Continuing with their profitable trend, public sector companies recorded an unheard of 77 per cent growth in profit at Rs 12,469 crore (Rs 124.69 billion) during April-September 2002 in the midst of accelerated privatisation process.
Public sector units, which saw a reduction in their head count in 2008-09 due to voluntary retirement schemes, have started hiring again and may return to the 2007-08 level of 15.66 lakh (1.566 million) employees this fiscal, a senior official said.
Three oil PSUs have moved the Supreme Court seeking modification of its earlier order that Aadhaar card is not mandatory and no person should suffer for want of it in getting benefits of government schemes.
The government has garnered Rs 2 lakh crore by auctioning 33 blocks.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The ownership by domestic investors, individual as well as institutional, in companies listed on the National Stock Exchange (NSE) has breached the 25 per cent mark for the first time. The share stood at 25.72 per cent at the end of the March 2023 quarter, up from 24.44 per cent in the previous quarter, according to data from Prime Database. The share of foreign portfolio investors (FPIs), meanwhile, rose slightly to 20.56 per cent from 20.24 per cent as on December 31, 2022.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
Mutual funds are set to bag a huge chunk of the nearly Rs 3,05,000 crore cash reserves of the public sector companies.
The report has revealed that BSNL, which contributed around 98 per cent to the financial irregularities, failed to pay a government loan amounting to Rs 7,500 crore (Rs 75 billion) in spite of having adequate cash reserves in short-term deposits with other banks during the year 2005-06 and 2006-07.
SAIL and RINL at present produce about 18 million tonnes of the commodity. Navratna mining giant NMDC is in the process of setting up a three million tonnes per annum (MTPA)-steel unit in Chhattisgarh. Despite the prevailing economic slowdown, the expansion programmes of these public sector entities are going on full swing, Rastogi said, adding that SAIL is likely to hit the capital market to raise funds for the capacity augmentation.
The state-owned public enterprises incurred losses to the tune of Rs 31,548 crore (Rs 315.48 billion) in 2006-07, with the Karnataka government doling out the maximum grants at Rs 6,140 crore (Rs 61.40 billion) to its PSUs.
The government on Tuesday announced that it has formally called-off plans to sell stakes in 13 profit-making central public sector undertakings.
Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 electric vehicle (EV) charging stations over the next 3-5 years to support the nation's target to reduce its carbon intensity and reach net zero emissions by 2070. IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, chairman Shrikant Madhav Vaidya said. Bharat Petroleum Corporation Ltd (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation Ltd (HPCL) has plans for 5,000 stations.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
Finance Minister Nirmala Sitharaman had in May announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised.
'The government will take proactive steps to see that their participation in the equity market, especially in PSU stocks, is rewarding.'
The government said on Tuesday that the total default of public sector undertakings towards their workers stood at Rs 2082 crore (Rs 20.82 billion) and it was taking steps for redressing the grievances of the employees.\n\n\n\n
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Besides, non-promoters with more than 10 per cent stake in the company would also be allowed to tap the OFS route.
Preliminary work on submitting proposals for offloading government equity in 12 PSUs, including BSNL and MTNL, has begun.
The petroleum ministry is likely to advocate allowing its public sector units like ONGC to bid for acquiring management control in oil refiner HPCL, which the government on Monday said would be put on the block.\n\n
A report by parliamentary standing committee on commerce noted that Indian industry was getting decimated by China dumping its cheap products in India.
Union Heavy Industries Minister Balasaheb Vikhe Patil said on Monday that he favours offloading up to 30 per cent equity in public sector undertakings through a public issue.
Planning Commission Deputy Chairman K C Pant on Thursday prescribed restructuring and divestment of oil PSUs on a "selective basis" to achieve the 8 per cent economic growth target set for the 10th Five Year Plan period.
While Indian Oil Corporation will get the highest Rs 5,817.27 crore (Rs 58.17 billion) of special bonds, Bharat Petroleum Corporation Ltd will receive Rs 2,144.32-crore (Rs 21.44 billion) bonds and Hindustan Petroleum Corporation Ltd will be issued bonds worth Rs 2,038.41 crore (Rs 20.38 billion). The bonds will carry an 8 per cent coupon rate and will mature in 2026, the government said in a statement.
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines -- Joda East, Noamundi, Katamati, and Khondbond -- that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel's ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
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.
The Centre is likely to privatise profit-making enterprises, reversing its previous position of first closing or merging loss-making state-run units. The NITI Aayog, which is in the process of selecting public sector units for privatisation, is likely to put out its first list, focusing on companies in non-strategic sectors, along with those that have got Cabinet approval for stake sale, or are in final stage of due diligence. "The shortlisted firms will be put out in three-four tranches, with the first list comprising non-strategic ones, followed by strategic sectors with a focus on privatisation and not divestment," said a senior government official privy to the plan. He said the first report was expected in early April. The think tank approach is in sync with the government's new strategies on privatisation and asset monetisation.
Sources said valuation of all these assets was an ongoing process, and the mode and manner of disposal would be decided on a case-by-case basis
According to the budget document, Rs 1,891.78 crore has been allocated for purchase of EVMs by the poll panel.
The central government has mandated all ministries, public departments and public sector units to use the telecom services of State-run Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL).
Even as Union ministers allay misgivings over Agnipath, figures show a meagre 2.4 per cent of the ex-servicemen who applied for a government job could get one as the Centre and the states have been unable to recruit against the reserved quotas. Public sector undertakings (PSUs), ministries, and officials of Sainik Boards have blamed it on the lack of skill among ex-servicemen. They say veterans' inability to qualify in selection exams is one of reasons for this. Also, non-recognition of qualifications obtained from the military are reasons why their recruitment has remained significantly low, pushing them towards low-skill jobs.
'Gadar 2 was made with the purpose of entertaining people and not to perpetuate enmity between neighbouring countries.'
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
'Investors should look to incrementally allocate towards equity from a medium-to-long term horizon.'
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
It is estimating that this would help monetise assets worth Rs 10,000 crore.
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