Page 3 - Psus

LIC becomes most valuable PSU firm, surpasses SBI in market valuation

Life Insurance Corporation of India (LIC) surpassed State Bank of India (SBI) to become the country's most valued PSU firm by market valuation on Wednesday. Shares of LIC climbed 3 per cent to reach its 52-week high of Rs 919.45 in intra-day trade on the BSE. However, later it pared the gains and ended 0.63 per cent lower at Rs 886.90. The stock of SBI fell by 1.67 per cent to Rs 626.15 apiece. The market capitalisation of LIC stood at Rs 5,60,964.05 crore, which is Rs 2,149.47 crore more than SBI's Rs 5,58,814.58 crore valuation. LIC stood at the ninth place in the ranking of top ten most valued firms. Reliance Industries is the country's most valued firm with a market valuation of Rs 18,42,160.54 crore followed by TCS (Rs 14,21,230.44 crore), HDFC Bank (Rs 11,66,888.98 crore), ICICI Bank (Rs 6,87,740.99 crore), Infosys (Rs 6,80,631.89 crore), Bharti Airtel (Rs 6,10,389.59 crore), Hindustan Unilever (Rs 6,02,388.21 crore), ITC (Rs 5,82,423.61 crore), LIC (Rs 5,60,964.05 crore) an

Coal sector PSUs brought 18,849 hectares under green cover in decade: Govt

The public sector units operating in the coal sector have brought 18,849 hectares under green cover in the last 10 years by planting 42.3 million saplings, the government on Monday said. The move shows the commitment of the coal sector to environment-friendly sustainable mining practices, the coal ministry said in a statement. The coal public sector units have identified about 3,075 hectares of afforested non-forest de-coaled land suitable for Accredited Compensatory Afforestation (ACA). The proposals have been submitted to the respective state forest departments by coal PSUs for appropriate notification of the afforested non-forest de-coaled land as an ACA land bank to expedite forest clearance for future coal mines requiring forest land diversion, the coal ministry said in a statement. Bishrampur Opencast Project by Coal India arm South Eastern Coalfields Ltd in Surajpur District of Chhattisgarh is an example of adherence to Accredited Compensatory Afforestation (ACA) guidelines,

Uttarakhand govt increases pending DA of PSU, corporations' employees

As per the release, the dearness allowance of employees drawing from the seventh revised pay scale has been increased from 38 percent to 42 percent

SJVN secures Rs 10,000 cr construction finance facility from banks

State-owned SJVN Ltd has secured Rs 10,000 crore construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. The construction finance facility is a unique and first-of-its-kind transaction undertaken by a PSU entity and Public Sector Banks, a company statement said on Friday. According to the statement, SJVN has secured Rs 10,000 crore (USD 1.2 billion) construction finance facility to fund its upcoming renewable power projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, undertook this initiative in association with SBI Capital Markets Ltd (SBI CAPS). SBI CAPS acted as the sole advisor and arranger for the transaction on behalf of SGEL. Construction finance attracted a tremendous response from lenders and was over-subscribed. After detailed discussions and deliberations, proposals from five banks -- Deutsche Bank, Sta

Banks lead QIP revival in 2023: Listed cos raised Rs 53,070 cr so far

The good run of QIPs is also expected to spill into the next year, particularly in the run-up to the general elections in April-May next year

State-owned cos seen extending rally on PM Modi's expected re-election

Modi's government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of India's $4 trillion stock market

India could miss planned divestment targets by more than half this year

In 2023/24, about Rs 30,000 crore of the Rs 51,000 crore target was expected through stake sales in IDBI Bank and the privatisation of state-owned NMDC Steel

HZL will need approval to create separate business entities: Govt

In a meeting held on September 29, HZL's board had asked the company to explore corporate restructuring and create three separate legal entities for Zinc and lead, silver, and recycling biz

Govt approves extension of Bank of Maharashtra, Central Bank MDs' tenure

The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation. Besides, sources said, ACC has extended the term of M V Rao, MD and CEO of Central Bank of India, till July 31, 2025. Rajeev was appointed MD and CEO of BoM in 2018 while Rao took charge as MD and CEO of Central Bank of India in 2021.

Banks offering up to 9 per cent interest: Top fixed deposit rates right now

Unity Small Finance Bank offers 9.5 per cent interest rate on senior citizens fixed deposit for 1001 days tenure as of October 25, 2023

NLC targetting 17 GW capacity by 2030, to invest Rs 82,700 cr: CMD

NLC India plans to invest Rs 82,700 crore by 2030 to scale up its power generation capacity capacity to 17 GW, the company's CMD Prasanna Kumar Motupalli said. Out of the 17 GW, 6 GW will be renewable-based capacity and the balance 11 GW from conventional sources, he told PTI in an interaction. "NLC is having a target of 17 GW by 2030. Based on that we have envisaged a capex of Rs 82,700 crore," Motupalli said in reply to a question on the ongoing and future investment plans of the company. At present, NLC has an installed power generation capacity of 6 GW which comprises 1.4 GW from green sources, the CMD said. The company has set a capex target of Rs 2,480 crore for the ongoing 2023-24 fiscal, he said adding NLC will achieve 80 per cent capex utilisation by December as the target set by the Ministry of Coal. Sharing the details of the ongoing projects he said a 3x660 MW thermal power plant is being set up at Ghatampur in Uttar Pradesh. The Rs 19,406 crore project is being set u

Sustainable utilisation of coal mine water by PSUs benefits 1.77 mn people

The government on Wednesday said the sustainable utilisation of mine water resources by public sector companies under the coal ministry has benefitted 17.7 lakh people across 981 villages of nine states. In the course of coal mining operations, a substantial volume of mine water accumulates in mine sumps. This stored mine water serves a range of community purposes, including domestic and drinking water supply, irrigation of agricultural fields, groundwater replenishment, and various industrial applications like dust suppression and heavy machinery washing. "During the fiscal 2022-23, CPSEs (Central Public Sector Enterprises) discharged approximately 8,130 Lakh m3 of mine water, with 46 per cent allocated for community uses such as domestic and irrigation purposes, 49 per cent for internal domestic and industrial needs, and six per cent reserved for groundwater recharge initiatives," the coal ministry said in a statement. To ensure the suitability of mine water for drinking and ...

REC partners with PNB to finance projects in logistics, power, infra

The two entities will jointly finance loans worth Rs 55,000 crore, REC said in a statement.

IRFC posts Rs 6,337 crore profit in FY23, total revenue at Rs 23,891 cr

The Indian Railway Finance Corporation Limited (IRFC) posted a net profit of Rs 6,337.01 crore for the fiscal year 2023, an increase of over four per cent over last year, a company statement said on Friday. Addressing the Annual General Meeting, Shelly Verma, Chairman and Managing Director of IRFC, said the company reported a total revenue from operations amounting to Rs 23,891.28 crore, a 17.70 per cent year-on-year increase over the last fiscal year. The company has declared a total dividend of Rs 1,960.28 crore which works out to 30.93 per cent of profit after tax for FY 2022-23, she added. Verma said IRFC disbursed an amount of Rs 32,392.63 crore in FY23 to the Indian Railways. The asset under management for FY23 stands at Rs 4,66,938 crore, registering a year-on-year growth of 8.63 per cent. The capital adequacy ratio of IRFC continues to remain strong at 512.02 per cent in FY23, she added.

3 PSUs in Gujarat not following 85% local hiring rule: Assembly told

Three central government entities, including the Airports Authority of India (AAI), having their presence in Gujarat were not giving 85 per cent jobs to locals as per the rules despite repeated reminders, a state minister told the legislative assembly on Friday. These three entities are the AAI, the Oil and Natural Gas Corporation Limited (ONGC) and the Indian Oil Corporation (IOC). In 1995, a government resolution had ordered all the commercial entities, including central PSUs, functioning in Gujarat to hire 85 per cent of their workforce from Gujarat. During question hour of the assembly on Friday, Congress MLA Imran Khedawala sought to know if these three central government entities were following the rule and what actions were taken by the state government against AAI, IOC and ONGC for not following the 85 per cent hiring norm. In his response, state Labour, Skill Development and Employment Minister Balwantsinh Rajput admitted that these three public sector undertakings have not

Mid, smallcap indices drop most in 9 months; Nifty50 off new high

The sharp selloff shaved off Rs 5 trillion in market value of the beyond -top 50 companies, which account for less than half of the total market capitalisation

In a first, PSU general insurers' market share below a third of industry

For the first time, state-run general insurers account for less than a third of the industry premium at 32.5 per cent, as larger private non-life insurers have consolidated their position in the first five months of the current fiscal, according to the General Insurance Council data. Public sector insurers saw their premium income fall by 1 per cent to Rs 34,203 crore during the first five months of the current fiscal. As a result, their market share plunged to less than a third at 32.5 per cent from 33.4 per cent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore. In another first, driven by the health segment, standalone health insurers' market share also rose to double digits at 10.4 per cent during this period from 9.2 per cent. Although segment-wise data is yet to be released, standalone health insurers' performance shows higher growth in the segment. The General Insurance Council data showed that the non-life insurance sector grew by 11.7 per cent during t

CBI arrests GAIL Exec Director KB Singh in Rs 50 lakh bribery case

Along with Executive Director (Projects) K B Singh of GAIL, four others have also been arrested, including Director of Vadodara-based Advance Infrastructures Surender Kumar, said officials

Four Kerala PSUs part of India's first solar exploration mission Aditya-L1

As India's first solar exploration satellite reached space, four Kerala public sector undertakings, including Keltron, have reason to be delighted as they too have contributed to this achievement by the country. Various products indigenously developed and manufactured by the four PSUs - Keltron, Steel and Industrial Forgings Limited (SIFL), Travancore Cochin Chemicals (TCC) and Kerala Automobiles Ltd (KAL) - have been used in the Aditya L1 mission. This milestone achieved by the PSUs was highlighted by state Industries Minister P Rajeev in a Facebook post. The minister said 38 electronic modules manufactured by the Kerala State Electronics Development Corporation Limited (Keltron) were used in the PSLV-C57 launch vehicle used to send the Aditya L1 satellite into space. In addition to that, Keltron also provided testing support for various types of electronics models required for the mission, he said. Rajeev further said that the forgings for the various stages of the Aditya L1 la

PSUs likely to get captive berths by nomination at major ports

Govt close to finalising changes to captive berth policy