Aiming to raise Rs 40,000 crore (Rs 100 billion) from disinvestment, the government on Wednesday said it will sell its stake in 10 more PSUs, including IndianOil, MMTC, Coal India Ltd, SAIL, RINL and Shipping Corporation, in the current financial year.
Industry observers were anticipating further divestment in the two public sector companies. The government has already divested about 13 per cent of its stake in aluminum producer Nalco and 0.41 per cent in the copper firm Hindustan Copper. Both, the companies are listed on the bourses.
Adani Power will also be dropped from the S&P BSE 100 index
The government is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, Satluj Jal Vidyut Nigam Ltd and Engineers India Ltd among others next fiscal to raise Rs 40,000 crore, as stated in the budget.
Nearly 80 stocks on the Bombay Stock Exchange (BSE) today witnessed an unusual price movement of up to 20 per cent. Belonging to 'S' and 'Z' categories and the trade-to-trade group, these scrips normally attract 5 per cent circuit breakers.
The government has decided to go ahead with the privatisation of Hindustan Copper Ltd, setting aside concerns over the fate of units, which were partially nationalised.
To bail out Hindustan Copper Limited from its financial morass, the government plans to restructure the company's capital and waive interest on its loan, guarantee fee among others to adjust against HCL's accumulated loss of Rs 723 crore.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Hindustan Copper, a public sector major, raised the provisional prices of its products across the board by 15 per cent following a similar rise witnessed in the benchmark London Metal Exchange prices.
The Supreme Court on Friday issued notices to Union finance and divestment ministries on a petition challenging the privatisation process initiated by the Centre for Hindustan Copper Ltd.
The government is understood to have deferred 'indefinitely' the financial bidding for Shipping Corporation of India and Hindustan Copper Ltd in the wake of a spate of petitions challenging the divestment process in various courts.\n\n\n\n
In a move to attract bidders for loss making Hindustan Copper Ltd, the divestment ministry has decided to ease norms for group transfer of equity stake in the divested company allowing strategic partners a greater say in the matter.
BSE PSU index rallies 10% in one month; nearly a third of the stocks on the index has gained 20% over the period
Disinvestment Ministry has stipulated a three year lock in period for prospective bidders vying for stake in Hindustan Copper where Government proposes to shed its entire equity.
The fall in metal and mining stocks comes on the back of weak Chinese trade data
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
IT, FMCG and manufacturing sectors are less attractive to foreign portfolio investors
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Infrastructure and real estate prominently feature as wealth destroyers.
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
Eight Sensex biggies such as Reliance, L&T, BHEL, SBI and ICICI Bank are among the worst hit.
For the first time since 2001, promoter stake in BSE 500 decisively below 50%
The doubling of Clean Energy Cess from Rs 200 to 400 per tonne would further increase the input cost for domestic producers.
The divergence shows lack of financial depth in the Indian stock markets.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
TCS created wealth worth Rs 3,458 billion for the period 2010-15.
The CIL disinvestment has been hanging fire because of opposition from the trade unions. Mayaram's statement that the coal major will have to pay a higher dividend comes as the government makes efforts to meet its Rs 40,000 crore (Rs 400 billion) disinvestment target.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
As per Sebi norms, a public sector listed company should have 10 per cent public float by August 08, 2013.
As much as 9 crore shares will be sold over two days, with institutional investors getting to bid on the first day and retail ones getting a chance on Friday.
Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore (Rs 430 billion) from divestment proceeds, almost the same level that the government expects to realise from stake sale in PSUs this fiscal.
Divestment in PFC, REC, NHPC, Nalco, Hindustan Copper and NMDC could be considered
MakeMyTrip, RBL Bank, Inox wind and IRCTC are among the firms that have made it to the Fortune Next 500 list of Indian companies.
Going by the experience of the previous years -- when the actual proceeds from stake sale were much lower than the targets -- the government's disinvestment target for 2014-15 appears too ambitious.
Metal sector is not too happy from Budget announcements for the sector
Combining affordable IT with native Indian ingenuity and entrepreneurship F C Kohli believed would enable Indian small businesses match anyone and thrive.
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
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