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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.
Vedanta Resources chairman Anil Agarwal on Thursday said he is ready with Rs 8,000 crore (Rs 80 billion) for buying the government's residual equity in Balco and Hindustan Zinc, for which he will meet the Finance Minister this month.
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap up 0.5% and 0.6%.
Hindustan Zinc (HZL), a subsidiary of Vedanta, announced an interim dividend of Rs 21 per share last week, resulting in an outflow of Rs 8,863 crore. The announcement has turned the spotlight on India Inc's dividend-paying policy - more so for reasons driving the generosity of firms. An analysis of BSE 500 companies by Business Standard Research Bureau shows that some of the top 20 dividend-paying companies in 2021-22 (FY22) include Vedanta, Tata Consultancy Services, HZL, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil), Hindustan Unilever (HUL), Reliance Industries (RIL), and Bajaj Auto, among others.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
Tata Power, Sesa Sterlite and Hindustan Zinc likely to be hit.
The NSE 50-share index, after moving between 10,572.20 and 10,546.20, ended at 10,565.30, up 39.10 points, or 0.37 per cent.
Better living conditions must be an integral part of all political campaigns. But this will only happen if the public pressures the political class to understand the irreversibility of climate change and make the environment a crucial part of their manifestos.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Analysts refuse to read too much into the early birds numbers.
At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
India's track record of over-promising and under-delivering also leaves plenty of room for doubt.
The market breadth, indicating the overall health of the market was strong
144 companies will pay Rs 61,087 crore in equity dividends to their shareholders for FY16, an increase of 19.2 per cent year-on-year
Cairn has slashed its planned capital expenditure (capex) by 60 per cent to $500 million against the earlier $1.2 billion.
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
Among these, Hindalco and Vedanta from the metal pack have become multi-baggers, gaining 100 per cent in 2016
All this is happening at a time when aluminium prices in the world market are firming up.
Committed to keep fiscal deficit under check, Prime Minister Manmohan Singh has convened a high-level meeting on Tuesday to push forward the disinvestment programme with a view to achieve the budgetary target of Rs 40,000 crore (Rs 400 billion) in the current fiscal.
On the BSE, 1,650 shares declined and 1,188 shares rose
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The S&P BSE Sensex plunged 128 points to end at 25,102.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
Sensex seems to be under pressure on weak cues.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
'Unless India Inc's earnings offer promise in March 2017 quarter, sentiment may not reverse in a hurry.'
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'Mining jobs get created in the most backward districts of India's poorest states,' says Anil Agarwal.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
Bankers claim they have received good response to the roadshows held abroad for Coal India, IndianOil and PowerGrid.
The S&P BSE Sensex ended up 28 points at 25,844 and the Nifty50 ended flat at 7,915.
The government has a two-pronged strategy for e-auction of cancelled coal blocks.
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.
Under current laws, a company cannot sell mines but only transfer leases when it is acquired by another firm.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
'National assets, created over the years through tax-payers's money, should not be handed over to business houses at throwaway prices.'
Promoter holding in family-owned firms up 70 bps since 2005, 240 bps since 2010.
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
'It is my duty to give the govt the right price of crude oil.'
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