FinMin banks on HPCL-ONGC deal to mop up over Rs 90,000 crore in disinvestment, narrow fiscal deficit
Posted on 18th January 2018 |
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| Riding on the back of expected HPCL-ONGC deal, the government is eyeing to end FY18 with record disinvestment receipts of over Rs 90,000 crore as against the Budget target of Rs 72,500 crore, media sources reported. It is almost the double of over Rs 46,000 crore recorded last year. However, the exact amount to be raised after stake sale in HPCL is still uncertain. The deal, if finalized by March this year, should raise over Rs 30,000 for the government.The fiscal deficit reached Rs 6.12 trillion or 112% of the full-year budget during eight months to November. In less than a month of announcing additional market borrowings of Rs 50,000 crore for the fiscal year ending March-18, the government announced on Wednesday that it has cut its requirement to Rs. 20,000 crore from Rs 50,000 crore estimated earlier. After this news, Sensex touched 35,000-levels for the first time ever. Markets have extended the record-breaking rally on Thursday with Sensex and Nifty opening at fresh records after hitting new milestones in yesterday’s trade. BSE Sensex gained as many as 394.88 points to hit a lifetime high of 35,476.7 while NSE Nifty added 98.55 points to mark the record high of 10,887.1 on Thursday. It’s most probably the deal may fuel positive sentiments in the markets if closed this fiscal year. The Core Group of Secretaries on Disinvestment (CGD) headed by the Cabinet secretary has approved the broad contours of Oil and Natural Gas Corporation’s proposed acquisition of the government’s 51.11 percent stake in Hindustan Petroleum Corporation, paving the way for the transaction later this month, The Financial Express had reported on January 10. DIPAM’s data showed that as on January 02, 2018, the government has achieved Rs 32,321.92 crore from CPSE disinvestment compared to their target of Rs 46,500 crore. While Rs 4,153.65 crore has been achieved from strategic disinvestment so far in FY18 compared to their target of Rs 15,000. It was only listing of insurance companies that overshoot the disinvestment target of Rs 11,000 crore this fiscal. The government has raised about Rs 17,357.48 crore from this mechanism with the listing of The New India Assurance Company Limited and General Insurance Corporation Of India. The government has thus raised about Rs 53,833.05 crore – which would be over 74 percent of disinvestment target. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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