Move is expected to result in passive inflows of $89 million (Rs 650 cr) in Tata Consumer. Gail could see outflows of $57 million (Rs 410 cr)
The funds for the buyback will be met out of internally-generated cash resources of the company, it added
Lower profit due to decline in natural gas marketing business
The Indian Energy Exchange (IEX) on Tuesday said GAIL (India) Ltd has acquired five per cent stake of the IEX in its arm Indian Gas Exchange (IGX)
Buys stake from Indian Energy Exchange (IEX)
GAIL looks to return surplus cash to shareholders, the biggest being the government of India
The board approved share buyback at price of Rs 150 per share via tender offer and declared an interim dividend of Rs 2.50 per share or 25 per cent for the financial year 2020-21.
Says the firm is on course to replace state-owned Gail India in the widely-followed index during the semi-annual review set for March
The free-float market cap - a key parameter for index inclusion-of Tata Consumer Products is currently at Rs 36,000 cr, while that of Gail is about Rs 30,000 cr
The government, which holds 52.1 per cent of GAIL, is likely to participate in the GAIL buyback
Rebound in performance, improved gas transmission prospects and inexpensive valuations are keeping analysts positive.
At current levels, midcap and smallcap stocks look more attractive than largecaps
All that happened in the markets today.
GAIL India has issued a tender offering two liquefied natural gas cargoes for loading in the United States and is seeking two cargoes for delivery into India, two industry sources said
GAIL India has issued a tender offering two liquefied natural gas cargoes for loading in the United States and is seeking two cargoes for delivery into India, two industry sources said
All that happened in the markets today
GAIL (India) has offered at least three liquefied natural gas (LNG) cargoes for loading from the Cove Point terminal in Maryland in the United States over May to July
Will bid for new pipelines put on offer by regulator and continue to grow gas transmission biz by laying key sections of National Grid; 7,500-km lines, mostly to eastern parts are currently being laid
The company's revenue from operations also saw a decline of 34 per cent for the quarter ended June 30 to Rs 12,180.62 crore as against Rs 18,481.56 crore in Q1FY20
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