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BHEL jumps highest in decade on government stake sale plans

According to official sources, out of the total 16 manufacturing units of the company, a few units which do not have material synergies with its core business, such as transportation and water would be put to sale.

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Mumbai, Oct 18 : Heavy electrical equipment maker Bharat Heavy Electricals Ltd (BHEL) on Friday gained over 22 per cent on the BSE over reports that the government may soon divest its stake in the company.

BHEL scrips on the BSE had surged as much as 29.29 per cent to hit an intra-day high of Rs 57.60 apiece before closing at Rs 54.45 a share.

“Shares of state-run BHEL jumped the most in a decade and NMDC rose nearly 6.5 per cent after reports that a group of secretaries would meet on Friday to consider lowering the government’s holdings in public sector companies below 51 per cent,” said Deepak Jasani of HDFC Securities.

IANS had earlier reported that the state-owned BHEL may sell four to five units of its non-core manufacturing business under the government’s asset monetisation programme during the ongoing financial year.

The government also plans to dilute its equity in the power equipment manufacturing entity to 26 per cent in phases under the plan unveiled in this year’s budget.

According to official sources, out of the total 16 manufacturing units of the company, a few units which do not have material synergies with its core business, such as transportation and water would be put to sale.

Asset monetisation of public sector enterprises has been on the government’s agenda for some time now given the fiscal pressure the Centre is under, while the companies too are going through a rough financial phase.

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BSNL employees plan hunger strike on Monday

Due to the delay in the 4G spectrum allotment and non-availability of funds, BSNL was unlikely to launch 4G services by the end of 2020, it said and added it was quite grim situation for employees.

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New Delhi, Feb 22 : The All Unions and Associations of BSNL (AUAB) has decided to organise a country-wide hunger strike on February 24 for early implementation of the cabinet decisions on the Bharat Sanchar Nigam’s revival.

The strike is also aimed at putting pressure for the expeditious settlement of employees’ grievances, according to an AUAB statement here on Saturday.

Last year the cabinet approved a Rs 69,000 crore revival package for both BSNL and MTNL. The salient features of the package included allotment of 4G spectrum, issuing sovereign guarantee for raising Rs 15,000 crore (Rs 8,500 for BSNL and Rs 6,500 for MTNL) funds via long-term bonds, monetisation of assets and implementation of voluntary retirement scheme.

Of these, only the VRS has been implemented and 78,569 BSNL employees have been sent home. The BSNL has not been allotted 4G spectrum. Similarly, the sovereign guarantee is awaited. The process of monetisation of BSNL’s assets is also moving slowly, according to the statement.

The Supreme Court’s recent judgement on the AGR calculation had created uncertainties in the telecom sector, due to which banks were unwilling to extend loans to BSNL, the AUAB said.

Due to the delay in the 4G spectrum allotment and non-availability of funds, BSNL was unlikely to launch 4G services by the end of 2020, it said and added it was quite grim situation for employees.

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OYO announces bug bounty programme to strengthen security

OYO has accordingly developed an improved responsible disclosure policy to encourage honest and responsible reporting of any potential risks.

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New Delhi, Feb 22 : Hospitality unicorn OYO has said that it will introduce a bug bounty programme towards ensuring that there is a credible and continuous flow of positive feedback from independent security groups and individual researchers to mitigate against any bug or shortfall in the company’s systems.

This is in line with the established practice of recognition and reward for ethical hackers who help responsibly investigate shortfalls within the tech architecture of several tech companies including the likes of Facebook, Google etc., OYO said in a statement this week.

OYO has accordingly developed an improved responsible disclosure policy to encourage honest and responsible reporting of any potential risks.

Additionally, OYO has partnered with a specialised cybersecurity startup, AppSecure/Hackerhive, that connects companies and ethical hackers to help the former discover and fix security vulnerabilities.

“In today’s digital world, a cyberattack is a real concern. Hence, in line with our efforts to continually improve, we are investing in ethical hacking programmes as well,” said Anil Goel, Group Chief Technology and Product Officer at OYO.

OYO said it has also joined hands with other technology companies to address the issue of increasing online frauds and save guests from cybercrimes.

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Fiscal deficit as GDP percentage touched 4.56% in Dec: Finance Ministry data

Out of total government expenditure of Rs 21.09 lakh crore, which is 76 per cent of the BE, revenue expenditure was Rs 18.54 lakh crore and capital expenditure Rs 2.55 lakh crore.

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National debt under Modi govt surges

New Delhi, Feb 21 : Fiscal deficit as a percentage of GDP touched 4.56 per cent as of December 2019 with total receipts pegged at Rs 11.77 lakh crore against a higher expenditure of Rs 21.09 lakh crore, data of government accounts showed.

For the fiscal 2019-20 (till March 31, 2020), the fiscal deficit has been revised to 3.8 per cent now.

Gross tax collection was Rs 13.83 lakh crore (53 per cent of the Budget estimates). The net tax revenue of the Central government was at Rs 9.04 lakh crore which was 55 per cent of the BE, after deducting devolution to the states to the tune of Rs 4.76 lakh crore and Rs 2,480 crore towards NDRF.

The non-tax revenue accrued to the Centre was Rs 2.41 lakh crore whereas other receipts were pegged at Rs 31,000 crore. The government released Rs 54,621.14 crore to the states as their share in central taxes and duties as well as Rs 6,989.38 crore as recommended by the Finance Commission in January.

In December 2019, the states received Rs 7,499.89 crore as recommended by the Finance Commission and the government released Rs 2,714.03 crore towards various schemes. In January 2020, the states received much lower Rs 101.29 crore.

Out of total government expenditure of Rs 21.09 lakh crore, which is 76 per cent of the BE, revenue expenditure was Rs 18.54 lakh crore and capital expenditure Rs 2.55 lakh crore.

Fiscal deficit was pegged at Rs 8.07 lakh crore, which was 11 per cent of BE.

“As a percentage of the GDP, fiscal deficit is 4.56 per cent. The revenue receipts are sufficient to cover only 56 per cent of the expenditure,” the Accounts Review Report of the Finance Ministry said.

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