Psus

ESB chairperson Mallika Srinivasan gets one-year extension beyond 65 yrs

The government has extended the tenure of Mallika Srinivasan as the head of the Public Enterprises Selection Board (PESB) by one year after it made an exception to rules to allow the private sector specialist to continue on the job beyond the cut-off age of 65 years, according to an official order. Srinivasan, Chairman and Managing Director of Tractors and Farm Equipment (TAFE) Limited, was originally appointed as the chairperson of government headhunter PESB in April 2021 for a three-year tenure till April 8, 2024. In March this year, the tenure was extended from April 9, 2024, to November 18 - the date she attained the age of 65 years. PESB is a non-statutory body that advises the government on appointments to the highest posts in Central Public Sector Enterprises. The board comprises a chairman and three members. The term of office for the chairperson and members is three years, or until they turn 65, whichever comes first. The chairperson/members are eligible for consideration o

GRSE registers total income of Rs 2,311 crore in first half of FY25

Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd registered a total income of Rs 2,311 crore in the first half of financial year 2024-25, an official said on Wednesday. The Kolkata-based warship maker's profit after tax (PAT) stood at Rs 185 crore in the first six months from April 2024, as against Rs 157 crore in the corresponding period in the last fiscal year 2023-24, the GRSE official said. "The total income stood at Rs 2,311 crore in the first half of 2024-25 as against Rs 1,796 crore in the corresponding period of 2023-24," the official said in a statement. For the second quarter of 2024-25 from July to September, the defence PSU registered a total income of Rs 1,228 crore against Rs 969 crore, he said. In the second quarter, PAT stood at Rs 98 crore as against Rs 81 crore in the corresponding period of 2023-24, the official said. GRSE chairman and managing director Commodore P R Hari (retd) said that the existing orders for Indian Navy, coupled with orders for

SC rules against PSUs unilaterally deciding arbitrators for disputes

PSUs will need to modify their contracts to comply with judgment

PSU defaults, moral hazards: Can banks keep relying on govt ownership?

MTNL and RINL aren't good stories, particularly when both lenders and investors are getting their appetite for the infrastructure sector back

NTPC receives shareholders' approval to raise up to Rs 12,000 crore

State-owned power giant NTPC on Friday said it has got shareholders' approval to raise up to Rs 12,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. "All resolutions proposed at the 48th Annual General Meeting were passed with requisite majority," the company said in a BSE filing. The board of directors of the company in its meeting held on 29th June, 2024 has approved the proposal and recommends the passing of the proposed special resolution (for raising up to Rs 12,000 crore in next 12 months), the AGM notice of NTPC had stated. The notice had further said that the company is under capacity expansion mode, and a major portion of its capital expenditure requirement has to be funded by debt. The approval of the shareholders is being sought to authorize the board of directors to make offer(s) or invitation(s) to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (NCDs/bon

Power Grid gets shareholders' nod to raise borrowing limit to Rs 15k cr

State-owned Power Grid Corporation on Friday said it has received shareholders' approval to raise the borrowing limit to Rs 15,000 crore for the 2024-25 fiscal year. The approval was received at its annual general meeting held on Thursday, the company said. Based on the consolidated report of the scrutiniser, all resolutions as set out in the notice of 35th annual general meeting read with addendum to the notice dated August 12, 2024, have been duly approved by shareholders with requisite majority, according to a BSE filing. The company said shareholders approved the resolution to enhance the borrowing limit from Rs 12,000 crore to Rs 15,000 crore, from the domestic market through the issue of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free debentures/bonds under private placement for the 2024-25 financial year, it stated. The shareholders also approved the proposal to raise funds up to Rs 16,000 crore, from domestic market through the ..

PSUs set to issue long term bonds worth Rs 5,000 cr to meet investor demand

None of the companies replied to Reuters emails seeking comments. The merchant bankers did not want to be named because they are not authorized to talk to media

Best of BS Opinion: The PSU disconnect, Rethinking Broadcast Bill, more

Here is the best of Business Standard's opinion pieces for today

Minimum public shareholding: The PSU compliance game of whack-a-mole

Most PSUs, especially those with low floats, have seen remarkable share price gains over the past year

SBI Q1FY25 results: Net profit rises 0.9% to Rs 17,035 cr, NII up 5.7%

NIM fell 12 bps, both sequentially and Y-o-Y basis, to 3.35 per cent

Govt exempts PSUs from meeting public shareholding norms for 2 years

All listed Indian companies, including public sector firms, are required to maintain a minimum public shareholding of 25% as per the market regulator's rules

Most of the PSUs in Chhattisgarh are in very bad shape: CAG report

The long-term loans in 28 state PSUs comprised Rs 977.03 crore advanced by the central and state governments and Rs 12,900.87 crore raised from other sources

Workplace injuries rise 8.5% and fatalities fall 21%, says IiAS study

Total fatalities decreased to 463 in FY23 from 587 in FY22 but still account for more than one death per day

PSU refiner BPCL expects further cuts in oil OSPs as fuel margins drop

Indian refiners have also raised imports of Russian crude sold at discounts after Western nations imposed a raft of sanctions against Moscow for its invasion of Ukraine

MPS norm: FinMin may extend August deadline for PSBs, insurance firms

Five PSBs are planning to reduce government stake to less than 75%

Listed CPSUs to pay record Rs 1.26 trillion equity dividend for FY24

State-run entities will distribute 26.8% of net profit as equity dividend in FY24 - lowest payout ratio in at least a decade

General insurers expect premium income growth of 32% to Rs 3.7 trn by FY26

The general insurance industry is expected to earn a gross direct premium income (GDPI) of Rs 3.7 lakh crore by FY26, an increase of 32 per cent from Rs 2.8 lakh crore in FY24, a report said. While the growth for private insurers is expected to remain strong and that of PSU insurers is likely to remain moderate because of the weak capital position, ICRA said in a report. The profitability for private insurers is likely to improve, supported by better underwriting performance, it said. The combined ratio for PSU insurers will remain weak, thereby impacting the net profitability, the report said. The industry's GDPI saw a robust 15.5 per cent year-on-year (YoY) expansion in 2023-24, rising to Rs 2.79 lakh crore on the health segment, it said. Apart from this, the report said that the growth in the motor segment was healthy, supported by the increase in new vehicle sales (two-wheelers, or 2W, rose by 13.3 per cent YoY and passenger vehicles, or PVs, by 8.4 per cent YoY in 2023-24).

Staging a comeback: PSU stocks climb peaks, but valuation cliff awaits

Analysts warn of price peaks amid government spending surge. Is the rally running out of steam? Brokerages sound caution as upside targets falter

Large PSUs spend Rs 50,200 crore in capex in April FY25, says official

Large public sector companies have spent a little over Rs 50,200 crore towards capital expenditure in April FY25 alone, which is 6.46 per cent of their full fiscal target of Rs 7.77 lakh crore, an official said. The pace albeit is slower than Rs 54,177 crore capex spent in April FY24, about 7.3 per cent of the full year budget target of Rs 7.42 lakh crore. "The capex spending will pick up going forward. Also, the numbers for April are still provisional and will go up in the revised final numbers," the official told PTI. The capital expenditure during the first month of 2024-25 fiscal was driven by railways, road, and oil and gas sectors. The Indian Railways and sector PSUs spent Rs 26,641 crore in April, followed by National Highways Authority of India (NHAI) at Rs 6,645 crore. Among oil and gas sector PSUs, ONGC incurred capex of Rs 2,318 crore, Indian Oil Corporation (IOC) Rs 2,423 crore in the first month of the current financial year. Hindustan Petroleum Corp Ltd and Bharat .

Khanij Bidesh India likely to acquire lithium asset in Australia in FY25

Khanij Bidesh India Ltd (KABIL) hopes to acquire a lithium block in Australia this year, a top official said on Saturday. KABIL, a joint venture of three PSUs to scout for mineral assets overseas, has been working in Australia for the last year, Mines secretary V L Kantha Rao said. "KABIL (Khanij Bidesh India Ltd) has the responsibility to look at other countries. We have to increase our efforts in Australia. We will have to ensure that during this financial year, we target one more asset," Rao said at the inauguration of the registered office of KABIL here. KABIL is owned by three public sector undertakings -- National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL). "I am hoping that it should be Australia because we have been working (there) for the last year," he explained. But unlike Argentina, Australia would be a bit costly so the paid-up capital of KABIL will have to be increased. KABIL has a paid-up capital of R