The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
Known for stable returns, near debt-free status and dividend track record, these 10 PSU stocks are worth buying now.
PNB reported the maximum number of such frauds.
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.
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.
The rally followed the govt's plan to bolster state-owned lenders.
By packaging rates and stabilising costs, insurers expect to cut expenses.
P V Subramanyam clears some misconceptions about debt funds.
Subbarao also warned of attrition in PSBs, saying, "PSBs will lose talent to the private sector."
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.
The decision to increase the quantum of capital infusion was taken at a meeting between Finance Minister P Chidambaram, RBI Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram in New Delhi.
Hemendra Hazari of Karvy Stock Broking believes that government banks will be impacted by rising bond yield because they have a much higher proportion of investments and their durations are higher too.
The government's ambitious plan to make Steel Authority of India Limited a mega PSU may hit a roadblock with several smaller PSUs under the Steel Ministry expressing unwillingness to merge with the steel behemoth.
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.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
The finance ministry is considering a proposal by Indian Bank's Association to give post allowance to chairmen and executive directors of public sector banks, a key official said on Tuesday.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
From the Sensex pack, NTPC, Tata Motors, Larsen & Toubro, Bajaj Finserv, Bharti Airtel, HDFC Bank, Reliance Industries, Titan, Power Grid and State Bank of India were the major gainers. ITC, UltraTech Cement, Tech Mahindra, Tata Steel, Wipro, Tata Consultancy Services and JSW Steel were among the laggards.
PSU employees will now get an option to subscribe up to 5 per cent of the issue size at a discount after the completion of disinvestment in the concerned state-owned company.
The re-invention that PSU banks have undergone recently is a great story.
Indian stock markets are expected to be driven mostly by global factors this week amid a lack of local triggers and earnings season largely coming to an end, say analysts. Crude oil prices, rupee movement and US Federal Reserve meeting minutes to be released this week will also influence the market sentiment. "With the earnings season behind us, global cues would largely dictate the trend in the coming week," Ajit Mishra, SVP - technical research, Religare Broking Ltd, said.
The two anti-submarine warfare shallow watercraft built by Garden Reach Shipbuilders and Engineers Limited were launched by Neeta Chaudhari, wife of Chief of Air Staff of Indian Air Force, Air Chief Marshal V R Chaudhari.
The devotion to the deity is such that even commerce is not untouched by the spiritual feel in the holy city. Images of the grand temple is finding places even on visiting cards, posters, calendars and even signages.
The government on Wednesday decided to allow private sector employees to apply for top management jobs in PSU companies like Indian Oil, NTPC and SAIL.Private sector executives who meet the eligibility criteria for top-level management positions for which the Public Enterprises Selection Board (PESB) conducts selections, will be considered as "non-internal" candidates. Most board-level appointments in PSUs have a five-year tenure.
Its 11MFY24 production is around 40.2 mt. In FY25, it could hit 50 mt and it may reach 55 mt by FY26. The PSU has capex plans for multiple projects, which should improve the product mix and augment capacity to 100 mt for FY30.
Aizawl has been cut off from the rest of the country due to a landslide on National Highway 6 at Hunthar.
Conflicting views on Coal India (CIL) might leave investors confused. The bullish perspective that India has strong power demand (and also high steel production) means high demand for coal. As CIL is the monopoly producer of coal -- supplying over 80 per cent of the domestic requirement - the public sector undertaking should be a beneficiary of the rising power demand.
NDRF director general Atul Karwal told PTI that the teams are undertaking continuous familiarisation exercises and conducting simulation drills in the temple town to respond to any contingency.
The government-run Bharat Earth Movers Limited continues to do business with the United Kingdom-based Tatra Sipox, in spite of the latter facing a criminal case filed by the Central Bureau of Investigation. The PSU sought a fresh lot of Tatra trucks, priced at Rs 59.6 lakh each, in July -- two months after the CBI filed its case against the company.
The forthcoming public offers of CIL and SAIL can be a roaring success if the debut history of 28 PSUs since 2003 is any indication, as 94 per cent of these public sector companies listed with a premium of at least 10 per cent on the bourses.
Finance Minister P Chidambaram on Wednesday said public sector banks plan to hire 50,000 persons and open 10,000 branches in the current fiscal.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
The country's largest public sector lender State Bank of India on Monday fixed its benchmark lending rate at 7.5 per cent following a Reserve Bank directive, a move that will end the practice of sub-prime loan to corporates.
The Union Cabinet on Wednesday decided that 10 per cent of the government's stake in Coal India Ltd would be sold. Similarly, the sale of five per cent of its stake in ONGC and 11.4 per cent in the hydropower public-sector unit, NHPC, has been cleared.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
The World Bank and India have concluded negotiations for loans worth $3.2 billion for recapitalising state-run banks and funding for the India Infrastructure Finance Company Ltd, a state-run lender to infrastructure projects.
Oil explorer ONGC again emerged as the highest profit-making PSU of the country during 2012-13 while telecom major BSNL turned out to be the biggest loss-making enterprise, says the Economic Survey.
