The Department of Space (DoS) plans to realise entirely-built rockets -- GSLV-Mk III and SSLV -- from Indian industry partners, in addition to PSLV, according to a top official of its commercial arm NSIL.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
Launching its probe into Army Chief Gen V K Singh's allegation of having been offered bribe by an equipment lobbyist, the Central Bureau of Investigation on Friday registered a case for alleged irregularities in supply of all-terrain Tatra trucks through state-owned BEML to the Army.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Former Army Chief General V K Singh on Friday rejected the demand for an apology made by BEML chief V R S Natarajan on allegations of bribe in the Tatra truck deal.
Former army chief General V K Singh had some time back claimed that he had scuttled a Bharat Earth Movers Limited bid to sell overpriced Tatra vehicles to the Indian Army. But in February 2012, the army quietly signed a contract with BEML for an even larger and more controversial purchase: a $275-million (about Rs 1,500 crore) contract for 204 armoured recovery vehicles.
Former Army Chief Gen VK Singh, whose last days in office were marred by a legal battle with the government in the Supreme Court, has sought to drag the Prime Minister's Office over his age row and the Tatra truck scandal saying a senior bureaucrat there was "orchestrating" the issues.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The trial run will commence from October and the commercial run will take place in December.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
As many as 20 central public sector enterprises and their units are at various stages of strategic disinvestment, while six are being considered for closure or are under litigation, Minister of State for Finance Anurag Singh Thakur said on Monday.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
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.
These include Adani Enterprises, BEML, TVS Motor, KEC International, Sintex Industries, Ceat and Suzlon Energy.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Known for stable returns, near debt-free status and dividend track record, these 10 PSU stocks are worth buying now.
Armed with "some crucial" evidence, the Central Bureau of Investigation is likely to make "some significant arrests" soon in connection with its probe into alleged irregularities in the procurement and supply of Tatra all-terrain vehicles.
The Central Bureau of Investigation has intensified its probe to unearth alleged irregularities in procurement and supply of all-terrain Tatra trucks to the army and has called some former defence ministry officials and executives of a private firm involved in the deal for questioning.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
Notwithstanding controversy, Tatra trucks produced by the state-owned Bharat Earth Movers Limited are taking part in the summer trials conducted by the army for procuring heavy trucks to ferry missile and artillery systems.
The three armed forces have put on hold induction of Tatra trucks for their ongoing projects from BEML in the wake of the ongoing investigations against it.
The Central Bureau of Investigation on Wednesday carried out searches at three locations in Noida and Delhi in connection with its probe into alleged irregularities in the procurement and supply of Tatra all-terrain vehicles to the Army. Three teams of the agency officials reached residences of two retired army officials and an official of Vectra early on Wednesday morning and took into their possession some crucial documents related to the deal, CBI sources said.
The Central Bureau of Investigation on Tuesday examined Lt Gen (retd) Tejinder Singh and Vectra Chairman Ravinder Rishi for the second consecutive day in connection with its probe in the alleged bribe offer made by the retired general to the then army chief V K Singh for clearing a tranche of sub-standard Tatra BEML trucks.
Vectra chairman Ravinder Rishi was on Monday questioned by the Central Bureau of Investigation in connection with alleged irregularities in the supply Tatra all-terrain trucks as it prepares to quiz the BEML Chairman V R S Natarajan on Tuesday.
In a bid to resurrect Air India privatisation, the government is planning to give flexibility to potential investors to decide on the humongous debt with the national carrier, a top official has said. The flexibility to potential investors on the quantum of the Rs 60,074 crore debt that they want to absorb will replace the current condition of the buyer taking over more than a third of the debt and transferring the rest to a special purpose vehicle, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said.
In the year to date, 61 PSUs have lost an average of 22 per cent, with five companies losing more than half their share value. The BSE PSU index is down 10.6 per cent.
The government is open to reviewing all cases of blacklisted defence firms on merit and has partially lifted a ban on Tatra trucks as it prepares a new policy that will allow foreign defence firms to legally hire agents, Defence Minister Manohar Parrikar said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
State-run power firm NTPC overstated its profits by Rs 938 crore (R 9.38 billion) in 2007-08, the Comptroller and Auditor General of India said in a report, but categorically stated that chances of Satyam like frauds in PSUs are very remote.
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.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
Bharat Earth Movers is set to witness a re-rating driven by the huge potential in the metro rail projects planned across the country.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
A large Dhruv order could significantly boost Indian defence exports. These have grown from Rs 1,940 crore in 2014-2015 to Rs 10,745 crore in 2018-2019.
Processes are at an advanced stage for a number of assets of the Centre and central public sector enterprises (CPSEs) to be monetised. The assets include office space, apartments, factories, land, power transmission assets, sports stadia, gas pipelines, and telecom assets.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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