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Indian stock markets rise further
Tue, 6 Mar 11:30 am

Indian stock markets moved further northwards during last two hours of trade after a strong opening. All sectoral indices are trading strong led by realty and capital goods stocks.

The BSE-Sensex is trading up by 279 points and NSE-Nifty is trading up by 77 points. BSE Mid cap and BSE Small cap indices too are trading up by 1.4% and 1% respectively. The rupee is trading at 49.97 to the US dollar.

Energy stocks are trading in the green led by Indraprastha Gas and Petronet LNG. According to a leading financial daily, Life Insurance Corporation's (LIC) stake in Oil and Natural Gas Corporation Ltd. (ONGC) has gone up to 9.48%. This is because LIC acquired 377.1 m shares i.e. 4.41% of the company's share capital in a stake sale held last week by the government of India. The government had offered a 5% stake sale in ONGC through share auction on March 1, 2012. However, it could realize only US$ 2.57 bn after selling 98.3% of the share offered. LIC seems to have taken up more than half the offer.

Aluminium stocks are trading in the green led by Hindustan Aluminium Company (Hindalco) and National Aluminium Company Ltd. (NALCO). According to a leading financial daily, Novelis, a subsidiary of Hindalco Industries is selling three aluminium foil manufacturing plants in Europe to American Industrial Acquisition Corp (AIAC) for an undisclosed sum. The three plants assets are based in France, Luxembourg and Berlin. The company has said that although these operations are well-established businesses with strong customer bases, they are not aligned with the Novelis growth strategy. Novelis is focussed on growing the higher-volume, premium markets of beverage cans, automobiles and speciality products. Novelis is the global leader in aluminium rolled products and aluminium can recycling and operates in 11 countries.

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