Page 4 - Psus

Himachal Budget: Losses of public sector firms hit Rs 5,143 cr in FY23

Cumulative losses of public sector enterprises in Himachal Pradesh stood at Rs 5,143.46 crore as on March 31, 2023 and 14 out of 23 such units were in the red, according to a state government report. The report on public sector units was tabled in the state assembly on Saturday during the presentation of the annual budget for the next financial year. Himachal Road Transport Corporation topped the list with a loss of Rs 1,966.13 crore, followed by Himachal Pradesh State Electricity Board which lost Rs 1,823.97 crore. While HP Power Corporation registered a loss of Rs 6,89.24 crore, HP Power Transmission Corporation lost Rs 372.59 crore. Loss of HP Himachal Financial Corporation stood at Rs 184.83 crore, HP Tourism Development Corporation recorded a loss of Rs 12,663 crore, State Forest Corporation Rs 98.21 crore and Himachal Horticulture Produce Marketing and Processing Corporation (HPMC) Rs 91.20 crore. On the other hand, Himachal Pradesh Industrial Development Corporation was amon

Defence PSU GRSE records Rs 2,801 crore income in nine months of FY24

Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd recorded a total income of Rs 2,801 crore in nine months till December 31 in the financial year 2023-24, an increase of 34 per cent compared to the same period in previous fiscal, an official said on Tuesday. He said that revenue from operations between April and December in 2023-24 stood at Rs 2,577 crore as compared to Rs 1,960 crore in the same period in 2022-23, recording a growth of 31 per cent. GRSE's profit before tax (PBT) stood at Rs 328 crore for the first nine months of fiscal 2023-24 as compared to Rs 229 crore in the same period the previous financial year, the official said in a statement. The profit after tax (PAT) was Rs 246 crore from April to December of 2023-24 as against Rs 173 crore in the same period of the previous fiscal. The earnings per share (EPS) for the nine months in 2023-24 stood at Rs 21.45 as compared to Rs 15.09 in the same period of 2022-23, registering a growth of 42 per cent, the ...

Hartek Power secures substantial Rs 113 crore order from state-owned SJVN

Hartek Power on Tuesday said it has bagged an order of Rs 113 crore from state-owned SJVN in Jamui, Bihar. The project entails developing, implementing, and maintaining a 75 MW (AC) grid-connected solar PV power plant, along with a 132 kV sub-station, Hartek Power said in a statement. The scope of work also includes land development, design, engineering, equipment procurement, testing at the manufacturer's works, packing, forwarding, and transportation, the company said. "Our expertise and dedication will ensure the successful implementation and seamless operation of the 75MW solar project in Jamui," Sanjeev Gupta, CEO of Hartek Power, said. Hartek Power, the power infrastructure arm of Hartek Group, is one of the leading EPC companies in India in the power system sector.

PSUs created by Congress govts in danger, as BJP busy selling them: Ramesh

Congress general secretary (Communication) Jairam Ramesh on Wednesday claimed public sector undertakings including the Rourkela Steel Plant (RSP) created by the previous Congress governments are in "danger" as Prime Minister Narendra Modi is "busy in selling" these units. Ramesh, who is accompanying party leader Rahul Gandhi in his 'Bharat Jodo Naya Yatra' that reached Rajgangpur in Odisha's Sundergarh district, said this at a press conference. "Pandit Nehru created many public sectors in the country, but all of them are in danger today. PM Modi is busy selling these PSUs created by Congress, to his friends, but the Congress party will oppose it", he said. Stating that Rourkela holds a special importance in the economic history of our country, Ramesh said the Congress government had set up major projects like RSP, Nalco, NTPC and other such projects in Odisha and all of them are "not safe" because of the BJP's policies. "The country's big PSUs including Rail, SAIL, Port, Airports a

NLC India Q3 results: Profit at Rs 254 cr, income declines to Rs 3,249 cr

NLC India on Tuesday reported a consolidated profit of Rs 254.10 crore for the quarter ended on December 31, 2023. The company had posted a consolidated loss of Rs 396.35 crore in the year-ago period. The consolidated income of the company during October-December period declined to Rs 3,249.391 crore from Rs 3,982.49 crore in the year-ago period, NLC India said in a filing to BSE. In a statement, the PSU said that NLCIL incorporated a new wholly-owned subsidiary NLC India Green Energy Ltd (NIGEL) to undertake green projects. NLC India is a Navratna company under the coal ministry. Its core business is mining and power generation.

Power PSUs to implement PM Suryodaya Yojana: Power minister R K Singh

He said subsidy under PMSY would be 60% of the total project cost and the balance would be the loan

Chhattisgarh's SAIL-Bhilai Steel Plant creates a national record

BSP's Steel Melting Shop 2 produces cast blooms from its bloom casters. The blooms are then rolled into rails at Rail and Structural Mill

LIC becomes most valuable PSU firm, surpasses SBI in market valuation

Life Insurance Corporation of India (LIC) surpassed State Bank of India (SBI) to become the country's most valued PSU firm by market valuation on Wednesday. Shares of LIC climbed 3 per cent to reach its 52-week high of Rs 919.45 in intra-day trade on the BSE. However, later it pared the gains and ended 0.63 per cent lower at Rs 886.90. The stock of SBI fell by 1.67 per cent to Rs 626.15 apiece. The market capitalisation of LIC stood at Rs 5,60,964.05 crore, which is Rs 2,149.47 crore more than SBI's Rs 5,58,814.58 crore valuation. LIC stood at the ninth place in the ranking of top ten most valued firms. Reliance Industries is the country's most valued firm with a market valuation of Rs 18,42,160.54 crore followed by TCS (Rs 14,21,230.44 crore), HDFC Bank (Rs 11,66,888.98 crore), ICICI Bank (Rs 6,87,740.99 crore), Infosys (Rs 6,80,631.89 crore), Bharti Airtel (Rs 6,10,389.59 crore), Hindustan Unilever (Rs 6,02,388.21 crore), ITC (Rs 5,82,423.61 crore), LIC (Rs 5,60,964.05 crore) an

Coal sector PSUs brought 18,849 hectares under green cover in decade: Govt

The public sector units operating in the coal sector have brought 18,849 hectares under green cover in the last 10 years by planting 42.3 million saplings, the government on Monday said. The move shows the commitment of the coal sector to environment-friendly sustainable mining practices, the coal ministry said in a statement. The coal public sector units have identified about 3,075 hectares of afforested non-forest de-coaled land suitable for Accredited Compensatory Afforestation (ACA). The proposals have been submitted to the respective state forest departments by coal PSUs for appropriate notification of the afforested non-forest de-coaled land as an ACA land bank to expedite forest clearance for future coal mines requiring forest land diversion, the coal ministry said in a statement. Bishrampur Opencast Project by Coal India arm South Eastern Coalfields Ltd in Surajpur District of Chhattisgarh is an example of adherence to Accredited Compensatory Afforestation (ACA) guidelines,

Uttarakhand govt increases pending DA of PSU, corporations' employees

As per the release, the dearness allowance of employees drawing from the seventh revised pay scale has been increased from 38 percent to 42 percent

SJVN secures Rs 10,000 cr construction finance facility from banks

State-owned SJVN Ltd has secured Rs 10,000 crore construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. The construction finance facility is a unique and first-of-its-kind transaction undertaken by a PSU entity and Public Sector Banks, a company statement said on Friday. According to the statement, SJVN has secured Rs 10,000 crore (USD 1.2 billion) construction finance facility to fund its upcoming renewable power projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, undertook this initiative in association with SBI Capital Markets Ltd (SBI CAPS). SBI CAPS acted as the sole advisor and arranger for the transaction on behalf of SGEL. Construction finance attracted a tremendous response from lenders and was over-subscribed. After detailed discussions and deliberations, proposals from five banks -- Deutsche Bank, Sta

Banks lead QIP revival in 2023: Listed cos raised Rs 53,070 cr so far

The good run of QIPs is also expected to spill into the next year, particularly in the run-up to the general elections in April-May next year

State-owned cos seen extending rally on PM Modi's expected re-election

Modi's government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of India's $4 trillion stock market

India could miss planned divestment targets by more than half this year

In 2023/24, about Rs 30,000 crore of the Rs 51,000 crore target was expected through stake sales in IDBI Bank and the privatisation of state-owned NMDC Steel

HZL will need approval to create separate business entities: Govt

In a meeting held on September 29, HZL's board had asked the company to explore corporate restructuring and create three separate legal entities for Zinc and lead, silver, and recycling biz

Govt approves extension of Bank of Maharashtra, Central Bank MDs' tenure

The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation. Besides, sources said, ACC has extended the term of M V Rao, MD and CEO of Central Bank of India, till July 31, 2025. Rajeev was appointed MD and CEO of BoM in 2018 while Rao took charge as MD and CEO of Central Bank of India in 2021.

Banks offering up to 9 per cent interest: Top fixed deposit rates right now

Unity Small Finance Bank offers 9.5 per cent interest rate on senior citizens fixed deposit for 1001 days tenure as of October 25, 2023

NLC targetting 17 GW capacity by 2030, to invest Rs 82,700 cr: CMD

NLC India plans to invest Rs 82,700 crore by 2030 to scale up its power generation capacity capacity to 17 GW, the company's CMD Prasanna Kumar Motupalli said. Out of the 17 GW, 6 GW will be renewable-based capacity and the balance 11 GW from conventional sources, he told PTI in an interaction. "NLC is having a target of 17 GW by 2030. Based on that we have envisaged a capex of Rs 82,700 crore," Motupalli said in reply to a question on the ongoing and future investment plans of the company. At present, NLC has an installed power generation capacity of 6 GW which comprises 1.4 GW from green sources, the CMD said. The company has set a capex target of Rs 2,480 crore for the ongoing 2023-24 fiscal, he said adding NLC will achieve 80 per cent capex utilisation by December as the target set by the Ministry of Coal. Sharing the details of the ongoing projects he said a 3x660 MW thermal power plant is being set up at Ghatampur in Uttar Pradesh. The Rs 19,406 crore project is being set u

Sustainable utilisation of coal mine water by PSUs benefits 1.77 mn people

The government on Wednesday said the sustainable utilisation of mine water resources by public sector companies under the coal ministry has benefitted 17.7 lakh people across 981 villages of nine states. In the course of coal mining operations, a substantial volume of mine water accumulates in mine sumps. This stored mine water serves a range of community purposes, including domestic and drinking water supply, irrigation of agricultural fields, groundwater replenishment, and various industrial applications like dust suppression and heavy machinery washing. "During the fiscal 2022-23, CPSEs (Central Public Sector Enterprises) discharged approximately 8,130 Lakh m3 of mine water, with 46 per cent allocated for community uses such as domestic and irrigation purposes, 49 per cent for internal domestic and industrial needs, and six per cent reserved for groundwater recharge initiatives," the coal ministry said in a statement. To ensure the suitability of mine water for drinking and ...

REC partners with PNB to finance projects in logistics, power, infra

The two entities will jointly finance loans worth Rs 55,000 crore, REC said in a statement.