Friday, August 28, 2015

OVL gets one year extension for Vietnam block

STATE-owned Oil and Natural Gas Corp (ONGC) has received a one-year extension to explore in a Vietnam oil block in the controversial waters of the South China Sea.
Earlier in May ONGC had applied to the Vietnamese authorities for a third extension of the exploration licence for deep-sea Block 128.
ONGC in a filing said its overseas investment arm, ONGC Videsh Ltd (OVL) had applied...

Thursday, August 27, 2015

7th Pay Commission gets 4-month extension

THE NDA Government has cleared a four-month extension to the term of the 7th Central Pay Commission on August 26. Set up by the UPA government in February 2014, the 7th Central Pay Commission was to make its recommendations within 18 months. Its term would have expired on August 27.
“In view of its volume of work and intensive stake-holders’ consultations, the 7th Central Pay Commission had made a request to the Government for a four month extension up to December 31, 2015,” a government statement said.
Constituted every 10 years, the Commission’s main job...

Wednesday, August 26, 2015

This Navratna PSU posts highest profit in its history

Nishi Vasudeva, CMD HPCL 
STATE-owned Hindustan Petroleum Corporation Limited has posted its best performance in 2015 since its formation in 1974. Navratna PSU recorded the highest-ever profit of Rs 2,733 crore for 2014-15. The figure surpassed the decade’s highest profit of Rs 1,734 crore during the previous year. This was stated by Nishi Vasudeva, chairman and managing director, HPCL, has said.
“This increase in profit is especially...

Tuesday, August 25, 2015

IOC stake sale over-subscribed; Rs 9,300 cr collected

THE NDA government's 10 percent stake sale in Maharatna PSU Indian Oil Corp on August 24 was over-subscribed despite high market turmoil even as retail investors shunned the biggest disinvestment of this fiscal by picking up less than one-fifth of the quota.
The stake sale received bids for over 28.74 crore shares, representing 1.18 times the 24.28 crore shares on offer as on 1525 hours, as per NSE data.
The floor price apiece was Rs 387. Thus the sale of 24.28 crore shares would add about...

Monday, August 24, 2015

Rs 1,000 cr to be invested for reviving SAIL's VISL plant

PROVIDING some ray of hope for ailing PSUs, the NDA Government invest Rs 1,000 crore in the Steel Authority of India's VISL plant by modernising and expanding its capacity. This was announced by the union minister for steel & mines, Narendra Singh Tomar during his maiden visit to Visvesvaraya Iron & Steel Plant last week. The investment will...

Friday, August 21, 2015

Can Mr. Turnaround Ashwani Lohani bailout Air India?

Air India new CMD Ashwani Lohani 
HE can “handle sick companies and turn them around”. He is “a highly decorated officer who is also known as Mr. Turnaround.” So says his LinkedIn profile. He is Indian Railway Service of Mechanical Engineers official Ashwani Lohani, who was on August 20 named the...

Thursday, August 20, 2015

Private professionals to head Bank of Baroda, Canara Bank

Financial Services Secy Adhia
IN A major shift, government has recruited private sector professionals to head two big state-owned banks — Bank of Baroda and Canara Bank.
The move is viewed as a part of process to reform the public sector banking industry. The PSBs account for over 70 per cent of the banking business. But the mounting non-performing assets (NPAs) has been a major irritant.
In past, public sector banks heads...

Wednesday, August 19, 2015

No extension for ONGC security chief

A PROPOSAL seeking extension of IPS officer Shambhu Nath Singh as chief of security in the Maharatna PSU Oil and Natural Gas Corporation (ONGC) has been turned down by the Appointments Committee of Cabinet (ACC). ACC has declined the proposal for extension of central deputation tenure of Singh, a 1986 batch IPS officer of Manipur-Tripura cadre, Executive Director (Security), ONGC, an order issued by department of personnel and training said.
Singh was working as Executive Director and Chief of Security...