Page 5 - Psus

IRFC posts Rs 6,337 crore profit in FY23, total revenue at Rs 23,891 cr

The Indian Railway Finance Corporation Limited (IRFC) posted a net profit of Rs 6,337.01 crore for the fiscal year 2023, an increase of over four per cent over last year, a company statement said on Friday. Addressing the Annual General Meeting, Shelly Verma, Chairman and Managing Director of IRFC, said the company reported a total revenue from operations amounting to Rs 23,891.28 crore, a 17.70 per cent year-on-year increase over the last fiscal year. The company has declared a total dividend of Rs 1,960.28 crore which works out to 30.93 per cent of profit after tax for FY 2022-23, she added. Verma said IRFC disbursed an amount of Rs 32,392.63 crore in FY23 to the Indian Railways. The asset under management for FY23 stands at Rs 4,66,938 crore, registering a year-on-year growth of 8.63 per cent. The capital adequacy ratio of IRFC continues to remain strong at 512.02 per cent in FY23, she added.

3 PSUs in Gujarat not following 85% local hiring rule: Assembly told

Three central government entities, including the Airports Authority of India (AAI), having their presence in Gujarat were not giving 85 per cent jobs to locals as per the rules despite repeated reminders, a state minister told the legislative assembly on Friday. These three entities are the AAI, the Oil and Natural Gas Corporation Limited (ONGC) and the Indian Oil Corporation (IOC). In 1995, a government resolution had ordered all the commercial entities, including central PSUs, functioning in Gujarat to hire 85 per cent of their workforce from Gujarat. During question hour of the assembly on Friday, Congress MLA Imran Khedawala sought to know if these three central government entities were following the rule and what actions were taken by the state government against AAI, IOC and ONGC for not following the 85 per cent hiring norm. In his response, state Labour, Skill Development and Employment Minister Balwantsinh Rajput admitted that these three public sector undertakings have not

Mid, smallcap indices drop most in 9 months; Nifty50 off new high

The sharp selloff shaved off Rs 5 trillion in market value of the beyond -top 50 companies, which account for less than half of the total market capitalisation

In a first, PSU general insurers' market share below a third of industry

For the first time, state-run general insurers account for less than a third of the industry premium at 32.5 per cent, as larger private non-life insurers have consolidated their position in the first five months of the current fiscal, according to the General Insurance Council data. Public sector insurers saw their premium income fall by 1 per cent to Rs 34,203 crore during the first five months of the current fiscal. As a result, their market share plunged to less than a third at 32.5 per cent from 33.4 per cent, while premium income slipped from Rs 37,100 crore to Rs 34,203 crore. In another first, driven by the health segment, standalone health insurers' market share also rose to double digits at 10.4 per cent during this period from 9.2 per cent. Although segment-wise data is yet to be released, standalone health insurers' performance shows higher growth in the segment. The General Insurance Council data showed that the non-life insurance sector grew by 11.7 per cent during t

CBI arrests GAIL Exec Director KB Singh in Rs 50 lakh bribery case

Along with Executive Director (Projects) K B Singh of GAIL, four others have also been arrested, including Director of Vadodara-based Advance Infrastructures Surender Kumar, said officials

Four Kerala PSUs part of India's first solar exploration mission Aditya-L1

As India's first solar exploration satellite reached space, four Kerala public sector undertakings, including Keltron, have reason to be delighted as they too have contributed to this achievement by the country. Various products indigenously developed and manufactured by the four PSUs - Keltron, Steel and Industrial Forgings Limited (SIFL), Travancore Cochin Chemicals (TCC) and Kerala Automobiles Ltd (KAL) - have been used in the Aditya L1 mission. This milestone achieved by the PSUs was highlighted by state Industries Minister P Rajeev in a Facebook post. The minister said 38 electronic modules manufactured by the Kerala State Electronics Development Corporation Limited (Keltron) were used in the PSLV-C57 launch vehicle used to send the Aditya L1 satellite into space. In addition to that, Keltron also provided testing support for various types of electronics models required for the mission, he said. Rajeev further said that the forgings for the various stages of the Aditya L1 la

PSUs likely to get captive berths by nomination at major ports

Govt close to finalising changes to captive berth policy

RailTel's total income up 27% to Rs 2,002 crore in FY23: RailTel CMD

The meeting was chaired by RailTel's Chairman and Managing Director (CMD) Sanjai Kumar, who presented the annual report of the company for the financial year 2022-23

Govt unlikely to infuse capital in PSU general insurers in FY24: Official

The four public sector general insurance companies are unlikely to get capital funding from the government in the current fiscal, a senior official said. He said one of the PSU non-life insurance companies is likely to give a dividend to the government in the current fiscal and they will be able to meet their solvency margins. The government last year provided Rs 5,000 crore capital to three insurers --National Insurance Company, Oriental Insurance Company and United India Insurance Company. The Budget 2023-24 has not provided for the capital infusion for insurance companies. "We do not think there is a need for capital infusion as of now. In fact, one of the general insurance companies may give a dividend this year," the official said. Currently, there are four general insurance companies in India -- New India Assurance, United India Insurance, Oriental Insurance and National Insurance Company. Of this, only New India Assurance is better placed than the rest. Insurance companies

NHAI, GAIL join forces to simplify infrastructure expansion process

MoU signed to expedite crossing permissions, resolve disputes

Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year. The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter. With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs). It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively. Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,20,433 crore, as compared to Rs 1,75,676 crore of BoM in abso

Arunachal inks MoA with 3 Central govt PSUs, allots 12 hydropower projects

The MoAs were signed in the presence of Union Power Minister R. K. Singh, Chief Minister Pema Khandu and Deputy Chief Minister Chowna Mein

PSU banks in real danger of privatisation despite a crucial role: AIBOC

All India Bank Officers' Confederation (AIBOC), the apex body of bank officers in the country, on Tuesday said state-run lenders are in "real danger of privatization" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education and infrastructure among others, he added. "They have been the pillars of

Modi govt 'ruining' PSUs, snatching public sector jobs: Mallikarjun Kharge

Congress president Mallikarjun Kharge on Saturday accused the Modi government of "ruining" PSUs and snatching lakhs of government jobs, alleging that the 'Make in India' initiative is only a propaganda to enhance the image of the central government. "By snatching lakhs of government jobs, ruining PSUs..is part of which toolkit, Narendra Modi ji," he asked in a tweet in Hindi. "The high voltage propaganda of 'Make in India' was only to enhance the image, what did the country get from it," he also asked. The Congress chief said the Modi government does not believe that the Public Sector Undertakings (PSUs) are an important part of the country's economy. "Why did the Modi government snatch 3.84 lakh jobs from only seven PSUs? Why did the jobs of women decrease by 42 per cent in the central government? Why contract and casual government jobs increased by 88 per cent," he also asked. Kharge also shared a 1.5-minute video giving details of the loss of jobs in several public sector ...

Govt set to garner record Rs 63,000 crore in dividend from listed PSUs

FY23 payout may be 25% more than previous year

Concor disinvestment: Dipam may seek finmin, inter-ministerial group help

Govt seeks to sell stake worth Rs 12,000 cr in national transporter this fiscal as part of disinvestment target

RBI raises the governance premium for PSU banks on the road to 2047

The Governor of the RBI has for the first time provided a peek into the power structures within bank boards

Strategic disinvestment push: Buyers of PSU shares exempt from gift tax

The relaxation will stay as long as the strategic investor retains at least 51 per cent in the PSU after the takeover

Centre may meet disinvestment target of Rs 51,000 crore for FY24

IDBI Bank, Concor key for realisation, otherwise it may have to resort to offer for sale

PSU's start-up plans to employ AI, renewables in ship design, construction

The nearly 140-year-old Garden Reach Shipbuilders and Engineers (GRSE) Ltd is planning to rope in start-ups for employing artificial intelligence (AI) and renewable energy in ship design and construction, an official said on Wednesday. To identify and encourage the development of innovative solutions towards technological advances in shipbuilding by start-ups, the Kolkata-based defence PSU launched GRSE Accelerated Innovation Nurturing Scheme 2023 (GAINS), he said. It will help GRSE identify and encourage the development of innovative solutions to address present and emerging challenges in the ship design and construction industry, he added. It will be a two-stage process to help generate ideas, from which the promising ones may be selected and nurtured, the GRSE official said. "Artificial intelligence, renewable energy and energy efficiency as well as efficiency enhancement are focus areas for GRSE and are the thematic areas of GAINS 2023' challenge," he said. GAINS 2023 was ...