Notwithstanding the recent sharp decline in the stocks of public sector companies, analysts at Jefferies remain bullish on this segment. State Bank of India, Coal India, and NTPC are their top picks in this space, they said in a recent note. The public sector undertaking (PSU) or state-owned enterprise (SOE) index, with a 70-percentage-point outperformance versus the National Stock Exchange Nifty50 over the past 12 months, comes after a decade of underperformance before 2020.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
The list mostly contains PSUs which were up for sale in the last fiscal.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
The title 'Navratna' was given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997, which allowed them greater autonomy to compete in the global market.
The government is seeking to keep its fiscal deficit within the budgetary target of 4.8 per cent of GDP.
Wipro's new CEO Srinivas Pallia will receive an annual remuneration of up to $6 million (about Rs 50 crore), according to a regulatory filing by the Bengaluru-headquartered IT company. Earlier in April, Wipro announced the appointment of Pallia as its new CEO and MD, following the sudden resignation of Thierry Delaporte. Delaporte's annual salary of over Rs 80 crore at Wipro had made headlines last year.
While the government stifled PSUs' operational autonomy, competition from the private sector hit their market share.
India is planning to soon sign new and updated mineral pacts with about a dozen countries in Africa. The Ministry of Mines is in discussions with Cte d'Ivoire, Democratic Republic of the Congo (DRC), Madagascar, Malawi, Mali, Morocco, Mozambique, South Africa, Tanzania, Zambia and Zimbabwe, Business Standard has learnt. Negotiations are ongoing with around a dozen countries, and more will be added to the list soon.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
Cash-rich Central Public Sector Enterprises (CPSEs) have to either invest their surplus funds or give it to someone for investment purpose, Finance Minister P Chidambaram has said.
The upstream oil and gas (O&G) sector has delivered a stellar performance in the stock market in the recent past. The O&G sector is dominated by PSUs and despite the imposition of a windfall tax, profitability has been impressive. Oil India Limited (OIL) is particularly favoured by investors.
Sitharaman said the government wants to sell stake in public sector companies at a time when it fetches the right price.
India's first prime minister, Jawaharlal Nehru called public sector units 'the temples of modern India'.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Rising oil prices and diminishing cash pile to limit capacity in 2018-19
To enhance transparency and verifiability in the poll process, the Conduct of Election Rules, 1961 were amended in 2013 to introduce the use of VVPAT machines. They were first used in the by-election to the Noksen assembly seat in Nagaland.
Foreign portfolio investors' (FPIs') shareholding in NSE-listed companies fell 51 basis points sequentially to 17.68 per cent in the quarter ended March 31, 2024, according to data compiled by PRIME Database. This is the lowest FPI shareholding since December 2012. From the recent peak of 21.21 per cent at the end of December 2020, FPI shareholding is down 353 basis points.
More than 300 posts of independent directors have still not been filled.
Analysts say Tatas could sustain their current pace of growth, provided the group's "cash cows", such as TCS and Tata Motors, continue to deliver.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
Gandhi claimed that Dalits, tribals, and Other Backward Classes were made bonded labourers and their participation was lacking in big companies, hospitals, schools, colleges and courts.
Most have seen decline in cash reserves and deterioration in financial ratios in recent years.
The system performance was also validated through the data captured by a number of radars, telemetry and electro-optical tracking system deployed by ITR, Chandipur.
The deal is estimated to be worth Rs 12,000 crore.
Mega PSUs such as ONGC, SAIL and NTPC will get greater financial and operational autonomy as the government on Thursday approved creating the Maharatna category of top performing state-owned firms to enable them become global giants.
Though this is part of the divestment drive, government's stake in these companies remains 100 per cent even after the buybacks
Cash-rich PSUs like NTPC, BHEL, SAIL, ONGC and IOC which will issue bonus shares, largely accruing to the government, may get a better annual performance appraisal.
Former Reserve Bank of India (RBI) Governor Raghuram Rajan says the government should take advantage of the peaks in the Indian equity markets right now and sell stakes in PSUs while prioritising spending to get the economy back on track. The upcoming Budget for the fiscal year beginning April 1 should look to provide "relief to the poorer households and small and medium enterprises," he said. And then move on to getting the economy back on track.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
It added that in the last four years, the number of CEOs earning more than Rs 20 crore has doubled. The survey titled 'Deloitte India Executive Performance and Rewards Survey 2024', based on the analysis of 400 organisations (except public sector companies), said that 75 per cent of all CEOs in India now earn more than Rs 5 crore annually. This was 66 per cent in 2020.
The Centre has identified 50 new public sector undertakings (PSUs) to be put on the capital markets for selling 10 per cent of government stakes to raise funds for development programmes.
The department believes dividend from CPSUs is a return on investment made by the government.
Private companies have been increasing their dividend payouts at a much higher pace than their public-sector counterparts, though some state-run companies are making huge payouts in absolute terms.
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