Page 6 - Psus

FinMin to take call on Rs 3,000 crore infusion into 3 PSU general insurers

Finance Ministry will take a call on Rs 3,000 crore capital infusion this fiscal based on financial performance of three loss-making public sector general insurance companies. According to sources, the finance ministry last year had asked these three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company -- to chase bottomline rather than topline and underwrite only good proposals. The FY'23 financial numbers would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. It is noted that the government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited a

Maharatnas, Navratnas now appointing younger independent directors: Survey

The participation of women IDs on board of these companies has also improved

AIIMS to allow contractors from PSUs to participate in tender process

The AIIMS has issued a memorandum allowing contractors empanelled with MES, railways and other central PSUs to participate in the tendering process for increasing transparency and competition in their engineering contracts. To increase confidence amongst prospective bidders, the engineering contracting system will also be modified. One team of engineers will prepare the estimates and finalise the tender while the other team will monitor the execution of the contract and make payment to the contractors in a timely manner, the memorandum issued on April 27 stated. This will ensure dual checks and double vigilance in the system, it said. The All India Institute of Medical Sciences (AIIMS), in its memorandum, said that in a bid to increase competition, contractors registered with Military Engineer Services (MES), railways and other central PSUs will be allowed to participate in the tenders apart from the contractors registered with Central Public Works Department (CPWD). User ...

Rail Vikas Nigam Limited receives the status of Navratna from Centre

With RVNL, India now has 15 Navratnas including names like Hindustan Aeronautics Ltd, Bharat Electronic Ltd and Oil India Ltd

State-owned NTPC arm gets 500 MW renewable energy project from REMCL

State-owned power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPCREL) has bagged a 500 MW renewable energy round-the-clock (RE-RTC) project. The work has been awarded by REMCL, which is a joint venture (JV) company of the Ministry of Railways and RITES Ltd, NTPC said in a statement. "NTPC REL, a wholly-owned subsidiary of NGEL which in turn is a subsidiary of NTPC Limited, received Letter of Acceptance for 500 MW RE-RTC power from REMCL," it said. The capacity has been won in a competitive bidding process for a total 900 MW RE-RTC on offer, NTPC said, adding a power purchase agreement (PPA) will be signed with Indian Railways for 25 years. Through a combination of solar and wind power, the project would supply round-the-clock green energy to REMCL. NTPC, under the Ministry of Power, is the country's largest power producing company.

Gujarat govt's new PSU policy mandates bonus shares, dividends, buybacks

The market took the development positively, and the shares of most public sector companies in Gujarat rallied 8 to 15 per cent on April 26

State-owned steel firms clear Rs 7,673.95-cr dues to MSMEs in FY23: Govt

Government-owned steel companies have cleared Rs 7,673.95 crore dues of various MSMEs during FY23, 39.3 per cent higher than Rs 5,511.07 crore paid during the preceding fiscal, the steel ministry said. "The status of pending payments to MSMEs by CPSEs (Central Public Sector Enterprises) of the ministry is being monitored on a weekly basis to ensure payments to them within the 45 days' time limit for such payments," it said. A payment of Rs 876.10 crore was made by steel CPSEs to Micro, Small & Medium Enterprises (MSMEs) during March 2023, up 38.1 per cent year-on-year (y-o-y) and 23.1 per cent higher than the previous month, the ministry said. During the entire financial year 2022-23, steel CPSEs have made a payment of Rs 7,673.95 crore to MSMEs, which is 39.3 per cent higher than Rs 5,511.07 crore payment made during FY 2021-22. CPSEs under the administrative control of the steel ministry include SAIL, NMDC, RINL, KIOCL, MOIL, MECON, MSTC and its subsidiary FSNL.

Parliamentary panel asks govt to take steps to revive loss-making PSUs

The ministry should also give details of the steps taken and plans conceived to revive and strengthen the CPSEs within its administrative ambit to the panel

Small businesses file applications worth over Rs 35,000 cr in payables

Over 137,000 complaints made, govt portal shows state govt dues are among the highest

With policy ammunition, defence stocks continue to yield strong returns

Most sector PSUs ended FY23 with strong order books

OMCs get Rs 800 crore to set up over 7,000 fast-charging stations

The installation is expected to be completed by March 2024

EVMs, VVPATS designed, manufactured indigenously by 2 PSUs: Government

Electronic voting machines (EVMs) and paper trail machines are designed and manufactured indigenously by two public sector undertakings (PSUs), the government said in Lok Sabha on Friday. Responding to a question on whether the government has purchased EVMs and EVM technology from foreign countries, Law Minister Kiren Rijiju said according to the Election Commission, EVMs and voter verifiable paper audit trail machines (VVPATs) are designed and manufactured indigenously by Bharat Electronic Limited (BEL), a PSU under the Defence Ministry, and the Electronic Corporation of India Limited (ECIL), another PSU under the Department of Atomic Energy. Paper roll of VVPATs is procured by states and Union Territories from BEL and ECIL, he said in his written reply.

SVB crisis: IBA panel meet next week may discuss strategy to back start-ups

Banks need a multi-pronged strategy to boost presence in start-up ecosystem following SVB's collapse, say experts

PSU outperformance over Nifty can continue; investors fear price downtrend

Though there are some inherent downsides, upsides include low valuations, high dividend yield

Dealing with next-gen listings

Investors are starting to realise that new-age companies are a completely different animal

Disinvestment proceeds of Rs 4.07 trn realised in last 9 years: Eco Survey

About Rs 4.07 lakh crore has been realised as disinvestment proceeds in the past nine years, and post-2014 the government is engaging with the private sector as a co-partner in the development, the Economic Survey said on Tuesday. In the current fiscal, out of the budgeted amount of Rs 65,000 crore, 48 per cent or over Rs 31,000 crore has been collected as of January 18, 2023. The survey said privatisation of Air India re-ignited the privatisation drive, and evidence shows that labour productivity and the overall efficiency of the PSUs disinvested during 1990-2015 has improved. "During FY15 to FY23 (as of 18 January 2023), an amount of about Rs 4.07 lakh crore has been realised as proceeds from disinvestment through 154 transactions using various modes/instruments," said the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. Of this, Rs 3.02 lakh crore was realised from minority stake sale and Rs 69,412 crore was realised from strategic disinvestment transactions i

PSU companies expemted from minimum public float rules, says govt

The government has exempted public sector entities from the Minimum Public Shareholding (MPS) norm which mandates at least 25 per cent public float for all listed companies. The exemption would apply on these entities regardless of the government's direct or indirect holding. The exemption from MPS norm will be valid for a "specified period" even if there is a change in ownership or control after the exemption is granted, a Gazette notification said. The notification exempts "any listed entity in which the Central Government or State Government or public sector company, either individually or in any combination with other, hold directly or indirectly, majority of the shares or voting rights or control of such listed entity, from any or all of the provisions of this rule (MPS norms)." The Securities Contracts (Regulation) Amendment Rules, 2022 was notified by the government on January 2. Following the notification, IDBI Bank will be exempt from MPS even after partial stake sale by

Dipam seeks to make dividends from PSUs part of disinvestment target

The government is half way against the disinvestment target of Rs 65,000 crore for the current fiscal year

CIL can pursue overseas acquisition of coal mines after study: Par Panel

With state-owned CIL not buying out of any coal blocks abroad at present, a Parliamentary panel on Thursday said the PSU can still pursue overseas acquisition of mines after detailed study and analysis of the blocks, especially low ash coking coal. The committee is of the view that this will not only reduce import of fossil-fuel but also open new avenues of mining abroad. "Considering the existing coal resources in the country, the committee would like the coal ministry/CIL to explore acquisition of coal blocks abroad. They would like to be apprised of any developments in this regard," the Standing Committee on Coal, Mines and Steel in its report tabled in Parliament said. Coal India Ltd (CIL) had acquired prospecting licences for coal blocks in Mozambique in 2009 through its wholly-owned international subsidiary Coal India Africana Limitada. However, after carrying out detailed exploration, the geological report and mineability report, it was found that the quality of coal in the

Tata in talks to buy majority stake in UTI AMC from 4 PSU finance entities

If the deal goes through, Tata AMC and UTI AMC's combined entity could become the fourth-largest asset manager in India