Officials also said that the move to send out the emails was a conscious choice as part of a communication strategy for public interest.
At present directors, chairman and managing directors of public sector companies are selected from that company itself or from other companies in the same area of operations.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
This apart, to further increase capacities, Bharat Biotech has partnered with Indian Immunologicals (IIL) to manufacture the drug substance for Covaxin. The technology transfer process is underway and IIL has the 'capabilities and expertise' to manufacture the inactivated viral vaccines at commercial scale.
Contrary to the general impression, the revival of under performing public sector companies is not a costly exercise with Board of Reconstruction of Public Enterprises coming out with recommendations.
Work on disinvesting government holdings may gather pace after the first week of August. Administrative ministries of around 15 Public Sector Undertakings have been asked to give feedback on the feasibility of coming out with initial public offers by then.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
So which sectors are likely to do well in 2022? Should you focus on domestic economy-related sectors or export-oriented ones?
The government plans to sell a 10 per cent stake in oil exploration and production company Oil India to government-owned refinery companies. The government is also planning a maiden share sale to the public.
Mid- and small-cap indices have outperformed the frontline benchmarks - the S&P BSE Sensex (up around 10 per cent) and the Nifty50 (13 per cent) - in the first half of calendar year 2021 (H1-CY21) by rallying 26 per cent and 39 per cent, respectively. The trend, analysts believe, is likely to continue in H2-CY21 as well. The outperformance in H1-CY21 comes on the back of improved earnings and strong inflows from the foreign portfolio investors (FPIs) in Indian equities. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market.
The comments follow media reports that the government is looking to sell 10 per cent stake in Coal India to raise Rs 24,000 crore (Rs 240 day).
This comes after the arrest of Syndicate Bank Chairman S K jain.
An investment banker handling the PSU issues said, "When employees pick application forms, these typically have stamps of brokers. But there was no clarity who will bear the cost. Now with this provision, government will pay 25 bps. It is lesser than retail because there is often no marketing effort from the broker, as a lot of it is done by the company itself."
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
'They are trying to make the situation bad for Indian Railways so that they can hand it over to private companies.'
The Planning Commission will finalise in a couple of months a draft on an integrated energy policy, which will include its views on merger of oil public sector undertakings.
The current power crisis is mainly on account of sharp decline in electricity generation from different fuel sources and not due to non-availability of domestic coal, a top official said on Sunday. The above statement assumes significance in the wake of reports of many states, including Maharashtra, facing power outages due to shortage of coal. In an interview to PTI, Coal Secretary A K Jain attributed the low coal stocks at power plants to several factors such as heightened power demand due to the boom in the economy post COVID-19, early arrival of summer, rise in the price of gas and imported coal and sharp fall in electricity generation by coastal thermal power plants.
Lines up seven OFS issues along with half a dozen IPOs for the next few months
This was stated by Minister of State for Health Ashwini Kumar Choubey in the House in response to a question on the number of healthcare staff, including doctors, nurses and ASHA workers who have been affected died due to COVID-19.
Reliance Industries Limited was leading the chart of the top-10 valued domestic companies, followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Kotak Mahindra Bank, State Bank of India and Bajaj Finance Limited.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
The divestment ministry on Tuesday favoured discounts to retail investors in the forthcoming public issues in six companies beginning with public float of IPCL on February 20.
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
With recent issues from state-run companies receiving lukewarm response from the markets, the government has downscaled its divestment programme this year, restricting it to a maximum of eight companies.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
Government has issued a formal notification for raising foreign direct investment limit in public sector refineries to 49 per cent. The FDI would require prior approval of Foreign Investment Promotion Board. The condition of compulsory divestment of up to 26 per cent by foreign companies commencing trading and marketing of petroleum products has been deleted. Government had allowed 100% FDI in actual trading and marketing of petroleum products, with 26% divestment condition.
Higher crude oil prices have almost doubled the under-recoveries of government-owned oil marketing companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum -- in the past three years.
Angry Congress, Samajwadi Party and Left party members on Thursday stalled Question Hour in Lok Sabha for about 15 minutes.
Arun Jaitley addressed a post-Budget press conference.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
Banks will need more funds, as they have to provide more capital.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Emphasising the government's commitment to modernising and expanding PSUs, Prime Minister Manmohan Singh on Sunday said his government has no "divestment strategy" for state-run units.
Report points out corporate vulnerability indicators remain elevated.
