Briefly Business: Cairn India unveils Rs5,725 crore share buyback programmehttps://indianexpress.com/article/news-archive/web/briefly-business-cairn-india-unveils-rs5-725-crore-share-buyback-programme/

Briefly Business: Cairn India unveils Rs5,725 crore share buyback programme

Cairn India will spend up to Rs 5,725 crore to buy back shares.

New Delhi: Cairn India has said it will spend up to Rs 5,725 crore to buy back shares,a move which would help promoter Anil Agarwal-led Vedanta Group gain greater control over oil producer without putting any money. Cairn,which is sitting on a cash pile of about $3 billion,in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding,from open market at no more than Rs 335 apiece.

Nissan to sell Datsun cars on its own in India

New Delhi: Japanese auto major Nissan Motor Co will sell its upcoming small car Datsun Go and other models from the Datsun range on its own in India and not through its country sales and service partner Hover Automotive.

Output under threat due to subsidy: ONGC

New Delhi: Oil and Natural Gas Corp (ONGC) has warned its output growth and international acquisitions are under “serious threat” due to disproportionate rise in fuel subsidy burden.

Irda proposes cover for HIV affected

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New Delhi: Life and health insurance cover should be made available from April 1 next year to people living with HIV/AIDS or those who contract the virus after subscribing to a policy,according to a draft circular issued by Insurance Regulatory Development Authority (Irda).

NSEL defaults for 15th straight time

New Delhi: Crisis-ridden bourse NSEL has paid around

Rs 9 crore against the scheduled payment amount of Rs 174.72 crore,defaulting for the 15th straight time.

Deal failure casts shadow over WTO

Geneva: Negotiators have failed to fix a deal for a crunch summit next week,casting a shadow over efforts to revive stalled talks on slashing barriers to global commerce,WTO chief Roberto Azevedo has said.