Market Could FY20 see more buybacks in PSU stocks? Emkay gives tips on how to play the buyback wave Updated : September 12, 2019 02:08 PM IST Overall, buybacks can accrue proceeds of Rs 29,500 crore to the government in FY20 as against Rs 10,700 crore in FY19, Emkay said in a report. The report prefers PSU stocks that have a decent cash balance and the room to lever up and a reasonable room for the government to cut stake. Among the larger PSU stocks, a rise in the government’s buyback activity could be best played through Oil India, Bhel, ONGC and Nalco, the report said. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.