ONGC share buyback to open Jan 29, closes Feb 11
Posted on 22nd January 2019 |
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| State-owned Oil and Natural Gas Corp’s (ONGC) Rs 4,022 crore share buyback programme will open on January 29 and close on February 11, the company said in its offer letter to shareholders. ONGC’s board had on December 20 approved buyback of 25.29 crore shares for Rs 159 apiece as part of the Government plan to get cash-rich PSUs to part with their surplus. The Government, which holds 65.64 per cent stake in the company, stands to gain about Rs 2,640 crore from tendering some of its shares in the buyback programme. “The funds for the buyback will be met out of internally generated cash resources of the company,” it said. ONGC said buyback is the acquisition by a company of its own shares. A buyback is an efficient form of returning surplus cash to the members holding equity shares of the company. After considering the mutual benefits to the company and the equity shareholders, “the board decided to recommend buyback of not exceeding 25.29 crore equity shares representing 1.97 per cent of the total number of equity shares in the paid-up share capital of the company at a price of Rs 159 per share for an aggregate consideration of not exceeding Rs 4,022 crore,” it said. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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