October 2011.
Cairn offered 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 were up 1.1 percent at Rs 332 at early trade.
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