In the coming days, the market may react to some major macroeconomic data such as US S&P Global manufacturing and services PMI, initial jobless claims, building permits, crude oil inventories, existing home sales, FOMC policy outcomes, UK and Eurozone inflation, among others, Nanda said
L&T share price: Commenting on the company's upcoming buyback offer, the brokerage said, "L&T has increased shares buyback price from Rs 3,000-3,200 per equity share, keeping total buyback value unchanged at Rs 10,000 crore. The share buyback of engineering and infrastructure conglomerate would open on September 18 and conclude on September 25, L&T said in its Letter of Offer.
With this, L&T has become the second company after BSE Ltd. to revise its share buyback price. Tuesday, September 12 is the record date for the company s buyback. Timeline for opening and closing of the buyback issue is yet to be declared.
"We have surpluses beyond our requirements, not for all times to come, but at least for some time to come. Given that, we thought that it is a good way to create value back to shareholders. One way to create value for shareholders is to keep distributing dividends. So we decided not to interrupt with that but to go for a buyback."
Indian engineering company Larsen & Toubro s shares hit an all-time high after the firm announced its first-ever buyback proposal worth $1.33bn. CFO R Shankar Raman said the company had surpluses beyond requirements, adding that creating value to shareholders through dividends was one option, but the company opted for a buyback to return accretive.