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PSU shares gain as government approves buyback

The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities

Mumbai: Shares of various public sector companies today gained ground after the government approved buyback of shares by certain PSUs as part of the divestment programme, reports PTI.

The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities.

While the names of potential buyback candidates could not be immediately ascertained, shares of companies like MMTC, Coal India, NMDC, Shipping Corporation surged higher.

MTNL, HMT, STC, Hindustan Copper, Engineers India, MOIL, Power Finance, Oil India and NHPC were also trading higher.

While MTNL was the biggest gainer in the PSU pack with a gain of over 6% on the BSE, HMT gained 5.9%, STC by about 5% and National Fertilizers by over 4%.

Hindustan Copper, NMDC, EIL and Shipping Corporation were up more than 3%, while MMTC and Neyveli Lignite were up about 2.9% each.

Nalco, Bank of Baroda, PFC, Chennai Petro, NHPC, Oil India, BEML, Coal India and Syndicate Bank were trading with gains of over 1% at 1150 hours in a weak market.

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UTV Software to stop trading on NSE from 9th March

“Securities of UTV Software Communications and Carol Info Services will be suspended for trading on the NSE with effect from 9 March 2012 and 12 March 2012, respectively, on account of voluntary delisting pursuant to SEBI (Delisting of Equity Shares) Regulations, 2009,” according to a circular by the exchange

Mumbai: Shares of media and entertainment firm UTV Software Communications will stop trading on the National Stock Exchange (NSE) from 9th March, pursuant to a voluntary delisting by the company, reports PTI.

Besides, Carol Info Service, which provides contract manufacturing service for nutraceutical and milk-based products, would also be suspended for trading on the bourse from 12th March.

“Securities of UTV Software Communications and Carol Info Services will be suspended for trading on the National Stock Exchange with effect from 9 March 2012 and 12 March 2012 respectively on account of voluntary delisting pursuant to SEBI (Delisting of Equity Shares) Regulations, 2009,” according to a circular by the National Stock Exchange.

Both the companies had begun their respective delisting processes last month.

Walt Disney had offered Rs835.03-Rs1,000 a share for UTV Software shares, while the Khorakiwala Group had launched delisting offer for shares of the group firm Carol Info Services for Rs106 a piece.

UTV Software Communications and Carol Info Services would be excluded from S&P CNX 500 Index, while Indiabulls Real Estate and L&T Finance Holdings respectively would be included in the index.

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