The Lok Sabha has now cleared a bill to divest government equity in TCI.
Total order book set to cross Rs 5,000 crore or Rs 50 billion with new orders from BMRC and DMRC.
NMDC pitted against Tatas, Essar on Bailadila deposits.
Power Grid Corporation (PGCIL) intends to ramp up its capex substantially through the next two financial years. The Public Sector Undertaking (PSU) utility posted flat consolidated revenues of Rs 10,700 crore in the third quarter of the current financial year (Q3FY24) and reported 7 per cent year on year (Y-o-Y) growth in net profit to Rs 4,000 crore. The Q3FY24 capex stood at Rs 3,440 crore and capitalisation at Rs 1,780 crore, taking the 9MFY24 total to Rs 8,700 crore capex and Rs 5,800 crore capitalisation, respectively.
Government has directed all ministries and departments to cut wasteful spending and sought a minimum 20-30 per cent dividend from profit making public sector undertakings
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
Barely able to stand on its own feet after the disinvestment blow, the Indian Tourism Development Corporation is now struggling to get unpaid dues totalling Rs 15 crore (Rs 150 million from the government.
Employees of public sector undertakings, banks, insurance companies and the central and state government have decided to participate in the Left Front sponsored strike on September 29.
MMTC, the most valuable public sector undertaking (PSU), raced past oil exploration giant Oil and Natural Gas Corporation (ONGC) in the market capitalisation (m-cap) ranking to occupy the number-two slot on Friday. MMTC, with an m-cap of Rs 2,71,103 crore (Rs 2711.03 billion), pushed ONGC (m-cap Rs 2,64,953 crore) down by a slot to the third position in the market cap chart on BSE.
ONGC on Friday said it was not against the government's move to dilute its 5% stake in the public sector undertaking through an IPO or by diluting the cross holding of shares between ONGC, Indian Oil Corporation and Gail.
Over 16 lakh employees working in over 240 central public sector undertakings can soon hope for a salary windfall, with the second Pay Revision Committee for PSUs expected to submit its report by this month end.The report of the sixth pay panel, which recommended an average hike of about 28 per cent to the Central government employees, is under government consideration.
Work on BSNL, MTNL sell-off plans to begin
The issue was raised in 2005 by none other than the then revenue minister of the state, Nankiram Kanwar. The minister alleged that the company had grabbed prime land and cut down a large number of trees without permission. The government conducted an inquiry that established that Balco had encroached 1036.52 acres of government land. The company, however, contended and claimed that the land under question was allotted by the government.
Telecom public sector undertakings, BSNL and MTNL will start their broadband services across the country from Thursday, providing high-speed connectivity at tariffs ranging from Rs 500 to Rs 43,000.
The board of Indian Petrochemicals Corporation is likely to meet on January 20, a day before the board meeting of flagship company Reliance Industries, to approve October-December, 2004, financial results.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
Hindustan Aeronautics Ltd, a public sector undertaking under the Ministry of Defence, would export its newly developed advanced light helicopters to Nepal and other countries.
The Cabinet on Wednesday empowered boards of state-owned companies to decide on the closure and divestment of units/subsidiaries. Presently, the Board of Directors of holding or parent public sector enterprises have been delegated certain powers to make equity investments to establish financial joint ventures and wholly-owned subsidiaries and undertake mergers/acquisitions, subject to certain ceilings of net worth. However, the Boards do not have powers for disinvestment or closure of their subsidiaries or units or stake in JVs, except for some limited powers given to Maharatna PSEs for minority stake disinvestment in their subsidiaries.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
Unable to face competition of a liberalised environment, as many as 88 public sector undertakings have eroded
Hindustan Aeronautics (HAL) is one of the largest beneficiaries of the defence indigenisation programme. The aerospace Public Sector Undertaking (PSU) has just received a new tender for 97 Light Combat Aircraft (LCA) Tejas Mk1A, and it is already servicing an earlier order for 83 LCA aircraft. The new order is worth around Rs 65,000 crore with a 65 per cent indigenisation component, whereas the earlier order (February 21) was worth Rs 45,700 crore with 55 per cent indigenisation.
Though its alliance with the Left parties kept the United Progressive Alliance from pursuing an active divestment agenda, it hopes to net Rs 1,651 crore (Rs 16.51 billion) in 2008-09 (revised estimate) and Rs 1,120 crore (Rs 11.20 billion) in 2009-10 under the account.
The civil aviation minister is facing charges of 'milking' the PSUs for personal gains.
