Petroleum secretary RS Pandey said the ministry explained the revenue losses that state run companies were incurring on sale of petrol, diesel, domestic LPG and kerosene.
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.
The Securities and Exchange Board of India (Sebi) on Monday relaxed the norms for valuing perpetual bonds. The norms, which had sought to value banks' deemed residual maturity of Basel III additional tier 1 (AT1) bonds as 100-year debt from April 1, were strongly opposed by the finance ministry. In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022, and would be increased to 20 and 30 years over the subsequent six-month period.
PSU banks must be privatised, say experts.
The meeting with the top officials of public sector banks is scheduled for March 5, a senior finance ministry official told PTI.
L&T was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Dr Reddy's, Sun Pharma, NTPC, IndusInd Bank, PowerGrid, ONGC and M&M. NSE Nifty jumped 119.20 points to 14,942.35.
The target of mopping up Rs 1.75 lakh crore from divestments of some of the public sector companies, including LIC and BPCL during the current fiscal, is on track and groundwork is being prepared for the goal, Chief Economic Advisor Krishnamurthy Subramanian said on Monday. On the COVID-19 pandemic, Subramanian said the impact of the second wave is lesser than that of the first one. In an interactive session, organised by Federation of Telangana Chambers of Commerce and Industry, the CEA said robust GST collections, over Rs one lakh crore per month for eight months in a row shows that consumption is picking up indicating positive signal for growth.
The government has said that public sector banks have asked for much more capital than it can give.
Bajaj Finance was the top gainer in the Sensex pack, rising around 2 per cent, followed by Sun Pharma, Tech Mahindra, Axis Bank, Bajaj Auto and Infosys. NSE Nifty rose 76.40 points to 15,174.80.
The entire basket is likely to suffer for sometime and offer lucrative short positions.
Dr Reddy's was the top loser in the Sensex pack, shedding around 2 per cent, followed by Reliance Industries, Sun Pharma, HDFC twins, Infosys, M&M and PowerGrid. NSE Nifty slumped 137.65 points to 14,496.50.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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.
A total of 180 NSE-listed companies have not appointed a woman director.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Public sector banks may be allowed to recruit talented middle-level management executives of other banks at an attractive pay package so as to improve their productivity.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
Divestment in major state-run firms is set to perk up the IPO space, with about six PSUs including Air India, BSNL, Oil India and NHPC, gearing up to sell equity sale in the primary market.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
ONGC was the top loser in the Sensex pack, declining around 5 per cent, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Bajaj Auto, PowerGrid and RIL. NSE Nifty slumped 189.15 points to 14,721.30.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
Invest 5 to 10 per cent in a banking sector fund. Ensure that mutual fund's portfolio includes all three players -- private sector banks, public sector banks and NBFCs.
Delhi International Airport Ltd, the five-company consortium led by Bangalore-based infrastructure conglomerate GMR Group that is upgrading Delhi airport, has managed to raise over Rs 1,000 crore (10 billion) to meet its financial obligations for the Rs 8,890-crore (80 billion) project.
Among the gainers, RIL was followed by Sun Pharma, PowerGrid, Bajaj Finance, Nestle India and HCL Tech. On the other hand, Titan, L&T, ONGC, HDFC Bank and ITC were among the laggards.
In a move that is likely to attract political controversy, the committee on financial sector assessment has recommended that the banking sector should be gradually opened to foreign players and that the government lower its shareholding in public sector banks below 51 per cent and allow state-owned players to merge if the Centre's stake cannot go below the prescribed lower limit.
The missile has been developed to engage highly fortified enemy tanks in day and night conditions.
Today, banks are being asked to discover niche strengths and focus on them
Finance Minister P Chidambaram on Thursday made a double pitch for public sector companies. First he urged private sector companies to enter into joint venture partnership with PSUs
While divestment through IPOs saw an over 90 per cent drop as compared to the previous financial year, the exchange traded fund (ETF) route proved to be a shot in the arm for the government, reports Sundar Sethuraman.
The government has approved a Rs 517 crore (Rs 5.17 billion) package to clear the pending salaries and statutory dues of 4,500 employees of 24 ailing PSUs, Heavy Industries Minister Santosh Mohan Deb said on Thursday.
