Last checked at 
(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."
8 Dec 2022 15:45
UK shareholder meetings calendar - next 7 days
| Friday 9 December | |
| Asia Dragon Trust PLC | AGM |
| Associated British Foods PLC | AGM |
| Boston International Holdings PLC | AGM |
| Critical Metals PLC | AGM |
| Doric Nimrod Air One Ltd | AGM |
| Doric Nimrod Air Three Ltd | AGM |
| Doric Nimrod Air Two Ltd | AGM |
| Frontier IP Group PLC | AGM |
| Gelion PLC | AGM |
| TechFinancials Inc | AGM |
| Monday 12 December | |
| Devolver Digital Inc | SGM re 2022 Long-Term Incentive Plan approval |
| Marwyn Value Investors Ltd | AGM |
| Osirium Technologies PLC | GM re placing agreement with Allenby Capital |
| PCF Group PLC | GM re proposed cancellation of trading on AIM |
| Tuesday 13 December | |
| Amedeo Air Four Plus Ltd | AGM |
| Avation PLC | AGM |
| Blancco Technology Group PLC | AGM |
| JD Sports Fashion PLC | GM re remuneration policy |
| Macau Property Opportunities Fund Ltd | AGM |
| Softcat PLC | AGM |
| Spectris PLC | GM re remuneration policy |
| Wednesday 14 December | |
| Fidelity Special Values PLC | AGM |
| Kistos PLC | GM re new non-operational entity |
| Parsley Box Group PLC | GM re proposal to become a private limited company |
| TP Group PLC | GM re cash acquisition |
| Volution Group PLC | AGM |
| Westpac Banking Corp | AGM |
| Thursday 15 December | |
| Aeorema Communications PLC | AGM |
| Argos Resources Ltd | AGM |
| Baillie Gifford Japan Trust PLC | AGM |
| Capricorn Energy PLC | GM re proposed share premium account cancellation |
| Chelverton Growth Trust PLC | AGM |
| CQS Natural Resources Growth & Income PLC | AGM |
| DX Group PLC | AGM |
| DXS International PLC | AGM |
| Glenveagh Properties PLC | EGM |
| Secured Income Fund PLC | GM re proposed reduction of capital |
| Schroder Income Growth Fund PLC | AGM |
| Copyright 2022 Alliance News Ltd. All Rights Reserved. | |
