Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
Tatas' brand value grows 12% in the past year, far ahead of Reliance and Airtel.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from December 16 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. The two issues were discussed at the meeting of Financial Stability Development Council (FSDC), which comprises all the financial sector regulators, Sitharaman told reporters in Mumbai. "It is difficult to say how it (crude prices) will go.
Similarly, the state-owned corporation has subscribed to NCDs worth around Rs 20,000 crore (Rs 200 billion) this year, with nearly Rs 12,000 crore (Rs 120 billion) flowing into these instruments over the last three months when the global credit crisis intensified.
IPO market hopes to come out of slump in festive season, reports Sundar Sethuraman.
Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country. Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike ending later in the day.
House economists at the nation's largest lender State Bank of India (SBI) have urged the government to budget for nursing the pandemic-ravaged economy and not to focus too much on fiscal consolidation as there is a need for more stabilisation measures to sustain the fledgling recovery. And one of the best way to begin the new fiscal is to complete the share sale of LIC this fiscal. This can go a long way in repairing the overstretched balance sheet which in turn will bring down fiscal deficit to a much lower 6.3 per cent in FY23 as the public coffers will be left with a cash surplus of at least Rs 3 lakh crore to begin the new fiscal, SBI chief economist Soumya Kanti Ghosh said in a pre-Budget note on Wednesday.
Initial share sales are set to dazzle the Dalal Street in 2022 too as companies are expected to garner up to Rs 1.5 lakh crore in the New Year, continuing with the bullish momentum after 2021 turned out to be the best IPO year in two decades for the Indian market. Excessive liquidity and increased retail investor participation ensured a persistent euphoria in the Initial Public Offer (IPO) space wherein companies mopped up more than Rs 1.2 lakh crore this year even as pandemic gloom shadowed the broader economy. In 2022, the higher amount of funds through the primary market will be largely driven by the mega IPO of state-owned Life Insurance Corp (LIC).
To attract potential suitors, the government will ease asset valuation norms for Air India by allowing bidders to put in offers on an enterprise value basis, a source said on Monday. To begin with, the government is likely to further extend the deadline for putting in a preliminary expression of interest for the loss-making national carrier to December 15. The source said bids will be sought on an enterprise value basis - a popular valuation methodology for takeover deals.
Only NIIF has stayed the course as a viable infrastructure financing institution.
The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital. Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV).
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
IT, FMCG and manufacturing sectors are less attractive to foreign portfolio investors
The TMC also announced it would hold talks with other regional parties in their bid to take on the BJP in the crucial 2024 elections but at the same time denied that it was planning a third front, separate from the Congress-led front.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
The Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years due to "long-standing adverse claims experience", and to make them economically viable. The premium for PMJJBY would increase from Rs 330 to Rs 436 a year effective June 1, and the PMSBY premium would rise from Rs 12 to Rs 20, the Ministry of Finance said in a statement. PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
The IPO is an offer for sale of 38 million shares by SBI, BOB, LIC, PNB and T Rowe Price. Barring T Rowe and PNB, the others are selling stake to comply with Sebi norms.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
In a bid to resurrect Air India privatisation, the government is planning to give flexibility to potential investors to decide on the humongous debt with the national carrier, a top official has said. The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
'We expect the bull run to continue until economic growth continues.'
The country's largest insurer had been keen to run a bank for a long time to manage the large premium collection and claim settlement work.
Rising for the fourth straight day, benchmark indices Sensex and Nifty settled marginally higher after a choppy session on Friday, tracking mixed global trends amid uncertainties on the geopolitical front. The BSE Sensex opened weak and declined 414.44 points to 55,049.95 in opening deals. But within minutes, it pared all its losses and jumped 369.56 points to 55,833.95. Facing volatility, the index finally settled at 55,550.30, higher by 85.91 points or 0.15 per cent.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In a press release, UFBU's convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the Centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 486,800 crore and it was resolved at Rs 161,820 crore resulting in a loss of Rs 284,980 crore.
If everything goes as expected, Arya, now a second year graduation student of a Thiruvananthapuram college, would not only become the new mayor of Kerala's capital, a position held by several significant personalities in the past, but also the youngest ever mayor in the country.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
India retained the Border-Gavaskar trophy with a historic three-wicket win over Australia in the fourth and final Test, in Brisbane, successfully chasing a 328-run target to seal the four-match series 2-1.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last month, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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