Cairn India is trading lower by 2% at Rs 319 on the Bombay Stock Exchange (BSE), after the company announced a buyback at a price not more than Rs 335 per share. The company will spend up to Rs 5,725 crore on the buyback.
"The amount notified to be spent on the proposed buyback is in line with our expectations. The company had a cash and equivalents of US$3bn as on September 30, 2013. With high operating cash flows, limited capex requirements, we believe buyback is positive for equity shareholders. We maintain a buy rating on the stock with a price target of Rs 380," an analyst at Angel Broking said in a note.
The stock opened at Rs 321 and hit a low of Rs 317 in trade today. A combined around 50,000 shares have changed hands on the counter in early morning deals on BSE and National Stock Exchange (NSE).
"The amount notified to be spent on the proposed buyback is in line with our expectations. The company had a cash and equivalents of US$3bn as on September 30, 2013. With high operating cash flows, limited capex requirements, we believe buyback is positive for equity shareholders. We maintain a buy rating on the stock with a price target of Rs 380," an analyst at Angel Broking said in a note.
The stock opened at Rs 321 and hit a low of Rs 317 in trade today. A combined around 50,000 shares have changed hands on the counter in early morning deals on BSE and National Stock Exchange (NSE).
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%