Thursday, July 27, 2017

SAIL supplies 6.2 lakh tonnes of rails to railways in FY17: Minister

DOMESTIC steel giant Steel Authority of India Ltd (SAIL) has supplied 6.20 lakh tonnes of rails to the Indian Railways in 2016-17, Parliament was informed on July 26. "Initially for 2016-17, Railway Board placed a bulk indent on SAIL for supply of 6,24,516 tonnes of rails, which was met by SAIL and it supplied 6,20,049 tonnes of rails during 2016-17 to Indian Railways," Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha. "However, the enhanced requirement of Railways i.e; supply of 8.2 lakh tonnes of rails during the year could not...

Wednesday, July 26, 2017

BSNL employees to go on nationwide strike tomorrow demanding pay hike

TENS of thousands of employees of state-owned telecom firm BSNL have called a day-long nationwide strike on July 27 for not being given wage hike by the third pay revision committee. The committee recommends hike on the basis of performance of public sector firms.
"BSNL became a loss making entity not because of the employees but because of the anti-BSNL policies and measures adopted by the government. BSNL was not allowed to procure equipment for its mobile network expansion from 2006 to 2012,” BSNL Employee Union Convenor P Abhimanyu said in a statement said.
The recommendation of the third Pay Revision Committee was...

Tuesday, July 25, 2017

More private firms show interest in buying Air India's stake: Media report

AFTER IndiGo and Tata, global private equity firms KKR and Warbug Pincus have expressed interest in acquiring Air India's stake. According to a media report, the Kohlberg Kravis Roberts (KKR) and Warbug Pincus have separately sought details of the proposed disinvestment process of Air India after it was cleared by the Cabinet last month. This comes after Air India posted operating profit of Rs 300 crore in the...

Monday, July 24, 2017

Bill introduced in LS to repeal law on SBI’s subsidiary banks

FM Arun Jaitley
FINANCE Minister Arun Jaitley on July 21 introduced a Bill in the Lok Sabha that will pave the way for the repeal of the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956.
The repeal of these two laws became necessary in the wake...

Saturday, July 22, 2017

SAIL, ArcelorMittal JV site to be finalised in three months: Report

THE much-awaited Rs 5,000-crore auto grade steel plant in joint venture between SAIL and ArcelorMittal would be set up close to an automobile hub and final decision on the site is likely in three months, a top official today said.
"It (SAIL, ArcelorMittal JV) is in the final stage now. Absolutely in the final stage," Steel Secretary Aruna Sharma told...

Friday, July 21, 2017

Government will consider various suggestions on Air India: Minister

MoS for Civil Aviation Jayant Sinha
THE government on July 20 said it would take into consideration suggestions and views received from time to time before deciding on the contours of Air India disinvestment.
Minister of State for Civil Aviation Jayant Sinha told the Lok Sabha that IndiGo has submitted an expression of interest with respect to disinvestment of Air India.
"Suggestions and views are received from time to time, including the articles published ...

Thursday, July 20, 2017

HPCL-ONGC merger gets Cabinet nod; find out why the deal is important for economy

THE Union Cabinet on July 19 gave in-principle approval for sale of government's stake in HPCL (Hindustan Petroleum Corporation Limited) to ONGC. ONGC will not have to make open offer post buying 51.11 per cent government stake in HPCL.
"ONGC has forwarded a proposal to acquire HPCL. Process for in-principle approval for this proposal...

Wednesday, July 19, 2017

SBI launches dedicated portal for home buyers

COUNTRY's largest commercial bank SBI on July 18 said it has launched a dedicated portal 'SBI Realty' that will help home buyers to choose flats from its 3,000 approved projects across the country. "State Bank of India has taken another step towards customers' convenience by launching 'SBI Realty' – a one stop integrated website for home buyers," the bank said in a statement.
SBI Realty will help customers to choose their dream home from...