The UAE central bank will then make payments in dirhams to Iran.
The 30-share Sensex ended down 538 points at 26,781 and 50-share Nifty ended down 152 points at 8,067.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
These firms offer job security and lucrative salries.
Centre and state governments are steadily increasing excise duties and value-added tax
Processes are at an advanced stage for a number of assets of the Centre and central public sector enterprises (CPSEs) to be monetised. The assets include office space, apartments, factories, land, power transmission assets, sports stadia, gas pipelines, and telecom assets.
The latest round of petrol and diesel price increase, on Thursday, met with opposition from many corners.
Among Sensex constituents, HCL Tech suffered the most by diving 2.26 per cent, followed by HDFC shedding 2.10 per cent.
It may be the season for corporate matchmaking but India Inc's record of managing partnerships is far from impressive, says Shailesh Dobhal.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
ONGC is raising debt for a spate of acquisitions over the past year
The run-up to next year's general elections might see some of the top executives of government-run companies getting unlucky. And, the period could become the best in the lives of those waiting in the wings.
A chunk of divestment till now has come from follow-on offerings in the Centre's two ETFs, Bharat-22 and CPSE. Now, there will be initial public offerings of Mazagon Docks, rail companies RVNL and IRFC and MSTC.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
Markets ended in green on rate cut hope.
J R D Tata and Air India... Mrigank Warrier explores one of India's eternal love stories.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
Reason behind for the change in his stance: gas price increase.
While consumer electronics, technology, mobile phones, auto and sports-wear categories dominate the top 20, FMCG has only one entry in the list
'Sachin Pilot once calculated that with a million Indians flooding the labour market every month, only an additional 12 million jobs annually could keep unemployment at the same level.' 'That's chickenfeed for the functionaries who cram my e-mail inbox every day with such a constant flow of job offers that trying to empty it is like trying to drink dry the horn connected to the ocean in Norse mythology,' says Sunanda K Datta-Ray.
More than 40% of the companies surveyed showed job contraction in FY18, says a report by CARE Ratings
Rising oil prices and diminishing cash pile to limit capacity in 2018-19
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
The Tata group companies are now more valuable than all the listed central public sector undertakings (CPSUs) or companies in the country. The key 20 listed Tata companies ended the 2021 calendar year with a combined market capitalisation of Rs 23.36 trillion, ahead of the 70 listed CPSUs, which had a combined m-cap of Rs 23.2 trillion. In comparison, these CPSUs had a combined market capitalisation of Rs 16.7 trillion at the end of December 2020 against the Tata group firms' combined m-cap of Rs 15.7 trillion.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
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