2019 to bring buyback spree coming from PSUs

2019 will bring a spree of buybacks from the government’s stable. ONGC has approved a share buyback at ₹159 apiece. Last week IOC or Indian Oil Corporation said it will carry out a buy back for close to ₹4,500 crore while Oil India has also announced a buyback for a little under ₹1,100 crore. NHPC’s buyback at Rs 28 per share, opens on the 1st of January. The government has been prodding cash-rich PSUs to use their funds to buy back shares to help achieve its fiscal deficit target of 3.3% .