Less than a month after five financial institutions sold 20 per cent in the National Stock Exchange, a consortium of five stakeholders led by State Bank of India are looking to sell an 11 per cent stake in the exchange.
An additional factor spurring the FMP launches is MFs' desire to retain investors as many such offerings are set to mature over the next two months.
The Centre has asked him to join North Block on Tuesday but it cannot force an officer to join it without the permission of the state administration, Banerjee told a press conference.
The Congress has alleged that the Gujarat government was playing with the lives of coronavirus patients to promote 'Dhaman-1' ventilators made by a firm `owned by Chief Minister Vijay Rupani's friend'. The ruling Bharatiya Janata Party called the allegations levelled by the Congress on Thursday as baseless and said the opposition party was maligning the image of a local manufacturer.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
All public sector bank branches will have an automated teller machine by March 31, 2014.
As many as 433 borrowers have taken loans of over Rs 1,000 crore.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
Reserve Bank Governor D Subbarao on Tuesday favoured bifurcation of the posts of chairman and managing director in state-run banks, saying the experience of such a split in the private sector has been satisfactory.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
Power, oil and gas, PSU, metal, banking, auto, capital goods, infrastructure and healthcare sector stocks witnessed heavy buying through the session.
Public sector oil companies' officers are planning an indefinite strike from September 5 to press for a salary hike.
The 50-share Nifty scaled a high of 10,207.90 intra-day but succumbed to profit-booking to finish at 10,184.15, up 53.50 points
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
FinMin officials say an announcement could be made in the Budget.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
Moody's expects that India will record the GDP growth of around 7.5 per cent in 2015 and 2016.
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
The market capitalisation of BSE-listed companies on Thursday crossed the historic Rs 200 lakh crore mark for the first time, driven by a continuous rally in the broader market. Riding high on the bullish investor sentiment, the market capitalisation of BSE-listed companies reached a record Rs 2,00,47,191.31 crore at close of trade. The 30-share BSE index closed the day with a gain of 358.54 points or 0.71 per cent at its lifetime peak of 50,614.29. This is the fourth consecutive day of gains for the markets.
Finance Ministry officials are engaging in hectic parleys with the PSUs to speed up the process so that the disinvestments can take place in the December and March quarters.
From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
'The financial sector will be hit even harder than the overall market.' 'The banking sector will eventually be rescued.' 'But it may go into a long downwards spiral before things turn around.' 'Threat or buying opportunity?' asks Devangshu Datta.
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
Talks between the government and striking oil Public Sector Undertakings failed late Thursday night over the officers' insistence on getting an immediate hike in their wages as the agitation threatened a major disruption in supply of petrol across the country. Deora is likely to meet Prime Minister Manmohan Singh on Friday afternoon on the issue after the meeting of the Union cabinet in the morning.
Late selling in realty, PSU and infrastructure stocks mainly dragged the market from early highs.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
'While there has been an impact on economic activity, it is not as profound as the lockdown last year.'
Many PSU banks had recently cut interest rate on loans for two-wheelers and consumer durables.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
Bharti Airtel was the top loser in the Sensex pack, dropping 4.34 per cent, followed by PowerGrid (2.26 per cent), Sun Pharma (1.75 per cent), M&M (1.67 per cent) and TCS (1.60 per cent).
With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your mutual funds-related queries.
Power, realty, FMCG, consumer durables, metal, infrastructure, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.
RBI feels that oil firms seeking a single quote for their dollar requirement, instead of present practice of floating enquiring with several pubilc and private sector banks, would help check volatility and arrest the free-fall of the rupee.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
