The turnover of public sector companies has increased from Rs 587,000 crore (Rs 5870 billion) in 2003-04 to Rs 10,87,000 crore (Rs 10870 billion) in 2007-08, Pranab Mukherjee said.
Equity benchmark Sensex slumped 400 points on Wednesday tracking losses in index majors HDFC twins, Kotak Bank and TCS amid a weak trend in global markets.
The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI's fit and proper criteria, said an official. The process of bank privatisation would be different from the sale of any other public sector undertaking (PSU), and more restrictions and measures will have to be put in place, the official said.
Biological E has received approval for conducting phase II/III human clinical trial of COVID-19 vaccine candidate Corbevax on children above five years and adolescents, the Department of Biotechnology (DBT) said on Friday.
TMFs invest in a public index, so investors know beforehand which instruments the fund will invest in.
Market cap of government companies has remained unchanged in the past 8 years.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
The DCGI's nod came after the subject expert committee on COVID-19 of the CSDCO last week recommended granting emergency use authorisation to Covovax for the age group of 7 to 11 years.
The government can issue recapitalisation bonds, or the RBI's huge reserves of over $127 can also be dipped into to help the state-owned bank's recapitalisation needs.
With Scooters India shutting down, the brand that launched the PSU in India finally rides into the sunset.
Retail investors should carefully follow recent moves on high dividend payouts or stake sales in state-controlled companies
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
Invest only if you wish to go overweight on the sector.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
After outperforming the broader market and their public sector peers for the better part of the post-Lehman period, private sector banks - such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank - are now underperforming. Last week, the Nifty Private Bank index was up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50. Public sector (PSU) banks, such as State bank of India, Bank of Baroda, and Punjab National Bank, are now rally leaders and outperforming the broader market. The Nifty PSU Bank index was up 42 per cent since the beginning of this calendar year. But on a longer term, the Nifty Private Bank index is up 101 per cent since March 2016, against a 118 per cent rally in the Bank Nifty and just 2 per cent rise in the Nifty PSU Bank index in the period.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
IndusInd Bank was the top gainer in the Sensex pack, jumping nearly 5 per cent, followed by Bharti Airtel, HCL Tech, Reliance Industries, Titan and Asian Paints.
'The government will take proactive steps to see that their participation in the equity market, especially in PSU stocks, is rewarding.'
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
Jaitley said there was a need for the banking sector to fund infrastructure and manufacturing sectors to support the ambitions of higher growth.
However, the likely impact of strike may not be much excluding few areas, said SBI.
In the short run, ONGC and OIL should both reap a bonanza given the government hike.
The BSE Sensex slumped 456 points on Wednesday, tracking losses in index majors Reliance Industries, Infosys and ICICI Bank as market participants continued to book profits at high levels.
Despite unprecedented levels of uncertainty in Samvat 2077, investors have little to complain about on the returns front. The BSE Sensex delivered returns of 38 per cent in this period, while the Nifty registered a return of over 40 per cent. As is the case in bull markets, companies in the small- and mid-capitalisation basket outperformed the benchmarks, with returns almost twice those of frontliners.
Fresh worries for NTPC and NMDC auctions after the tepid response to the discount pricing of Hindustan Copper's stake sale.
PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv. On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59 per cent.
ITC was the top loser in the Sensex pack, tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank. NSE Nifty sinks 354 points to 17,857.25.
The Tamil Nadu government on Thursday enhanced the retirement age of its employees, including teachers and PSU staff, to 60 years.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
ONGC has emerged as the top performer among the public sector enterprises, registering a net profit of Rs 10,529 crore in 2002-03, while the Fertiliser Corp earned the dubious distinction of topping the loss-making undertakings.
The headline numbers may reflect that the stock markets are down very sharply. But look deeper and you will find that the major reason why the stock market has declined in the recent past was on account PSUs!
Equity benchmark Sensex climbed 154 points to end at a fresh all-time high on Monday, tracking gains in ICICI Bank, L&T and Kotak Bank amid persistent foreign fund inflows and a largely positive trend in global markets.
State-run auto insurance providers are fast losing ground to private players and their market share could be under pressure unless PSUs change their strategy, says a JD Power study.
