Cairn India in spotlight on buyback plan

Cairn India said its board will meet on 26 November 2013, to consider a proposal for buyback of equity shares of the company.

ONGC's wholly-owned subsidiary ONGC Videsh (OVL) after market hours on Thursday, 21 November 2013 announced that it has on 20 November 2013 signed Memorandum of Understanding (MOU) with Petrovietnam to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries. The MOU signing was witnessed by Prime Minister of India and Secretary General of Communist Party of Vietnam. The MOU was signed by Mr D.K. Sarraf, CEO & MD of OVL and Mr. Nguyen Vu Truong Son, Vice President of Petrovietnam. This MOU is in furtherance to the agreement signed between the OVL and Petrovietnam on 12 October 2011. Under the MOU, Petrovietnam has offered 5 blocks to OVL. OVL would assess these blocks and if these are of interest, it would make a proposal to Petrovietnam.

ONGC said that Vietnam is one of the focus countries for OVL where it would like to acquire stakes in oil and gas assets depending on techno-commercial viability.

ONGC Chairman Mr. Sudhir Vasudeva, noted that it should be seen in the context of long standing strategic partnership with Vietnam. This partnership will help achieve medium to long terms goals set for OVL and energy security of India.

Ambuja Cements announced that it received shareholders' approval to buy a 24% stake in Holcim (India) from Holderind International for Rs 3500 crore, and the amalgamation of Holcim (India) with it.

According to an Ambuja Cements filing, 68.52% of minority shareholders voted in favour of Ambuja buying a 24% stake in Holderind International for Rs 25.63 a share. The voting took place on 19 November 2013.

The second resolution, for approving the scheme of amalgamation between Holcim (India) with Ambuja, also got shareholders' approval, with 68.53% of minority shareholders voting in its favour, Ambuja Cements said.

Torrent Pharma is reportedly in advanced talks to buy Elder Pharma's domestic business,. Torrent Pharma is said to have offered Rs 1700 crore for buying the whole of India business of Elder Pharma, the report suggested.

Dabur India said after market hours on Thursday, 21 November 2013, that the company has agreed to purchase the business undertaking (including manufacturing facility and all assets and liabilities relatable to the said facility) situated at Pantnagar in Uttarakhand, on a going concern basis from Northern Aromatics (Dabur's existing vendor) on a slump sale basis at a consideration of Rs 15 crore. The said facility will be used to manufacture food products, ayurvedic medicines and cosmetics. Agreement to sell in this respect has been executed on 18 November 2013.

Siemens will announce its financial year ended 30 September 2013 results today, 22 November 2013.

Gujarat Gas Company turns ex-dividend today, 22 November 2013, for interim dividend of Rs 9 per share for the year ending 31 March 2014 (FY 2014).

Indiabulls Real Estate clarified that its board has not considered any proposal of share buyback. The company issued the clarification after recent media reports suggested that the company was considering a share buyback.

Indiabulls Real Estate said that that buybacks are corporate actions which need to be approved by the board of directors. No such agenda has been placed before the board of the company till date. The company said it would inform the stock exchanges if the board approves any corporate action including buyback.

Powered by Capital Market - Live News