The LIC and some PSU general insurers are expected to maintain dominant position in the coming years even in the liberalised scenario, ICRA said in a research report.
"There has been (a) slowing down of credit growth... However, this slowing down of credit has indeed, to some extent, affected flow of credit in the housing sector and consumer durables sector," he told reporters after a review meeting with heads of PSU banks.
'They are trying to make the situation bad for Indian Railways so that they can hand it over to private companies.'
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.
Was told that account will be closed if it did not stop providing insurance cover to ships ferrying oil from Iran.
Labour unions on Monday threatened to go on a lightning strike the day government invited bids for privatising highly profitable oil public sector units HPCL and BPCL.\n\n\n\n
If the markets regulator has not yet sent an advisory note to Coal India on its chief executive's frequent announcements in the media, it is probably because it is a public sector enterprise.
The 44-player industry logged assets under management of Rs 26.33 lakh crore in October-end, as compared to Rs 27.04 lakh crore by November end, representing a growth of 3 per cent. Among debt-oriented schemes, overnight funds received flows worth about Rs 20,650 crore, the highest among the fixed-income segment last month.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The Budget, to be presented on February 1, is likely to be less worried about fiscal deficit and will be focused more on nursing the fragile growth, according to a Wall Street brokerage report. Bank of America Securities India expects the budget to peg "fiscal deficit at a high 5 per cent of GDP for FY22 and 7.2 per cent for FY21, as it is likely to step up capex, recap public sector banks, push asset sales to break government monopolies, offer sops for real estate, tax cuts for lower income groups and creation of a bad bank". Its house economists expect these spends to be funded by debt and partly by imposing a cess on high income groups and also by some non-fiscal measures like tapping the central bank's revaluation reserves and bank recapitalisation and infra bonds.
A review of three years' audit reports of CAG showed that the state PSUs' losses of Rs 6,072.96 crore (Rs 60.72 billion) were 'controllable' with better management.
Public sector banks have asked the Centre to intervene as talks with bank unions for allowing half of their employees a second chance to opt for pension instead of provident fund have reached a deadlock.
An Asscocham survey reveals that middle-rank employees in public sector units, foreign embassies and academic institutions are satisfied with their jobs driven by limited accountability.
Public sector banks, in a frenzy to cash in on the retail credit boom during the three years beginning 2003-04
In 2003 when the West Bengal government initiated public sector units restructuring programme, it was believed that off loading government's stake in PSUs would deliver effective social welfare programme in the state.
The move is expected to encourage brokers to sell issues, which have not received a very encouraging response so far.
Besides, some PSUs that have remote locations are unable to communicate the public offer message to their employees and face various difficulties like opening demat accounts.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
Reckless lending during the three years of the retail credit boom beginning 2003-04 is hurting public sector banks hard.
'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
FDI rules announced last year changed the criteria of calculating these investments and included American depository receipts, global depository receipts and convertible shares also in that category.
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
On the Sensex chart, IndusInd Bank, SBI, Dr Reddy's, NTPC, ICICI Bank, HCL Tech and Bajaj FinServ emerged as major laggards.
Report points out corporate vulnerability indicators remain elevated.
Employees of profit making central public sector units may retire at 60 years against 58 currently, depending on the decision of the administrative ministry.
Public sector undertakings Bharat Earth Movers (BEML), Rural Electrification Corporation (REC), Power Grid Corporation of India and National Hydroelectric Power Corporation (NHPC), are slated to hit the market with their IPOs.
At present, the rules do not allow the government to shed stake in the four public sector general insurance companies - New India Assurance, United India Insurance, National Insurance and Oriental Insurance.
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
The worst industrial disaster of the Northeast took away the lives of three employees of the PSU major and injured several others.
Financial performance, tax issues to be discussed on June 13 meeting.
Officers of Central Public Sector Units will go an indefinite nationwide strike from December 22, demanding higher salaries and autonomy for the public sector.
Concerned over the flight of talent from public sector undertakings to private sector, officers of profit making public sector units have threatened to go on an indefinite strike from December 22 seeking higher salaries.
Let all the stakeholders, especially the government, remember that if the Make in India lion needs to roar and rise again, it won't happen unless India Inc rises too, points out Shekaar Subramanian.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The wait of seven public sector companies for inclusion in the elite Navratna club seems to be an endless affair, with the meeting of a top body that will vet their case repeatedly getting postponed because of absence of compelling proposals.
ONGC retained the top position on the coveted list of 10 most profit-making PSUs, while AirIndia was the biggest loss-making state firm during 2010-11.
