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(Sharecast News) - Analysts at Berenberg upgraded exploration and development firm Cairn Energy from 'hold' to 'buy' on Friday, stating "significant progress" was yet to be reflected in its current share price.
Berenberg highlighted that India's finance minister, Nirmala Sitharaman, introduced a taxation laws amendment bill on Thursday, which will effectively withdraw retrospective tax demands made by the Indian government to Cairn in 2014.
The German bank stated the proposal would refund any amounts taken in payment by the government and return Cairn to the position it was in prior to the claim.
"In effect, this would mean a refund of circa $1.0bn-1.1bn. This is clearly a huge step forward for Cairn and significantly increases our confidence in a material, near-term payment from the Indian government," said Berenberg, which also increased its price target on the stock from 170.0p to 235.0p.
"The shares closed up by 26% on Thursday but, in our view, this undervalues the importance of this development and we think there is potential for an additional circa 50% upside in the near term. In addition, we reiterate the likelihood of material near-term cash returns to shareholders as and when any refund is received."
21 Mar 2024 15:00
UK earnings, trading statements calendar - next 7 days
| Friday 22 March | |
| Dunedin Enterprise Investment Trust PLC | Full Year Results |
| JD Wetherspoon PLC | Half Year Results |
| Phoenix Group Holdings PLC | Full Year Results |
| SkinBioTherapeutics PLC | Half Year Results |
| Monday 25 March | |
| Amaroq Minerals Ltd | Full Year Results |
| Baillie Gifford Shin Nippon PLC | Full Year Results |
| Central Asia Metals PLC | Full Year Results |
| Gamma Communications PLC | Full Year Results |
| Henry Boot PLC | Full Year Results |
| Impact Healthcare REIT PLC | Full Year Results |
| Kingfisher PLC | Full Year Results |
| Pennon Group PLC | Trading Statement |
| Princess Private Equity Holding Ltd | Trading Statement |
| RTC Group PLC | Full Year Results |
| Tandem Group PLC | Full Year Results |
| Ocean Harvest Technology Group PLC | Full Year Results |
| Octopus Renewables Infrastructure Trust PLC | Full Year Results |
| Virgin Wines UK PLC | Half Year Results |
| US Solar Fund PLC | Full Year Results |
| Tuesday 26 March | |
| 888 Holdings PLC | Full Year Results |
| AG Barr PLC | Full Year Results |
| Airea PLC | Full Year Results |
| Bellway PLC | Half Year Results |
| CAB Payments Holdings PLC | Full Year Results |
| CPPGroup PLC | Full Year Results |
| Fevertree Drinks PLC | Full Year Results |
| Flutter Entertainment PLC | Full Year Results |
| Forterra PLC | Full Year Results |
| Genel Energy PLC | Full Year Results |
| GetBusy PLC | Full Year Results |
| Good Energy Group PLC | Full Year Results |
| Inspired PLC | Full Year Results |
| John Wood Group PLC | Full Year Results |
| Life Science REIT PLC | Full Year Results |
| Luceco PLC | Full Year Results |
| Michelmersh Brick Holdings PLC | Full Year Results |
| NIOX Group PLC | Full Year Results |
| Ocado Group PLC | Trading Statement |
| Petershill Partners PLC | Full Year Results |
| Regional REIT Ltd | Full Year Results |
| Smiths Group PLC | Half Year Results |
| Softcat PLC | Half Year Results |
| Time Finance PLC | Trading Statement |
| TruFin PLC | Full Year Results |
| WAG Payment Solutions PLC | Full Year Results |
| Xaar PLC | Full Year Results |
| YouGov PLC | Half Year Results |
| Wednesday 27 March | |
| Artisanal Spirits Co PLC | Full Year Results |
| BioPharma Credit PLC | Full Year Results |
| Carnival PLC | Q1 Results |
| Corero Network Security PLC | Full Year Results |
| Endeavour Mining PLC | Full Year Results |
| Gelion PLC | Half Year Results |
| James Halstead PLC | Half Year Results |
| Nanoco Group PLC | Half Year Results |
| Norman Broadbent PLC | Full Year Results |
| Pharos Energy PLC | Full Year Results |
| S4 Capital PLC | Full Year Results |
| Strix Group PLC | Full Year Results |
| Vanquis Banking Group PLC | Full Year Results |
| Vinanz Ltd | Full Year Results |
| Windward Ltd | Full Year Results |
| Thursday 28 March | |
| Arbuthnot Banking Group PLC | Full Year Results |
| Bank of Cyprus Holdings PLC | Full Year Results |
| BBGI Global Infrastructure SA | Full Year Results |
| Capricorn Energy PLC | Full Year Results |
| Chesnara PLC | Full Year Results |
| Crystal Amber Fund Ltd | Half Year Results |
| EnQuest PLC | Full Year Results |
| First Tin PLC | Half Year Results |
| International Public Partnerships Ltd | Full Year Results |
| JD Sports Fashion PLC | Full Year Results |
| Schroders Capital Global Innovation Trust PLC | Full Year Results |
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