DRAXIS Health Inc. (NDAQ:DRAX) announced today that it received approval from the TSX to renew its Normal Course Issuer Bid. This enables the company to repurchase up to 3,397,011 of its common shares, which represents nearly 10% of its float. The company's board determined that the underlying value of the Company is not reflected in the current market price of its common shares and has thus concluded that the repurchase of common shares pursuant to the proposed normal course issuer bid presently constitutes an appropriate use of financial resources and would be in the best interest of shareholders.

Intersil Corporation (NDAQ:ISIL) approved a $400 million stock buyback program. This is significant because it represents around a 10% repurchased based on today's prices, given the company's market cap of just over $3.3 billion. The company noted that the funding for this repurchase would come from future free cash flows along with a portion of their cash on hand.

UST Inc. (NYSE:UST) announced that it would be increasing its dividend 5.3% and instituting a $200 million share buyback program. While the share buyback only represents approximately 2% of the company's market cap at current prices, the moves do illustrate management's confidence in the company's future cash flows and committment to increasing shareholder value. The stock moved up 2% on the news in intraday trading.