Page 2 - Psu

Govt to sell 8% stake in IRCON International through offer-for-sale

The plan is to offload 37.6 million equity shares, of face value of Rs 2 each-representing 4 per cent of the company for non-retail investors on Thursday

SAIL to begin trial production of special rails by month-end: Chairman

Steel maker SAIL plans to start the trial production of head hardened (HH) rails, used in metro rail and freight corridor projects, by month-end, its Chairman Amarendu Prakash said. The steel PSU was earlier looking to start the trial production of HH rails in August but deferred it due to the demand for normal rails like 880 grade from the Indian Railways, Prakash told PTI in an interview. "We have the technology. We had planned for it (HH rail production) but then...they (Railways) requested us to defer the trials and now it is at the end of October," the Chairman said. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for the production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been ...

Indian banks are facing a higher risk of defaults from unsecured loans: UBS

The note said the share of borrowers with more than five personal loans rose from 1 per cent in 2018 to 7.7 per cent in March 2023

Three-day strike against Coal India on 5 October to hit production

In August, the coal production from CIL mines stood at 52.3 million tonnes (MT), registering a year-on-year growth of 13.2 per cent over 46.2 MT

Government considers extending SM Vaidya's tenure as IOC chairman

All ten candidates who were interviewed for the position of IOC chairman were rejected by the Public Enterprises Selection Board

200K jobs eliminated from PSUs, govt 'trampling upon hopes of youth': Rahul

Former Congress president Rahul Gandhi on Sunday claimed that over two lakh jobs have been "eliminated" from PSUs and alleged that hopes of lakhs of youth are being "trampled upon" by the government for the benefit of a few "crony capitalist friends". Gandhi said Public Sector Undertakings (PSUs) used to be the pride of India and the dream of every youth for employment but today, they are "not the priority of the government". "Employment in PSUs of the country has come down from 16.9 lakh in 2014 to only 14.6 lakh in 2022. Do jobs decrease in a progressing country? 1,81,127 jobs lost in BSNL; 61,928 in SAIL; 34,997 in MTNL; 29,140 in SECL; 28,063 in FCI; 21,120 in ONGC," he said in a tweet in Hindi. Hitting out at the government, Gandhi said those who made false promises of providing two crore jobs every year, instead of increasing the jobs, "eliminated" more than two lakh jobs. "On top of this, almost doubled the contract recruitments in these institutions. Is increasing contract

Sanjay Kumar takes over as new director for marketing in GAIL India

Sanjay Kumar on Thursday took over as the new director for marketing in state gas utility GAIL (India) Ltd, the firm said. Prior to his new role, Kumar was the Managing Director of Indraprastha Gas Limited, the largest CNG distribution company in India, since April 2022. "Kumar, a Mechanical Engineer from IIT Kharagpur and an MBA, has a rich domain experience of over 35 years in the natural gas sector," GAIL said in a statement. He joined GAIL in 1988 and over the next three decades worked in various roles across domains, including gas marketing, LNG sourcing/ trading/ shipping, business development, gas transmission, projects management and gas pipeline operation and maintenance. In 2011, Kumar was tasked with setting up GAIL's overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore. This was the first such subsidiary created by any Indian oil and gas PSU, and over the next five years, he played an important role in developing this subsidiary into a ...

Hindustan Aeronautics posts first decline in profit in 10 quarters

The company also said it incurred tax expenses of 124.7 million rupees in the quarter, against a gain of 5.28 billion rupees from tax refunds a year ago

20,000 PSU non-life insurers employees should be deployed in marketing: EY

There could be a huge influx of insurance marketing personnel in the market as nearly 20,000 employees of the government-owned general insurance companies are recommended be deployed in that role, as per consultancy firm Ernst & Young's (EY) report.

Navratna defence PSU BEL receives export orders worth $52 million in March

Navratna defence PSU Bharat Electronics Limited (BEL) has received export orders worth USD 52 million during this month, the company said on Friday. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the USA, among others, the Bengaluru-headquartered company said in a statement. "This is reflective of the growing business interest and confidence among international customers on BEL and other Indian industries, which comes with the encouragement of the Indian Government and its policies aimed at an 'Aatmanirbhar Bharat'," BEL said.

Star PSU: HAL's productivity gains, overhaul business driving growth

Productivity gains and the overhaul business are driving growth. HAL is also tapping into opportunities in civil aviation

First by an Indian PSU: GAIL scouting for 26% stake in US-based LNG project

Is open to either an existing plant or one scheduled to be commissioned by 2026-27; also wants to source one mtpa of gas the LNG liquefaction plant/project on FOB basis for 15 years

No word from RBI yet on regulatory leeway for HDFC twins' merger

HDFC Bank let go of Rs 40,000 cr loans as pricing didn't match bond mkt rates

4 govt-owned general insurers restructuring ops based on PPTs: Unions

The Central government-owned 4 general insurance companies are restructuring their operations based on powerpoint presentations (PPT) provided by consultancy firm EY and without getting a full report

Centre's fiscal deficit in H1 touches 37.3% of full-year target

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

PSU general insurer employees irked with move to link pay with performance

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

Stagger entry into longer-duration funds over next six months: Experts

To stay safe, keep bulk of portfolio in shorter-duration or target maturity funds

Hindustan Shipyard registers highest value of production in its history

State-run Hindustan Shipyard Limited (HSL) has posted the highest value of production worth Rs 755 crore in the PSU's history during the financial year 2021-22, a senior company official said on Friday. Addressing a press conference here, Chairman and Managing Director of HSL Hemant Khatri said that despite various challenges due to the partial lockdown and restrictions dung second and third COVID waves, the state-run entity has posted the highest value of production with all three major business segments contributing to this. He said the value of production target would be more than Rs 1,000 crore during the current financial year. Khatri said the value of production from shipbuilding remained at Rs 613 crore marking it as the highest value of production recorded from shipbuilding division in the history of the shipyard. HSL has earned a net profit of Rs 50.78 crore during 2021-22 with an operating profit of Rs 10.69 crore as against a net loss of Rs 14 crore with an operating los

Sebi to allow confidential pre-filing of IPO documents in Sept 30 meet

The Securities and Exchange Board of India (Sebi) is set to allow confidential pre-filing of offer documents to safeguard sensitive business information

Blue Energy Motors unveils India's first LNG-fuelled green truck near Pune

Firm claims the engines generate high torque and help trucks deliver best-in-class total cost of ownership and offer unmatched ride comfort and safety for long hauls