Govt likely to divest up to 25% in IRCTC, IRFC and IRCON
Posted on 21st March 2017 |
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| Three days after setting stiff time-bound targets for listing of profitable central PSUs, the government on Monday initiated steps to divest up to 25% in the initial public offerings (IPOs) of three railways undertakings — IRCTC, IRFC and IRCON. The department of investment and public asset management (DIPAM) has invited applications from merchant bankers to manage the IPOs in 2017-18. Though DIPAM did not specify how much stake the Centre would dilute in these IPOs, sources told FE that it could be up to 25% each depending on valuations. The bankers would have to submit their expression of interest by March 16. Currently, the government owns 99.729% in IRCON, 100% in IRCTC and 100% in IRFC. Within three weeks of budget announcement to fast-track listing of PSUs, DIPAM on Friday prescribed that a profitable PSU would have to list on the exchanges within 165 days, after the administrative ministry is on-board for the plan. As per available data, there are 119 unlisted profitable PSUs. The last PSU IPO was that of NBCC in March 2012; next in line is Hudco, which will likely hit the market in March. The IPOs of Cochin Shipyard and Hindustan Aeronautics are at advanced stages of preparation. As per the new action plan, an inter-ministerial group (IMG) led by the DIPAM secretary have been constituted for the appointment of advisers/intermediaries and to guide the process of disinvestment through public offer in the railways PSUs. |
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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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