Tuesday, August 14, 2018

Leading PSUs to monetise assets: Report

LEADING public sector enterprises, including SAIL and NTPC, will soon start selling their individual assets such as land and manufacturing units and funds realised thus would be invested in new projects.
Sources privy to the development said the government has set in motion an earlier plan that will make it mandatory for Central Public Sector Enterprises (CPSEs) to monetise identified assets so that funds are mobilised for investments in green field...

Monday, August 13, 2018

ONGC, not the government, is the promoter of HPCL: Oil minister

PUTTING an end to all confusions regarding over who was the real promoter of the company, and not the government, the Oil Minister Dharmendra Pradhan last week said Oil and Natural Gas Corporation (ONGC) is the promoter of state-run refiner Hindustan Petroleum (HPCL).
“Today it is ONGC. Do not get into the technicalities of it,” Pradhan said at a press conference at the launch of second round of Discovered Small Field (DSF). He was replying to a question posed by media on who is the promoter of HPCL, post ONGC’s acquisition of the company.
ONGC had bought a 51.1 per cent stake in HPCL...

Saturday, August 11, 2018

Major PSUs post healthy profit during Q1

ALL major PSUs posted a healthy profit during the first quarter of the current fiscal ended June.(Q1 of 2018-19 fiscal) All Maharatna PSUs including ONGC, NTPC, SAIL, BHEL etc have recorded a healthy growth due to a host of conducive factors. Here is a snapshot.  
ONGC posts highest quarterly profit
State-owned ONGC reported its highest quarterly net profit in over four-and-a-half-years on sharp rise in prices for oil and gas it produced. Its net profit of...

Friday, August 10, 2018

Pawan Hans sale: Govt to invite fresh bids for 100% stake: Report

THE government will soon invite fresh bids for 100 percent stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is ready to sell its entire stake in the company, an official said. Helicopter services provider Pawan Hans is a joint venture between the government, which holds 51 percent stake, and state-owned ONGC, which owns the remaining...

Thursday, August 9, 2018

Air India woes continue: Delays salaries again; Civil Aviation Ministry mulls Rs 11,000 cr bailout package for the national carrier

FOR the tens of thousands of employees of the national carrier, drawing timely salary is almost thing of the past with the Civil Aviation Ministry is in discussions with the Finance Ministry for a Rs 11,000-crore bailout package for ailing Air India, media report said. The discussions come against the backdrop of a failed effort to privatise the loss-making airline, which continues to grapple with financial woes.
For the fifth consecutive month, debt-laden Air India has not...

Wednesday, August 8, 2018

Government should set up expert group to revive HMT: Parl panel

RAISING some ray of hope for the employees of beleaguered watchmaker HMT, a Parliamentary panel has asked the government to constitute an Expert Group consisting of renowned technocrats to examine the prospects of reviving all the ailing units of HMT Limited.
In its report presented to the Lok Sabha, the Committee on Petitions suggested to the...

Tuesday, August 7, 2018

India Oil to invest Rs 1.75 trillion for expansion: Chairman

IOC chairman Sanjiv Singh
THE country’s largest oil firm Indian Oil Corp, Ltd (IOCL) plans to invest Rs 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said. Indian Oil plans to increase its refining capacity to 150 million tonnes per annum by 2030 from 80.7 million tonnes now. It currently owns and operates 11 out of the 23 oil refineries in the country.
“As the leading refiner in the country and a dominant player...

Monday, August 6, 2018

ONGC asks HPCL to rectify promoter classification: Report

OIL and Natural Gas Corp (ONGC) has asked refiner Hindustan Petroleum Corp Ltd (HPCL) to rectify its stock exchange filings to reflect the true promoter after government exit, PTI quoting official sources said.
ONGC had in January this year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Post that, HPCL is now a subsidiary of ONGC.
However, HPCL's filing to the stock exchange, the latest being on July 12, still lists 'President of India' as the promoter even with 'zero' per cent shareholding.
ONGC, on the other hand, is listed...