ONGC was the top loser in the Sensex pack, declining around 5 per cent, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Bajaj Auto, PowerGrid and RIL. NSE Nifty slumped 189.15 points to 14,721.30.
Amid stiff competition from private and foreign players, the country's 27 public sector banks logged 35 per cent growth in profit at Rs 16,546 crore (Rs 165.46 billion) while their bad assets fell below 3 per cent during 2003-04.
While divestment through IPOs saw an over 90 per cent drop as compared to the previous financial year, the exchange traded fund (ETF) route proved to be a shot in the arm for the government, reports Sundar Sethuraman.
Among the gainers, RIL was followed by Sun Pharma, PowerGrid, Bajaj Finance, Nestle India and HCL Tech. On the other hand, Titan, L&T, ONGC, HDFC Bank and ITC were among the laggards.
The minister said RBI maintains a list of non-suit filed borrowers of banks and financial institutions, while CIBIL had a database on suit-filed accounts of Rs 1 crore (Rs 10 million) and above.
The missile has been developed to engage highly fortified enemy tanks in day and night conditions.
Unwilling to compromise autonomy for a hefty pay hike announced on Thursday, several PSUs chiefs on Friday conveyed displeasure to the government over a directive asking them not to create senior posts in their units without the approval of their administrative ministries.
Public banks face slowdown heat.
This was stated by Minister of State for Health Ashwini Kumar Choubey in the House in response to a question on the number of healthcare staff, including doctors, nurses and ASHA workers who have been affected died due to COVID-19.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The Centre on Monday said nationalised banks, which were provided equity as part of capital restructuring need not return it.
Public sector banks have suddenly developed cold feet on raising lending rates even if it means sacrificing on their bottom lines.
Top level public sector executives, including directors and chief executives, will not be able to join private firms after retirement or resignation unless they get go-ahead from the government.
Affordable pricing, a variety of themes, and the ease of transacting are among key reasons that have made smallcases a hit among young investors.
Mid- and small-cap indices have outperformed the frontline benchmarks - the S&P BSE Sensex (up around 10 per cent) and the Nifty50 (13 per cent) - in the first half of calendar year 2021 (H1-CY21) by rallying 26 per cent and 39 per cent, respectively. The trend, analysts believe, is likely to continue in H2-CY21 as well. The outperformance in H1-CY21 comes on the back of improved earnings and strong inflows from the foreign portfolio investors (FPIs) in Indian equities. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market.
Initial public offerings (IPOs) by start-ups are bringing cheer to investors and investment bankers alike. After food delivery company Zomato, Nykaa has issued the fattest pay cheque to the managers of its share sale -- Rs 148 crore, or 2.8 per cent of its issue proceeds of Rs 5,300 crore. In absolute terms, this is the second-highest amount paid to investment bankers for handling an IPO, while in percentage terms, it is the highest for large IPOs (>$300 million) in the last one year, shows an analysis of the data provided by Prime Database, a primary market tracker.
Offloading shares in ONGC, CIL, NHPC may fetch govt more than the year's target.
Infosys was the top gainer in the Sensex pack, jumping over 4 per cent, followed by Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank. On the other hand, HCL Tech, M&M, Dr Reddy's, Asian Paints, Bajaj Auto and Bharti Airtel were among the laggards.
With the new financial year kicking in and the equity markets showing signs of stability, the government is expected to soon initiate its divestment programme with renewed vigour.
The move comes even as Bank of India on Wednesday said its corporate clients will suffer mark-to-market losses of around Rs 125 crore. It has 34 clients with 74 derivative transactions. Last week, State Bank of India said its clients may incur MTM losses of up to Rs 700 crore at the end of March 2008.
A host of public sector banks had cut interest rates in the earlier part of this year following an advisory from Finance Minister P Chidambaram in January. Private and smaller state-owned banks, however, did not cut rates.
The LIC and some PSU general insurers are expected to maintain dominant position in the coming years even in the liberalised scenario, ICRA said in a research report.
'It really doesn't matter that investors getting allotments sell their IPO stock holdings on listing day because a new set of investors are entering.' 'This explains the continued rise in stock prices even after the first day of listing.'
"There has been (a) slowing down of credit growth... However, this slowing down of credit has indeed, to some extent, affected flow of credit in the housing sector and consumer durables sector," he told reporters after a review meeting with heads of PSU banks.
India Inc is looking at the public sector to steer its ambitions, as former PSU heads are taken on board to lead the private sector.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
As per the structure proposed, 99 per cent of government holding in the bank will be shifted to the Holding Company and the government will retain 1 per cent with itself so that it remains a state-owned bank.
The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.
Labour unions on Monday threatened to go on a lightning strike the day government invited bids for privatising highly profitable oil public sector units HPCL and BPCL.\n\n\n\n
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
State-owned companies have been set stiff targets to increase accountability as they get ready for divestment. Nikunj Ohri explains why meeting them will be challenging.
