Public Sector Undertakings

National assets being handed to select capitalists: Rahul slams Centre

Rahul Gandhi accused the government of being intent on privatizing even the profitable PSUs, alleging that national assets were being handed over to a 'select group of capitalists'

Consumption funds: Strong returns await investors who can endure slowdowns

Over the past year, consumption funds yielded returns of 28.6 per cent, lower than PSU (46.4 per cent), pharma (42 per cent), infrastructure (39.1 per cent), and technology (37.8 per cent)

India aiming to become drone hub of world: Defence Minister Rajnath Singh

Union Defence Minister Rajnath Singh on Tuesday said that India is aiming to become a drone hub of the world and it would not only help the Indian economy but also significantly contribute to Make in India and the Atmanirbhar Bharat programme.He was speaking at Delhi Defence Dialogue organised on theme "Adaptive Defence: Navigating the Changing Landscape of Modern Warfare" at Manohar Parrikar Institute for Defence Studies and Analyses.He said the government has taken several initiatives to make India as drone hub of the world."We are already working to improve Research & Development thorough reliable certification mechanisms, and Indian Intellectual Property creation in this sector. Additionally, we have also introduced rewards for innovation through the schemes of iDEX and ADITI," he said."Drones and swarm technologies are bringing fundamental changes in the ways and means of warfare. The development has changed the post-World War II understanding of warfare completely. The ...

IRCTC website, app down: Outage leaves thousands of travellers frustrated

Users encountered various problems, with some unable to make payments or facing technical difficulties that hindered transaction completions

Fed up with frivolous petitions filed by states, PSUs despite warnings: SC

The Supreme Court on Friday said it is fed up with the "frivolous petitions" filed by various state governments and public sector undertakings despite repeated warnings. A bench of Justices B R Gavai and K V Viswanathan said merely because officers of the state governments or public sector undertakings (PSUs) do not have to bear the cost of litigation personally, the court is burdened with such frivolous matters. "We are fed up with such frivolous special leave petition(s) filed by various state governments and public undertakings," the bench said after it got annoyed over an appeal moved by the Jharkhand government in the case of a government employee who has challenged his dismissal from service. "We have been telling this for the past six months. It is enough," the bench said and added that in spite of warnings, the counsel appearing for various state governments and public undertakings have not shown any intention to refrain from filing such frivolous petitions. "We continue to

Private banks' employee strength grows 2.8 times in over a decade

During this period, the number of state-owned banks has decreased to 12 due to mergers, while the total number of private sector banks stands at 21

Karnataka govt retracts order against SBI, PNB after Rs 22.67 cr repayment

In August, the Karnataka government issued a directive to all departments, boards, corporations, universities, local authorities, and PSUs to discontinue ties with the two banks

ICICI Prudential Banking & PSU Debt Fund: A good mix of safety and yield

In the past three years, the fund has maintained a predominant allocation to non-convertible debentures (NCDs) and bonds of financial institutions

SBI Q1 results: Net profit almost flat at Rs 17,035 crore; NPA at 2.21%

State Bank of India (SBI) on Saturday reported an almost flat standalone net profit at Rs 17,035 crore for the first quarter of the current financial year. The country's biggest lender had posted a net profit of Rs 16,884 crore in the April-June quarter of 2023-24. The bank's total income increased to Rs 1,22,688 crore in the first quarter against Rs 1,08,039 crore a year ago, SBI said in a regulatory filing. During the quarter, the bank earned an interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period. The bank's gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year. Similarly, its net NPAs also eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago. On a consolidated basis, SBI's net profit rose marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal. At the same time, its total income increased to Rs 1,52

Govt extends deadline for meeting MPS norms for CPSEs till Aug 2026

The government has extended the deadline for meeting minimum public shareholding norms for central public sector enterprises and public sector financial institutions till August 2026. The central government in the public interest provided exemption up to August 1, 2026, to increase public shareholding to at least 25 per cent in CPSEs and public sector banks and financial institutions, according to an office memorandum issued by the Ministry of Finance. Central Public Sector Enterprises (CPSEs) with public shareholding below 25 per cent and which could not increase their public shareholding to at least 25 per cent within the timeline stipulated in Rule 19A of Securities Contracts (Regulation) Rules 1957 will now get time for another two years. As per the earlier order, the two-year exemption was to end on August 1, 2024. The Securities and Exchange Board of India is requested to take further necessary action and bring this to the notice of the stock exchanges concerned, it said. Ou

Shutting down vaccine PSUs will erode capabilities further, says Congress

The Congress on Friday hit out at the government over the Bharat Immunologicals and Biologicals Corporation Limited (BIBCOL) reportedly facing a "grim future", and said shutting down vaccine PSUs will only erode the country's capabilities further. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that the BIBCOL factory in Uttar Pradesh's Bulandshahr, that was at the forefront of India's fight against polio before, hasn't produced a single vaccine since December 2022. "Bharat Immunologicals and Biologicals Corporation (BIBCOL) was set up in the late 1980s, at the personal initiative of Prime Minister Rajiv Gandhi, to make India self-sufficient in the production of oral polio vaccines. It was my good fortune to have been associated with its establishment at Bulandshahr in UP as part of the technology mission on immunisation," Ramesh said in a post on X. But BIBCOL now faces a "grim future in the era of the non-biological PM", h

Ireda sanctioned Rs 37,354 cr loan, disbursed Rs 25,089 cr in FY24: CMD

State-owned Ireda sanctioned Rs 37,354 crore loan and disbursed Rs 25,089 crore in FY24, the company's CMD PK Das said on Monday. In the company's annual general meeting, the CMD also said that the net worth stood at Rs 8,559 crore at the end of the March quarter, a company statement said. "IREDA achieved its highest-ever sanction of Rs 37,354 crore and disbursement of Rs 25,089 crore in FY24," Das said. Ireda, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and power efficiency/conservation.

Gurgaon's Rites to go aggressive on global export and consultancy tenders

Rail PSU looks to continue bagging an order a day

State-owned companies outperform pvt firms, here's why it's a problem

State firms have done better than India's benchmark Sensex index for three years straight, and look likely to do so again this year

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

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 .

Issuance of LOCs at instance of PSBs violation of fundamental rights: HC

The court made the observation on April 23 while quashing the Centre's decision empowering such banks to seek issuance of LOCs

Reviving disinvestment

This must be a top priority for the next govt

Defence PSU BEL bags Rs 1,940 crore contract for advanced EW systems

As part of the deal, BEL will supply 14 "cutting edge" domestically manufactured Electronic Warfare (EW) sensors and systems to L&T

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