Dividend hope lifts Cairn India shares
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After rising as much as 1.5 percent, shares in Cairn India gain 0.1 per cent on hopes the oil explorer will soon announce a dividend payout, and were last
* Analysts say the government's recent approval of a corporate reorganisation at Cairn India is raising hopes for a dividend.
* The company's board of directors is set to meet on October 31 to consider the payment of an interim dividend..
* Morgan Stanley says Cairn India has net cash of $2.4 billion, or 65 rupees per share, equalling about 20 per cent of its current market capitalisation and nearly equal to its capex guidance over the next two years, leaving room for the possibility of a higher payout.
* Cairn India said on Monday July-September profits tripled to 23.22 billion rupees, just about in line with expectations.
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