Govt seems to bullish to meet its disinvestment target in current fiscal.
Eight Indian companies, including Reliance Industries, Bharti Tele-ventures and software giants Infosys and Wipro have made it to the Forbes A-List featuring 400 most attractive companies for investors.
State-owned Oil and Natural Gas Corp (ONGC) has signed a contract to hire a long-idled ultra-deepwater drillship of US-based Transocean for $412,000 (about Rs 2.39 crore) per day.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation, will make an offer to acquire shares of the United Kingdom-listed Imperial Energy Corp Plc at 12.50 pounds a share by December 9.
Diesel likely to get cheaper in New Delhi
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
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.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
Senior bureaucrats Avinash Joshi and Niraj Verma are among the 10 candidates who are in the race to become chairman and managing director of India's largest oil and gas producer, ONGC. Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh are the other prominent names in fray for the top job, according to a candidate shortlist by the Public Enterprise Selection Board (PESB). PESB - the government headhunter - will hold interviews to select the new head of Oil and Natural Gas Corporation (ONGC) this week. Both the bureaucrats are from the 1994 batch of IAS officers belonging to the Assam-Meghalaya cadre.
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.
IOC is building a 5 million tonnes per annum LNG terminal at Ennore near Chennai which is to be completed by 2017.
Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
Total, which had a few weeks back exited Royal Dutch Shell-led Hazira LNG import terminal in Gujarat, will join Adani in developing a 5 million tonnes a year import facility at Dhamra in Odisha. The two will also set up a joint venture to roll out a fuel retail network of 1,500 outlets, mostly on highways, in the next 10 years, Adani and Total said in a joint statement.
The Turkmenistan event underscores the lengths to which China's oil-and-gas companies will go to curry favour in resource-rich locales.
The market breadth, indicating the overall health of the market turned negative from positive
The government on Thursday fixed Rs 358 a share as the floor price for up to 10 per cent stake sale in Coal India on Friday, which may help the exchequer garner about Rs 22,600 crore (Rs 226 billion) in the biggest sale of shares.
In the last fiscal, the government had originally budgeted a dividend income of Rs 27,178 crore (Rs 271.78 billion) from PSUs.
HDFC and Infosys contribute the most to today's rally.
Traders have all but given up attempting to predict where the new-year rout will end
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at Monday's US-India CEO Forum meeting, which will be jointly addressed by visiting US President Barack Obama and Prime Minister Narendra Modi.
Other shortlisted chief executives include Abdulrahman Ali Al-Abdulla of Muntajat, Peabody Energy's Gregory Boyce, Pailin Chuchottaworn of PTT Public Company Ltd, Repsol's Antonio Brufau and Ian Taylor of Vitol.
Aviation companies were in focus with all the three airliners SpiceJet, InterGlobe Aviation and Jet Airways adding in the range of 2% to 3% on the BSE
Government headhunter PESB on Friday did not find anyone suitable from nine candidates, including two serving IAS officers, to head India's largest oil and gas producer, ONGC. The Public Enterprise Selection Board (PESB) interviewed 9 out of the 10 candidates who had applied for the post of chairman and managing director of Oil and Natural Gas Corporation (ONGC). "Keeping in view the strategic importance and vision for the company and its future, the Board did not recommend any candidate and decided to constitute a Search Committee," PESB said in a notice after interviews. Those interviewed included senior bureaucrats Avinash Joshi and Niraj Verma.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Output in the first half of the year was 101.59 million tonnes.
The Coal India offering would follow a 5 percent stake sale in state-controlled Oil and Natural Gas Corp, worth $2.8 billion and slated for December.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
Combined net profit estimated to grow 14.6% year-on-year, against a 5.7% decline in the Dec 2015 quarter
Government-owned companies are more generous in rewarding their shareholders with dividends.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
Midcap stocks continued to remain on buyers' radar with BSE Midcap index up 0.1%.
The cumulative m-cap of the companies listed on the BSE soared to a new peak of Rs 82,02,907 crore at 1200 hours.
The Centre-appointed committee on Saturday launched its probe into the Gas Authority of India Limited pipeline fire tragedy in East Godavari district of Andhra Pradesh that has claimed 16 lives.
Pressure on the government increased with the Reserve Bank of India's surprise move on Thursday to cut interest rates
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The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
Oil Minister Dharmendra Pradhan had last month told the Parliament that his Ministry has disallowed RIL from recovering $2.376 billion invested to develop offshore Krishna Godavari gas fields as output has fallen drastically and was way below the promised volumes in past four years.
The FM should quietly get the oil companies to offload the shares in the market and pocket the gains
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