TECH MAHINDRA TO BUY BACK SHARES FOR ₹1,956 CRORE
NEW DELHI: Information technology firm Tech Mahindra on Thursday announced a ₹1,956crore buyback of its shares at ₹950 apiece, a 14.59% premium over current trading price. The share buyback proposal has been approved by the company’s board. The firm is proposing to buy back up to 20.5 million equity shares at a price of ₹950 per equity share for an aggregate amount not exceeding ₹1,956 crore, Tech Mahindra said in a regulatory filing. March 6, 2019, is the record date for the purpose of ascertaining the eligibility of shareholders to participate in the buyback, it added. The buyback offer price is 14.59% higher than the current trading price of the stock at ₹829 per share.
Markets extend gains, PSU banks, metal stocks shine
MUMBAI: Equity indices closed higher for the second straight session on Thursday, led by metal, pharma and banking stocks amid widespread buying by foreign and domestic institutional investors. Global markets were mixed following release of Federal Reserve minutes which showed that the US central bank would be patient on interest rate hikes. After a choppy start, the Sensex settled 142.09 points, or 0.40% higher at 35,898.35. The broader NSE Nifty gained 54.40 points, or 0.51%, to 10,789.85. Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94%. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, Bajaj Auto, Tata Steel, RIL, HDFC duo and SBI, rising up to 2.78%.
Govt asks ONGC, OIL to sell out 66 fields to pvt firms
NEW DELHI: The government has asked state-owned Oil and Natural Gas Corp. and Oil India Ltd to sell out 66 of their small oil and gas fields to private firms as it brought in a new policy to boost domestic production, cut imports, petroleum minister Dharmendra Pradhan said on Thursday. To quickly bring all sedimentary basins under oil and gas exploration, the government dumped a two-year-old model of bidding out acreage or blocks to firms offering highest share of revenue, and brought in a new system of bidding them out on the basis of work programme such as drilling of wells and shooting of seismic with the winner’s only liability being payment of statutory duties like royalty and cess, he told reporters here. ONGC and OIL have a total of 184 fields.
Dr. Reddy’s recalls 2,770 bags of epilepsy injections
NEW DELHI: Drug firm Dr. Reddy’s Laboratories is recalling 2,770 bags of epilepsy drug levetiracetam sodium chloride injection in the US, on account of a labelling error. According to the latest Enforcement Report of the US Food and Drug Administration, the drug firm is recalling Levetiracetam in 0.54% sodium chloride injection, 1,500 mg/100 ml single-dose infusion bags. The product is being recalled by Dr Reddy’s Us-based unit, and has been manufactured by Hyderabadbased Gland Pharma. The reason for recall is the pre-printed text on the primary infusion bag and the national drug code incorrectly identifies the product as levetiracetam in 0.75% sodium chloride (1000 mg/100 ml), however, the external foil pouch correctly identifies the product as Levetiracetam in 0.54% sodium chloride injection (1,500/100 ml).”