NMDC shares were down 0.65 per cent to Rs 91.05 while that of MOIL were trading at Rs 240.20, down 1.19 per cent at 1130 hrsKeywords: NMDC, MOIL, Shares, Buyback As at the end of March 2015, NMDC had a cash balance of Rs 18,443 crore, Nalco (Rs 4,628 crore) and MOIL (Rs 2,830 crore). After the announcement of the share buyback, NMDC and MOIL scrips were trading in the red on BSE. Together with the share buyback announced by Nalco, the government is set to earn a major chunk of the over Rs 11,200 crore share buyback programmes announced by these state—owned firms. Last month, aluminium maker Nalco said its board has approved a proposal to buy back 64.43 crore shares worth close to Rs 2,835 crore.

Source: The Hindu June 08, 2016 06:56 UTC