On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
Land resources belonging to ailing companies being pitched to pvt players for new initiatives.
'I would say restore the banks to health, get active board composed of professionals, then there will be an ideal situation for merger.'
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
The AAP on Wednesday last had posted a video story on 'X' featuring industrialist Gautam Adani and Prime Minister Modi. The next day, the party posted a picture of Adani and Modi, and alleged that the prime minister works for the industrialist and not the people.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
A local official confirmed the incidents but said the causes of these suicides were yet to be ascertained.
Constituencies that are going to the polls in the first phase, slated for April 19, have just 19 days for campaigning. Contrast that with those going to polls in the 7th phase, notes N Sathiya Moorthy.
To boost the economy, the RBI has taken a slew of measures since September last year, including cuts in the cash reserve ratio and short-term lending (repo) rate, to inject funds into the system and signalled a soft interest rate regime. PSU bankers' meeting is being held in the backdrop of the third quarterly review of monetary policy by the Reserve Bank of India.
Among PSBs, the top gainers have been Union Bank of India and Corporation Bank, whose shares have rallied more than 15% each. Indian Bank and Bank of Baroda, too, registered double-digit rise
Chidambaram would be meeting the bankers for the first time after the quarterly review of monetary policy by Reserve Bank on July 29. The apex bank raised the key policy rate to 9 per cent following which most of the PSU banks including the largest lender SBI hiked their lending rates by 50-100 basis points.
In the last two months, these stocks have lost nearly a quarter of their market cap.
The country's government-run firms suffered a loss of over Rs 82,000 crore (Rs 820 billion) on a single day on Monday with no significant announcement like FDI hike in some sectors or disinvestments in PSUs in the Budget 2009-10.
Government-owned companies are more generous in rewarding their shareholders with dividends.
The policy was part of the Aatmanirbhar Bharat package announced by Sitharaman in May 2020 as a coherent policy where all sectors would be opened for private sector participation.
Telecom, metal and healthcare came as dampeners.
The recent failure of PSU public issues lies in the present character and structure of the primary market
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
As of June, the gross NPA of nationalised banks was 3.89 per cent and State Bank Group at 5.50 per cent.
PSU stocks held gains on selective buying interest
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Known for stable returns, near debt-free status and dividend track record, these 10 PSU stocks are worth buying now.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
PNB reported the maximum number of such frauds.
The Oil Sector Officers Association, which claims to represent executives at 14 state-run firms, is protesting against a pay increase smaller than it had demanded.
Smaller stocks have emerged as Dalal Street's favourites in 2023 that has turned out to be a "great year" for equities, rewarding investors with big gains, driven by optimism over the country's macroeconomic fundamentals and heavy retail investors participation. Experts said equity markets are experiencing a prolonged bull run and it is during this time that the midcap and smallcap segments tend to outshine their larger counterparts. Till December 22 this year, the BSE smallcap gauge has jumped 13,074.96 points or 45.20 per cent while the midcap index has surged 10,568.18 points or 41.74 per cent.
The rally followed the govt's plan to bolster state-owned lenders.
This is also the first stake sale by a state-run company in 17 months after REC went public in February 2008 to raise over Rs 1,600 crore (Rs 16 billion). The issue will open on August 7 and close on August 11. The company would sell 168 crore (1.68 billion) shares comprising of five per cent stake divestment of the government and infusion of 10 per cent fresh equity.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
Over 1.6 million employees working in the estimated 240 central public sector undertakings (PSUs) are likely to receive a 50 to 60 per cent salary increase, possibly with retrospective effect from January 2006. The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, is in advanced stages of finalising its award due April-end and plans to submit its report to the government soon after.
Institutional investors lapped up Coal India shares in this fiscal's maiden government stake-sale, with Rs 6,500 crore bids pouring in on the first day of the offer-for-sale. The government had offered over 8.31 crore shares to institutional investors on Thursday under the offer-for-sale (OFS), but received bids for 28.76 crore shares or 3.46 times. At the indicative price of Rs 226.12 a share, the bids of institutional buyers are worth Rs 6,500 crore.
During his visit to the Bastar district headquarters in the poll-bound state, the prime minister is scheduled to address a Bharatiya Janata Party rally.
'Investors should ideally consider equity allocations from a medium-to-long term perspective.'
Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers. Bajaj Finance and Larsen & Toubro were the laggards.
By packaging rates and stabilising costs, insurers expect to cut expenses.
Dwaipayan Bose on how index funds play a key role in the diversification of portfolios and help manage risks
There's a straightforward relationship between economic activity and power consumption. If economic activity increases, so does power consumption. Since the latest GDP (gross domestic product) data indicates India's growth rates exceeded expectations in the second half if the 2022-23 financial year (H2FY23) and GDP estimates of FY24 are strong, we would expect power consumption to rise as indeed it has. There is also a direct relationship between power consumption and National Thermal Power Corporation or NTPC's results since the public sector undertaking (PSU) is the largest power generator in India.
Subbarao also warned of attrition in PSBs, saying, "PSBs will lose talent to the private sector."
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
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