Public Sector Undertakings Psus

Parl panel to check insurance sector PSUs, solar corporations's performance

A parliamentary panel, mandated to examine accounts of central public sector undertakings, will scrutinise the performance of insurance sector PSUs and solar power corporations. The Committee on Public Undertakings (CoPU) will also examine the performance of the National Scheduled Castes Finance and Development Corporation (NSFDC). The panel headed by BJP's Baijayant Panda will also evaluate the performance of Sagarmala Development Company Limited (SDCL). With the government's push for renewable energy as the engine of growth, the parliamentary committee will hold a comprehensive performance of Solar Energy Corporation of India Limited (SECI), according to the list of subjects selected by it. The committee selects from time to time for examination such PSUs or subjects as it deems fit. The ministry or the undertaking concerned is asked to furnish necessary material relating to those subjects for information of the members.

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%

Marching in lockstep: PSU giants roar back, match Nifty's decade returns

Once left behind, PSU stocks close performance gap after 6-year slump

SBI to monetise subsidiaries after scaling up their biz: Chairman Khara

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. Scaling up of their operation will increase valuation and ensure better returns for the parent State Bank of India (SBI). When it comes to subsidiaries, their monetisation would be through the capital market, he told PTI in an interview. "The subsidiaries, which would be eligible for this kind of route, would be essentially our SBI General and may be at some stage, SBI Payment Services, but as of now, we don't have any such plan," he said. "Maybe, we would like to scale them up a little more, and then we will think in terms of going to the capital market for monetising our holding in these companies. But not in the current financial year," he added. During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has

Dividend from PSUs exceed revised estimates target by 26% in FY24

Higher-than-estimated dividend collection can be attributed to the consistent dividend policy announced in 2020. It requires state-run companies to pay interim dividends against one annual payout

PSUs score lowest in compliance, corporate governance: IiAS report

As of December 2023, IiAS reported the strongest Corporate Governance Score performance for BSE100 since assessments commenced in 2016

CBI books TTPL's current, former MD in Rs 120 cr loss in consultant hiring

The CBI has registered an FIR against the managing director of Kerala government PSU Travancore Titanium Products Limited (TTPL) and others in connection with its losses of Rs 120 crore due to alleged irregularities in the hiring of 'MECON, Ranchi, Uttaranchal' as a consultant in 2004. The FIR registered recently also names TTPL former managing director Eapen Joseph. 'MECON, Ranchi, Uttaranchal', was hired as a consultant for the installation of a pollution control plant. The CBI alleged that Joseph abused his official position and committed criminal misconduct to enter into a criminal conspiracy with then officials -- chief manager (marketing) Santosh Kumar and executive director A M Bhaskaran. They allegedly appointed 'MECON, Ranchi, Uttaranchal', a PSU under the steel ministry, as a consultant at a charge of Rs 9 crore instead of the agreed Rs 3.5 crore, the FIR, registered on the directions of the Kerala High Court, said. The FIR lists the MD of TTPL as accused number one but d

Strong order book, upgrades help HAL fly past the Rs 2 trillion mcap mark

The shares of HAL hit a new high of Rs 3,038.60, surging 5 per cent on the BSE in intraday trade on Friday on a robust business outlook

At Rs 3.79 trn, PSU capex hits 52% of budget target by September end

Capital expenditure by central public sector enterprises touched about 52 per cent of the Budget target at Rs 3.79 lakh crore in the first half of current fiscal, the finance ministry said on Wednesday. This is higher than the capex by CPSEs in the April-September period of last fiscal. In the first half of previous fiscal, the figure stood at Rs 2.85 lakh crore or 43 per cent of Budget estimates for 2022-23 fiscal. "Capital Expenditure #CAPEX targets by Central Public Sector Enterprises #CPSEs on track with 51.71% of target achieved till September 2023," the finance ministry said in a post on X. Against estimated expenditure of Rs 7.33 lakh crore for full 2023-24, Rs 3.79 lakh crore (approx.) achieved i.e. about 51.71 per cent as on 30th September, 2023, it said. The full year capex by CPSEs was estimated at Rs 6.62 lakh crore in 2022-23 fiscal.

Oil India targets 3.8 mn tonnes of oil production in FY24: CMD Ranjit Rath

Company will drill 60-plus wells in FY24 in Assam and Arunachal Pradesh, up from 45 in FY23

Worst may be over for NMDC stock: Cash flows likely to improve, say experts

Margins may have bottomed out, say analysts

Two Indian companies to pick up over 26% but less than 51% stake in ISMC

Next Orbit director refuses to divulge names though talks were reportedly on with HCL, Reliance Industries

Steady trend: PSUs hit 34% of capex target in April-August, shows data

The centre through government departments and PSUs has been lifting the economy through capital spending as investments from private sector lag.

Beat sectoral returns by 5 percentage points annually, PSUs told

PSUs have also been told that the dividend distributed by them would also be considered to evaluate their performance on this parameter

Defence PSUs to hold roadshows in Dubai, Abu Dhabi to woo investors

These will set the stage for future stake sale by the government

Pressure mounts on power PSUs to split CMD post after ITDC's compliance

With a regulatory requirement for top-500 listed firms to split the position of chairperson and managing director being less than four months away, pressure is mounting on several PSUs

Privatisation: Changing tracks aided Air India, derailed BPCL sale

Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas. This was made possible only after the government changed the track from selling 76 per cent of its stake in the national carrier to putting on block its entire 100 per cent holding as well as giving bidders an option of deciding how much debt they were willing to take over. But in the case of BPCL, the government ignored suggestions of following its time-tested policy of putting on block 26 per cent stake along with management control, just like it had done in the case of Hindustan Zinc and Balco. Instead, it offered its entire 52.98 per cent in the company operating in a sunset sector. The result - just three bids came in, and two of them struggled

No proposal to merge public sector general insurance companies: MoS Karad

The government on Tuesday said there is no proposal as of now to merge public sector general insurance companies. There are four general insurance companies -- New India Assurance Company, National Insurance Company Limited (NICL), United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL). In a written reply to the Rajya Sabha, Minister of State for Finance Bhagwat K Karad said there is no proposal under consideration of the government at present for merger of public sector general insurance companies. In a bid to foster blockchain technology for providing various financial services, banks have put in place Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC), Karad said in another written reply. The Reserve Bank of India (RBI) has informed that it has been pro-active in providing guidance for development of blockchain-based application through its new regulatory sandbox environment, he said. "State Bank of India (SBI) and Cana

Indian PSUs ink pact with Russian firm for supply of fertilisers in FY22

As many as 4 Indian public sector undertakings have inked a long-term pact with Russian firm Phos Agro for supply of five types of fertilisers including DAP in the current fiscal year, govt said

Govt receives Rs 566 crore as dividend tranches from 3 CPSEs

The government has received Rs 566 crore as dividend tranches from three CPSEs, a top official said on Thursday.