Wednesday, February 20, 2019

All efforts are being made to make BSNL financially viable: Govt

THE government is making all efforts to make state-run BSNL robust and financially viable again and has prepared a comprehensive plan for its revival, an official has said, on the eve of a nationwide strike called by the employees unions over their demands. "All efforts are being made, and will continue to be made, to make BSNL robust and financially viable," a Communications Ministry statement said.
BSNL employees and officers have given a three-day country-wide strike call from February 18 to highlight their long-pending issues, including allotment of 4G spectrum to the telecom major and wage revision for the workforce.
The strike which had been called by All Unions...

Tuesday, February 19, 2019

Can 'turnaround specialist' Lohani make Maharaja fly high again?

New AI CMD Ashwani Lohani
AS A last ditch effort to turn around the ailing Maharaja, Prime Minister Narendra Modi has brought back 'turnaround specialist' Ashwani Lohani to head the national carrier, which will be Lohani's second term in Air India.
Former Railway Board chairman Lohani was last week appointed chairman and managing director (CMD) of Air India, according to a government order. His appointment was...

Monday, February 18, 2019

GoM identifies 97 ONGC, OIL fields for auction: Report

A GROUP of Ministers last week approved major game changers in oil and gas exploration and production sector, including asset stripping of state-run Oil & Natural Gas Corp and Oil India Ltd. Based on the proposal from the Petroleum Ministry, the GoM — headed by Finance Minister and assisted by Coal, Commerce, Power and Petroleum Ministers — identified 97 oil and gas fields that could be taken away from ONGC and OIL for auctioning to private companies.
On January 29, a bureaucratic panel headed...

Saturday, February 16, 2019

NBCC posts standalone PAT at Rs 77.74 crore in Q3

STATE-owned Navratna PSU NBCC Limited, under the Ministry of Housing and Urban Affairs (MoHUA), on February 13 reported a standalone Profit After Tax (PAT) of Rs 77.74 Crore for Oct-Dec quarter, up from Rs 61.89 Crore reported in the corresponding quarter of last year, representing a growth of 25.61 per cent year-on-year.
The total standalone income from operations for Q3FY19 stood at Rs 1651.62 crore as compared to Rs 1321.50 Crore in Q3FY18, registering a...

Thursday, February 14, 2019

Govt asks BSNL to explore all options for revival, including closure: Media

BSNL CMD Anupam Shrivastava
THE government has asked BSNL to explore all options, from a revival plan to disinvestment and even closure, as it looks to tackle the bleeding at India's largest loss-making PSU.
The direction to the company - which had accumulated losses of Rs 31,287 crore at the end of 2017-18 - was given following a meeting of top BSNL officials with telecom secretary Aruna Sundararajan, a national daily quoting sources said.
BSNL chairman Anupam Shrivastava made a presentation to the...

Wednesday, February 13, 2019

Air India pilots yet to receive December flying allowance: Report

THE problems of the Air India pilots seem to be lingering on and on. Writing to Air India on February 10, the pilot union of the company said they are yet to receive December's flying allowance, which consists of around 70 per cent of total salary. The pilots are working under "stressful conditions" that has "direct implications on flight safety", the union said.
Pilots are paid flying allowance according to the number...

Tuesday, February 12, 2019

HAL's income from operations at Rs 4,483 cr in Q3, net profit declines 17%: Report

STATE-owned Hindustan Aeronautics Ltd (HAL) on February 11 reported a 17.02 percent decline in net profit to Rs 455.19 crore in the third quarter ended December 2018.
An Indian Air Force (IAF) light combat aircraft "Tejas" performs during the Indian Air Force Day celebrations at the Hindon Air Force Station...

Monday, January 21, 2019

Government to issue NCDs of up to Rs 29,000 cr to repay Air India's loans: Report

THE Centre is likely to issue Non-Convertible Debentures (NCD) of up to Rs 29,000 crore to repay Air India’s outstanding working-capital loans. The loans have been taken over by the government as part of the national carrier’s financial restructuring. One of the proposals to quickly lighten the debt load at the national carrier is to issue the NCDs from Air India Assets holding (AIAHL), the company formed to take away the airline’s outstanding working-capital loans. The NCDs will come with sovereign guarantees.
“A plan to transfer the debt to a subsidiary, complete with...