Psu

Max graft complaints in 2023 against rail, local bodies, banks: CVC report

Of the total corruption complaints received by the Central Vigilance Commission last year, the highest number of plaints was against railway employees, followed by those in Delhi's local bodies and public sector banks, a report by the anti-graft watchdog showed. As many as 74,203 graft complaints were received against all categories of officers/employees in 2023, of which 66,373 were disposed of and 7,830 were pending, it said. The highest 10,447 complaints were made against railway employees, followed by 7,665 against staffers of "local bodies except GNCTD" (Government of National Capital Territory of Delhi) in the national capital, said the CVC report made public recently. The local bodies include Delhi State Industrial and Infrastructure Development Corporation Ltd, Delhi Jal Board, Delhi Tourism and Transportation Development Corporation, Delhi Transport Corporation, Delhi Transco Limited, Delhi Urban Shelter Improvement Board, Indraprastha Power Generation Co Ltd, Municipal ...

Govt extends minimum public shareholding deadline for PSUs till Aug 2026

Public sector banks, financial institutions too must increase their public shareholding to at least 25%

Don't need angel tax to stop money laundering: FM Sitharaman on Budget 2024

Union Budget 2024-25: Union Finance Minister Nirmala Sitharaman clarifies tax on long-term capital gains, angel tax, and government effort to widen the tax net

A new PSU isn't the answer

Government needs to rethink fleet expansion strategy

5 PSU stocks investors can bet on after Lok Sabha election results

Uco Bank aims to bring down govt stake to 75% this fiscal: MD Aswani Kumar

UCO Bank on Tuesday said it aims to reduce the government's stake in the bank from the current 95.39 per cent to 75 per cent in several tranches by fiscal 2024-25, to comply with the minimum public shareholding norms set by SEBI. The lender has time until August to comply with this but it hopes to receive a further extension, a top bank official said. Four other public sector banks have also laid out plans to pare down government holdings to meet SEBI regulations. "We don't need equity for growth as our capital adequacy is at 16.98 per cent. However, we must reduce the government's stake to 75 per cent to meet listing regulations, and we aim to do so within this fiscal year. The board has approved the issuance of 400 crore equity shares for this purpose. We will execute this in tranches," said UCO Bank MD & CEO Aswani Kumar. He said various options will be explored as issuance plans get firmer. "To comply, the issuance of 330-340 crore equity shares at Rs 10 each would have been .

NLC India planning to sell renewable assets worth estimated $720 Million

The Chennai-based miner and electricity generator also plans to double its coal and lignite output by 2030

Shares of NTPC surge nearly 4% on NCD issue worth Rs 1500 cr

The recent hike in the stock price comes on the back of issuance of non-convertible debentures worth Rs 1,500 crore on Wednesday

Planning to set up public sector unit to provide tech: Salesforce India CEO

The US-based company is looking to tap various opportunities in the government sector in areas such as postal services, education, subsidies to the citizens and healthcare services, said Bhattacharya

From downturn to dominance: PSUs reclaim 17.3% India's market glory

An analysis by Elara Capital indicates that the PSU sector performs well during election years

Pages from the diary of a woman PSU banker

Last Friday, the banker offered me the pages from her 2023 diary, taking time out from Women's Day celebrations with her friends

PM to inaugurate Barauni-Guwahati national gas pipeline on Saturday

Prime Minister Narendra Modi is scheduled to inaugurate the Barauni-Guwahati Natural Gas Pipeline (BGPL), a milestone project linking the North East region to the National Gas Grid, during his visit to Assam on Saturday, a top official of the executing company, GAIL (India) Ltd, said. This pipeline will provide a dependable source of clean energy, foster economic growth and enhance the overall well-being of the people of the region, GAIL's executive director (Projects) AK Tripathi told reporters here on Friday. The 718km pipeline which traverses through Bihar, West Bengal and Assam has been built at a cost of Rs 3,992 crore by GAIL, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, he added. The pipeline is designed to supply natural gas to nine geographical areas covering 31 districts across these three states through authorised city gas distribution (CGD) entities along its route, Tripathi said. Tripathi highlighted the unique challenges encountered during the ...

Govt to sell 8% stake in IRCON International through offer-for-sale

The plan is to offload 37.6 million equity shares, of face value of Rs 2 each-representing 4 per cent of the company for non-retail investors on Thursday

SAIL to begin trial production of special rails by month-end: Chairman

Steel maker SAIL plans to start the trial production of head hardened (HH) rails, used in metro rail and freight corridor projects, by month-end, its Chairman Amarendu Prakash said. The steel PSU was earlier looking to start the trial production of HH rails in August but deferred it due to the demand for normal rails like 880 grade from the Indian Railways, Prakash told PTI in an interview. "We have the technology. We had planned for it (HH rail production) but then...they (Railways) requested us to defer the trials and now it is at the end of October," the Chairman said. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for the production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been ...

Indian banks are facing a higher risk of defaults from unsecured loans: UBS

The note said the share of borrowers with more than five personal loans rose from 1 per cent in 2018 to 7.7 per cent in March 2023

Three-day strike against Coal India on 5 October to hit production

In August, the coal production from CIL mines stood at 52.3 million tonnes (MT), registering a year-on-year growth of 13.2 per cent over 46.2 MT

Government considers extending SM Vaidya's tenure as IOC chairman

All ten candidates who were interviewed for the position of IOC chairman were rejected by the Public Enterprises Selection Board

200K jobs eliminated from PSUs, govt 'trampling upon hopes of youth': Rahul

Former Congress president Rahul Gandhi on Sunday claimed that over two lakh jobs have been "eliminated" from PSUs and alleged that hopes of lakhs of youth are being "trampled upon" by the government for the benefit of a few "crony capitalist friends". Gandhi said Public Sector Undertakings (PSUs) used to be the pride of India and the dream of every youth for employment but today, they are "not the priority of the government". "Employment in PSUs of the country has come down from 16.9 lakh in 2014 to only 14.6 lakh in 2022. Do jobs decrease in a progressing country? 1,81,127 jobs lost in BSNL; 61,928 in SAIL; 34,997 in MTNL; 29,140 in SECL; 28,063 in FCI; 21,120 in ONGC," he said in a tweet in Hindi. Hitting out at the government, Gandhi said those who made false promises of providing two crore jobs every year, instead of increasing the jobs, "eliminated" more than two lakh jobs. "On top of this, almost doubled the contract recruitments in these institutions. Is increasing contract

Sanjay Kumar takes over as new director for marketing in GAIL India

Sanjay Kumar on Thursday took over as the new director for marketing in state gas utility GAIL (India) Ltd, the firm said. Prior to his new role, Kumar was the Managing Director of Indraprastha Gas Limited, the largest CNG distribution company in India, since April 2022. "Kumar, a Mechanical Engineer from IIT Kharagpur and an MBA, has a rich domain experience of over 35 years in the natural gas sector," GAIL said in a statement. He joined GAIL in 1988 and over the next three decades worked in various roles across domains, including gas marketing, LNG sourcing/ trading/ shipping, business development, gas transmission, projects management and gas pipeline operation and maintenance. In 2011, Kumar was tasked with setting up GAIL's overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore. This was the first such subsidiary created by any Indian oil and gas PSU, and over the next five years, he played an important role in developing this subsidiary into a ...

Hindustan Aeronautics posts first decline in profit in 10 quarters

The company also said it incurred tax expenses of 124.7 million rupees in the quarter, against a gain of 5.28 billion rupees from tax refunds a year ago