Equity investments in 82 public sector enterprises have been completely eroded due to accumulated losses, an audit of financial statements conducted by the Comptroller and Auditor General of India revealed.
Mechanised mining is set to become operational in Chiria in three years' time.
Putting an end to the fierce scramble for India's iron ore resources, the government has decided to split the Chiria iron ore mines in Jharkhand into two and give at least half the reserves to Steel Authority of India Ltd for its expansion plans. The other half will be kept for development by the private sector later, said informed sources.
The dull overall scenario in the stock market seems to have hit the initial public offers (IPOs). In a first this year, there are no IPOs lined up for this month.
Deutsche Bank bid the lowest--which was promptly matched by five others--according to the sources. They said DB quoted 0.00000000001 per cent of the issue size as bankers' fee. That works out to 80 paise. The banks were apparently willing to waive the fee altogether, but what deterred them was that UBS was recently disqualified on technical grounds from the NTPC FPO as it had quoted nil fee.
Coal India Ltd, Steel Authority of India Ltd, Bharat Heavy Electrical Ltd and Oil and Natural Gas Corporation were among the 15 top PSUs, which went about head hunting at the IIM-L. CIL and SAIL recruited 12 students each. "Out of the total of 267 IIM-L students graduating this year, PSUs recruited 65 students," IIM-L Placements Chairman Sushil Kumar told the media in Lucknow.
Maoists on Friday exploded a bomb in Meghatpur mine and planted another at Kiribur, both run by public sector Steel Authority of India Limited along the Orissa-Jharkhand border. The attack comes hours after the Maoists blasted rail tracks in Jharkhand's West Singhbhum district that derailed the Tata-Bilaspur passenger train leaving two passengers dead.
Steel Authority of India Ltd has posted a net loss of Rs 787.50 million as compared to a net loss of Rs 5853.80 million in the quarter ended December 31, 2001.
State-run Steel Authority of India on Tuesday said it will file the red herring prospectus in May for its forthcoming follow-on public offer, which is expected to hit the market in the first quarter of the next fiscal.
Steel Authority of India Ltd on Tuesday reported a net profit of Rs 255 crore (Rs 2.55 billion) during the first quarter ended June, 2003 as against a net loss of Rs 309 crore (Rs 3.09 billion) for the corresponding quarter last fiscal.
The weekly inflation had surged over 18%, as per the recently announced data. The Central Bank is scheduled for a policy review on January 25.
The government's aim is to ensure it gets to its Rs 40,000-crore (Rs 400-billion) target from disinvestment proceeds before the end of 2010-11.
Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore (Rs 80 billion) each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.
"This 'trishul' is like Lord Shiva's third eye which will reduce to ashes those who work against the common man," he added.
India's sourcing from China may not necessarily be for cost-effectiveness alone but also for the lack of domestic qualified bidders, technology or other know-how.
However, the steelmaker said it will continue with the withdrawal of the Rs 500-750 per tonne rebate announced on the flat steel products -- mainly used by the automobile and the consumer durable sectors -- last month. Steel giant Tata Steel, which raised prices of some of its products last month by Rs 500-750, said there is no scope for increasing prices of the commodity in the near term and the domestic prices will continue to move in tandem with the global trend.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
The transformation of Congress Vice President Rahul Gandhi, once a naive politician, into the most elastic entities in Indian politics is complete.
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
Ten of top 15 companies in 1991 were PSUs; now, there are only six. Their revenue share has also fallen from 86% to 45%
There is no use of the BJP targeting the likes of Mamata Banerjee and M K Stalin, directly by the party's political bosses, both in Delhi and the respective state capitals, or even using the Raj Bhavans to fire those salvos from. Successive elections have proved that it's counter-productive, if anything. But the BJP is yet to understand it, acknowledge it, points out N Sathiya Moorthy.
Steel Authority of India Ltd has informed BSE that rehabilitation package for IISCO approved by the Govt of India includes closure of Kulti Works.
Enthused by the success of last year's voluntary retirement scheme, Steel Authority of India Ltd plans to further rationalise its workforce by another 5,000 this fiscal.
They were among nine corporates that reported over a Rs 1,000 crore gain in market capitalisation in a month
The Comptroller and Auditor General has pulled up leading public sector undertakings for glaring lapses in balance sheets, saying assets were overstated by Rs 377.43 crore (Rs 3.77 billion) in four Navratna companies including SAIL.
The CBI suspects that an area around the Steel Authority of India Limited guest house in Shantiniketan was the place where the planning of the theft of Rabindranath Tagore's Nobel prize and other articles had been made.
'A microcosm of India, inclusive and welcoming'. For years, Pragati Maidan was the centre of Delhi's social life.
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.
Wiping out all the accumulated losses, the Steel Authority of India Ltd on Friday reported the highest ever net profit of Rs 2,512 crore (Rs 25.12 billion) for the financial year 2003-04.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
Continuing its efforts to improve the bottomline, Steel Authority of India Ltd has set an ambitious target of saving upto Rs 800 crore (Rs 8 billion) in the current fiscal with the help of lower interest outgo and cost cutting measures.
Contract workers are paid much less than regular workers. This year's Economic Survey estimates wages are on an average 20 times higher in the formal sector than in the informal sector. Arindam Majumder reports.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
Hoping to turnaround in the current fiscal, Steel Authority of India is likely to witness a hefty 70 per cent reduction in losses mainly due to Rs 700 crore (Rs 7 billion) savings on account of lower interest outgo and intensive cost reduction drive.
As the train which started from Howrah slowed down as a mark of caution running across freshly repaired tracks, a few muttered 'Jagannath, Jagannath', the name of the presiding deity of Puri, the destination of the train, but most were too stunned to speak.
