Page 7 - Psus

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

Rally in PSU banks to sustain on higher margins, loan surge: Morgan Stanley

Brokerage raises price targets for non-SBI state-owned banks

Select segments within PSU theme could outperform amid economic uptick

Public-sector banks, defence stocks could do well; PSUs exposed to commodities are at risk

Kerala govt enhances retirement age of state PSU employees to 60

The Kerala government has enhanced the retirement age of employees of most of the state PSUs uniformly to 60, drawing sharp criticism from a left-wing youth organisation. The order was issued on Saturday based on the recommendations of an expert committee, which conducted a comprehensive study on the formulation of a common framework for pay/wage structure of PSUs in the state except Kerala State Electricity Board, Kerala State Road Transport Corporation and Kerala Water Authority. The expert committee had recommended that the retirement age of employees of all state PSUs shall be enhanced uniformly to 60 as in the case of central PSUs. However, this will not be applicable to those employees who have already retired in accordance with the prevailing rules. The state leadership of the All India Youth Federation (AIYF), the youth wing of the Communist Party of India (CPI), protested against the government's decision to enhance the retirement age to 60, terming it as a move against th

Shriram Group likely to submit EoI for privatisation of IDBI Bank

Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender

Government identifying PSUs with land bank but little business for selloff

The government is identifying public sector organisations with little to no business activities that are sitting on land banks to privatise or sell off

Sebi tightens disclosure norms for IPOs; to relax rules for open offers

Markets regulator Sebi on Friday approved a slew of changes to various regulations, including tightening the disclosure requirements for initial public offerings. At its board meeting here, Sebi also decided to relax the pricing rules for open offers with respect to disinvestment of public sector undertakings. For IPOs, the regulator cleared the proposal mandating the issuers to disclose the offer price based on past transactions and fund raising activities. Also, companies contemplating IPOs will soon have the option to make confidential pre-filing of offer documents. Besides, the watchdog's board gave its nod to bring buying and selling of mutual fund units under the ambit of insider trading rules.

Beat sectoral returns by 5 percentage points annually, PSUs told

PSUs have also been told that the dividend distributed by them would also be considered to evaluate their performance on this parameter

Almost 50% coal blocks allotted to power PSUs face delay in prodn: Report

Seven out of the total 16 coal blocks issued to state-owned power sector entities or PSUs are yet to start or have just started production, even more than seven years after their allotment

Finance Minister Sitharaman nudges India Inc to clear unpaid dues of MSMEs

Nirmala Sitharaman said it is encouraging that larger companies are including amounts owed to MSMEs in annual statements

PSU general insurers recommend 12% wage hike, unions dissatisfied

The unions had earlier warned the management of the five companies not to vitiate the industrial relations (IR) environment by a unilateral action

Govt plans to auction 17 non-operational mines surrendered by PSUs: Joshi

The government plans to put on auction 17 mines surrendered by public sector undertakings which could not put the blocks into operation, Coal and Mines Minister Pralhad Joshi said on Tuesday. The statement comes in the wake of the government making efforts to ramp up domestic coal production to ensure adequate availability of dry fuel to different sectors. "Just the-day-before yesterday (Sunday) I got 17 blocks back and they are very good blocks and I am putting them for auction now," Joshi said. Speaking during a conference on the Indian minerals and metals industry organised by NMDC and FICCI, the minister said many PSUs in the country in sectors like coal were sitting on big mines. The government decided to take away all those mines from the public sector undertakings which do not get into operation even after the lapse of five to six years and put them on sale. "I talked to the chief ministers and ministers of a few states and asked them the reasons for sitting on mines. These

BEML to list land holding company, clearing way for privatisation

Defence PSU's board will meet on August 18 to finalise a proposal for share allotment

Is the revival of BSNL a strategic bet for Indian Hi-Tech?

This hi-tech race is perhaps the new "arms race" as we enter into what seems to be the 21st century's version of a cold war that has pitted China against the West

After Covid setback, MSMEs owed Rs 10.7 trn in pending dues: Report

The share of micro and small enterprises stood at Rs 8.73 trillion, 80 per cent of the total pending amount

Casual workers PSUs hired fell 44% in first Covid-19 pandemic year

Experts say lockdown and near stalling of business may have prompted the decline

Top headlines: RIL Q1 profit surges 46%, MoD bans imports from 18 platforms

Public procurement by public sector undertakings (PSUs) from micro and small enter­prises rose nearly 11 per cent year-on-year (YoY) to Rs 41,699 crore in the fiscal year 2020-21