Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
There are 30 listed PSUs in which the public holding is less than 25%.
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JSPL and Balco had emerged as the highest bidders in the recently concluded auctions.
The divestment of government holding in Bharat Petroleum Corporation and National Aluminium Company would be undertaken simultaneously in the Indian and American markets, according to Communications and Divestment Minister Arun Shourie.
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
On August 15 last year, Prime Minister Narendra Modi announced from the ramparts of the Red Fort that the Indian Railways would launch 75 Vande Bharat Express trains by August 2023. Later, in her 2022 Budget speech, Finance Minister Nirmala Sitharaman announced that 400 Vande Bharat trains will be manufactured in the next three years, which are expected to cost between Rs 40,000 crore and Rs 50,000 crore. Those upbeat announcements come after a series of cancelled tenders, vigilance actions against officials and interdepartmental rivalry that delayed the addition of these iconic trains developed entirely indigenously by the Integral Coach Factory (ICF) in Chennai.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Bids for eight coal blocks were sent for re-examination.
The divestment department has lined up a host of companies.
'Mining jobs get created in the most backward districts of India's poorest states,' says Anil Agarwal.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
The court issued notice to the ministry and directed it to file its response in two days.
The BSE Midcap and Smallcap indices have performed better than the front-liners
Modelled loosely around the National Highway System of the US, he in 2001 launched the Golden Quadrilateral and the North-South & East-West Corridor projects to build 4/6 lane highways between four top metropolitan cities of Delhi, Mumbai, Chennai and Kolkata as well as from Srinagar to Kanyakumari and Porbandar to Silchar.
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
The broader markets are outperforming the benchmark indices.
Analysts said the higher capex by PSUs, along with government spending, could trigger a capex revival for the corporate sector by the second half of FY17
Arun Jaitley will aim for jumps in other revenue streams for the government.
The national budget 2019-20 had an outlay of Rs 10,000 crore for Phase-II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles scheme to boost electric mobility and increase the number of EVs in commercial fleets.
The 30-share Sensex is up 253 points at 29,263 and the 50-share Nifty has gained 68 points at 8,829.
Govt has drawn list of PSUs for strategic sale: Jaitley
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
New Delhi has missed its target for partial privatisations for the past five years
'Just because of my background and poor academic qualifications, most people disbelieve what I have done.'
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
Govt to issue ownership rights of 15 coal mines on Mar 23.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
The finance ministry has short listed 11 PSUs for a possible buyback of shares in the ongoing financial year
'In case of shortage of other raw material, like filters and bags, one can try to develop another vendor. However, for chemicals as critical as adjuvants, this is not possible'
The 1995 judgment in the Union of India vs Cricket Association of Bengal case emphasised that free speech is essential for a successful democracy and citizens must have a plurality of views and a range of opinions on all public issues, says M J Antony.
Top corporates and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter reflecting the impact of slowdown.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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