The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
The IPO lane will continue to be busy in December as 10 companies have lined up initial share-sale plans worth more than Rs 10,000 crore, merchant banking sources said on Wednesday. Moreover, the initial public offerings of Star Health and Allied Insurance and Tega Industries are currently open for public subscription. This comes after 10 firms successfully concluded their initial public offerings (IPOs) in November. Among the companies that scheduled their IPOs in this month include RateGain Travel Technologies, travel and hospitality technology services provider, and Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi.
Analysts caution against volatility and recommend buying stocks of companies that are on strong fundamental footing that have been beaten down badly in the recent carnage.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Jindal Power bagged 2 coal mines in Chhattisgarh.
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.
JSW Steel, Tata Steel, Steel Authority of India, Bhushan Steel, Essar Steel, Jindal Steel & Power, and Rashtriya Ispat Nigam are among the top producers of the alloy in the domestic market
In power, Mamata Banerjee has tried to bury the ghost of the past, but it might still be work-in-progress. Big-ticket and eye-grabbing (in terms of investment size) projects are still few and far between, reports Ishita Ayan Dutt.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
The states will get over Rs l lakh crore.
'Kindly advise about the following stocks. Can I hold or exit?'
Tata Steel has increased spot prices Rs 300 to Rs 500 a tonne on some long products, while public sector steel producer RINL has increased rebar prices by Rs 500 to Rs 1,000 a tonne. Rebars, which are also long products, are currently ruling at Rs 32,000-33,000 a tonne. C G Patil, director (commercial), RINL, said this was the first increase since July-August, when prices started dropping. The increase was on the back of lower production owing to power cuts.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
The recovery was made at Hira Group's Godavari Ispat Ltd at Siltara industrial area in Raipur on Sunday, Senior Superintendent of Police Ashok Juneja said.
Accused by the Bharatiya Janata Party of taking bribe, Himachal Pradesh Chief Minister Virbhadra Singh arrived here today to present his version to the Congress high command while slamming the opposition party of indulging in "malicious propaganda" against him and his family.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
The government will soon issue guidelines for regulation of OTT (over the top) platforms that will address issues such as sensitive content, the Rajya Sabha was informed on Tuesday.
The NINL management can see this as their moment of giving back to the nation and humanity. Its plant has an oxygen unit that can produce 418 tonnes of oxygen every day. 418 tonnes is about 58% of Delhi's daily demand for oxygen, notes Sudhir Bisht.
Tata Steel has committed itself to maintain prices till March 2005.
Zeev Leshem, Chief Operating Officer, Fortune online lottery, says the Indian online lottery market is big enough to accommodate at least five operators.\n\n\n\n
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With a new $100-billion technology fund, SoftBank is likely to go after market leaders.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
The department of revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on the import of wire road of alloy or non-alloy steel from China.
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
These include Great Eastern Energy Corporation and Shemaroo Entertainment.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
The Central Bureau of Investigation will be filing a fresh case in connection with alleged irregularities in connection with allocation of coal blocks by the end of this month in which it may name a corporate and certain former officials of the Union coal ministry.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
SC judges suspected a lack of objective criteria in the selection.
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