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Indian Stock Market News March 29, 2012

Indian stock markets slip deeper into the red
Thu, 29 Mar 01:30 pm

   Previous Close

   Pre-Open

   09:30 am

   11:30 am

   Closing

Indian stock market indices continued to trade in the negative territory over the last two hours of trade. Barring consumer durables and pharma stocks, all sectors were trading in the red led by FMCG and capital goods stocks .

The BSE-Sensex is down by 126 points, while the NSE-Nifty is down by 32 points. BSE Mid cap index is down by 0.24% while the BSE Small cap index is up by 0.24%. The rupee is trading at 51.12 to the US dollar.

Energy stocks are mainly trading in the red led by Cairn India and Oil India As per a leading financial daily, Gas Authority Of India Ltd. (GAIL) has signed a Gas Transmission Agreement to supply natural gas to Information Technology Park, Bangalore. According to the agreement, GAIL will supply 60,000 standard cubic meters of natural gas per day. The gas will be supplied from the Dabhol-Bangalore pipeline being set up by GAIL at an investment of Rs 35 bn and is expected to be commissioned by August 2012. The pipeline is expected to supply gas to consumption centres in Maharashtra, Goa and Karnataka. The company has signed contracts with other industrial consumers such as Toyota Kirloskar Autoparts and H&R Johnson to supply gas from the upcoming pipeline. The stock was trading in the red.

Aluminium stocks have been trading in the red led by National Aluminium Company Ltd. (NALCO) and Hindustan Aluminium Company (Hindalco). National Aluminum Company Limited (Nalco) has recently declared an interim dividend of 18%( Rs 0.9 per share of Rs 5.0 each). The 18% interim dividend will be paid on enlarged capital base after split and bonus issue last year. The total interim dividend will amount to Rs 2.3 bn for the financial year 2011 to 2012 (on the paid up equity share capital of Rs 12.9 bn). This compares to a total dividend of Rs 2.6 bn during the year 2010 to 2011 (payout ratio 24%).

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