PSU stocks held gains on selective buying interest
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
The policy was part of the Aatmanirbhar Bharat package announced by Sitharaman in May 2020 as a coherent policy where all sectors would be opened for private sector participation.
Government-owned companies are more generous in rewarding their shareholders with dividends.
PSU employees will now get an option to subscribe up to 5 per cent of the issue size at a discount after the completion of disinvestment in the concerned state-owned company.
Power Grid Corporation (PGCIL) intends to ramp up its capex substantially through the next two financial years. The Public Sector Undertaking (PSU) utility posted flat consolidated revenues of Rs 10,700 crore in the third quarter of the current financial year (Q3FY24) and reported 7 per cent year on year (Y-o-Y) growth in net profit to Rs 4,000 crore. The Q3FY24 capex stood at Rs 3,440 crore and capitalisation at Rs 1,780 crore, taking the 9MFY24 total to Rs 8,700 crore capex and Rs 5,800 crore capitalisation, respectively.
Hindustan Aeronautics (HAL) is one of the largest beneficiaries of the defence indigenisation programme. The aerospace Public Sector Undertaking (PSU) has just received a new tender for 97 Light Combat Aircraft (LCA) Tejas Mk1A, and it is already servicing an earlier order for 83 LCA aircraft. The new order is worth around Rs 65,000 crore with a 65 per cent indigenisation component, whereas the earlier order (February 21) was worth Rs 45,700 crore with 55 per cent indigenisation.
Known for stable returns, near debt-free status and dividend track record, these 10 PSU stocks are worth buying now.
By packaging rates and stabilising costs, insurers expect to cut expenses.
The divergence shows lack of financial depth in the Indian stock markets.
The Oil Sector Officers' Association said 50,000 officers in 14 oil PSUs will strike work from Tuesday over non-revision of wages that was due from January 1, 2007. A strike by officers may immediately impact oil and gas production from offshore fields of Oil and Natural Gas Corppration and would also affect production of fuels like petrol, diesel, LPG and kerosene from refineries if the strike lasts more than two days.
The government's ambitious plan to make Steel Authority of India Limited a mega PSU may hit a roadblock with several smaller PSUs under the Steel Ministry expressing unwillingness to merge with the steel behemoth.
Cashless medical facilities for persons insured with PSU companies have been restored in 449 hospitals in four big cities after hospitals have agreed to charge them at par with non-insured patients, Rajya Sabha was informed on Tuesday.
The government has cleared a second round of voluntary retirement scheme for shedding 10 per cent of the total workforce of public-sector general insurance companies involving a cash outgo of Rs 1,000 crore.
Finance Minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. The meeting on Emergency Credit Line Guarantee Scheme (ECLGS) was held through video conference, and the minister appreciated the efforts of banks in execution of the scheme.
The rally followed the govt's plan to bolster state-owned lenders.
The devotion to the deity is such that even commerce is not untouched by the spiritual feel in the holy city. Images of the grand temple is finding places even on visiting cards, posters, calendars and even signages.
Mechanical failure in a chemical reactor at the company's TDI plant caused leakage of poisonous phosgene gas.
The government-run Bharat Earth Movers Limited continues to do business with the United Kingdom-based Tatra Sipox, in spite of the latter facing a criminal case filed by the Central Bureau of Investigation. The PSU sought a fresh lot of Tatra trucks, priced at Rs 59.6 lakh each, in July -- two months after the CBI filed its case against the company.
The forthcoming public offers of CIL and SAIL can be a roaring success if the debut history of 28 PSUs since 2003 is any indication, as 94 per cent of these public sector companies listed with a premium of at least 10 per cent on the bourses.
Conflicting views on Coal India (CIL) might leave investors confused. The bullish perspective that India has strong power demand (and also high steel production) means high demand for coal. As CIL is the monopoly producer of coal -- supplying over 80 per cent of the domestic requirement - the public sector undertaking should be a beneficiary of the rising power demand.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
The World Bank and India have concluded negotiations for loans worth $3.2 billion for recapitalising state-run banks and funding for the India Infrastructure Finance Company Ltd, a state-run lender to infrastructure projects.
Telecom, metal and healthcare came as dampeners.
Many believe that marketing budgets could be a hurdle.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
'The consolidation of the world's fifth-largest economy in the hands of 15-20 corporate giants is a once-in-generation event, which we are focusing on.'
D Aravindakshan was the managing director of Kerala State Drugs and Pharmaceuticals at Alleppey for many years before taking over as the head of Agastya Biopharma
Fundraising through qualified institutional placement (QIP) has revived this year, led by commercial banks, after a lacklustre 2022. According to data compiled by Prime Database, Indian companies have raised Rs 53,070 crore in 2023 so far, of which seven banks - Union Bank of India, Indian Bank, Bank of India, Federal Bank, IDFC First Bank, Bank of Maharashtra, and J&K Bank - account for Rs 21,290 crore, or about 40 per cent. If other financial institutions are included, the figure surges to Rs 26,690 crore.
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
Its 11MFY24 production is around 40.2 mt. In FY25, it could hit 50 mt and it may reach 55 mt by FY26. The PSU has capex plans for multiple projects, which should improve the product mix and augment capacity to 100 mt for FY30.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
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Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Putting money in key PSUs a better option
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
