With Lok Sabha polls not too far away, Congress President Sonia Gandhi signalled that the ambitious Food Security and Land Acquisition Acts brought in by the Centre would give a new deal to the people, especially the farmers and the poor.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
Uniparts India and PNC Infratech are the latest companies to file initial public offer papers.
RINL wiped out its losses in 2005-06 with money from the government.
Monte Carlo has raised a little above Rs 100 crore (Rs 1 billion) from anchor investors at Rs 645 a share.
With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) - Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem - constitute the divestment list. All the three units of SAIL have been loss-making for more than five years.
At present, seven companies are planning to raise Rs 2,965 crore (Rs 29.65 billion) and have Sebi's approval. Another 12 firms, intending to mop-up Rs 5,362 crore (Rs 53.62 billion), have filed draft documents with the capital market watchdog and are awaiting approval, Prime Database managing director Pranav Haldea said.
During the first quarter ended June, 2014-15 fiscal, LIC earned a total premium of Rs 14,016 crore.
Dipam is conducting the selection of merchant bankers and legal advisors, and planning roadshows.
The department of revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on the import of wire road of alloy or non-alloy steel from China.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Devastating Cyclone Hudhud caused damage worth thousands of crores in Visakhapatnam and other storm-hit areas of the coast, Andhra Pradesh Chief Minister N Chandrababu Naidu said in the port city on Tuesday.
Out of the 192 mining leases of iron and manganese ores in Odisha, 94 do not have environment clearance.
District authorities on Wednesday reported nine more death cases in the wake of the devastation caused by cyclone Hudhud even as the worst-hit Visakhapatnam city was limping back to normalcy with adequate supplies of essential commodities.
Expect corporate houses to raise funds via IPO in second half of this year.
The government will soon issue guidelines for regulation of OTT (over the top) platforms that will address issues such as sensitive content, the Rajya Sabha was informed on Tuesday.
Indian indices fell more than those of most other emerging markets.
Virat Kohli sent the shutterbugs into a clicking frenzy as he received the Rajiv Gandhi Khel Ratna award
Look at reaping the first-mover advantage by possessing lands in AP's newly-announced capital city.
Traders blame demonetisation for subdued demand in retail segment
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
Analysts say Tatas could sustain their current pace of growth, provided the group's "cash cows", such as TCS and Tata Motors, continue to deliver.
Despite crude comfort, heavy spending cuts needed to offset Rs 80k-cr revenue shortfall
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