Cabinet clears disinvestment in Neelachal Ispat, BHEL | WeForNews | Latest News, Blogs Cabinet clears disinvestment in Neelachal Ispat, BHEL – WeForNews | Latest News, Blogs
Connect with us

Business

Cabinet clears disinvestment in Neelachal Ispat, BHEL

MMTC, a trading firm under the Union ministry of commerce and industry, is the largest stakeholder in NINL with equity of 49.9 percent.

Published

on

BHEL Disinvestment

New Delhi, Jan 8 : The Cabinet on Wednesday approved a proposal to divest equity shares of six PSUs, including MMTC and Odisha Mining Corporation in Neelachal Ispat Ltd.

“The Cabinet has approved divestment of some shares of six companies held in Neelachal Ispat,” Information and Broadcasting Minister Prakash Javadekar told media after the Cabinet meeting here.

Cabinet has allowed Neelachal Ispat stakeholders to sell shares, he said.

The six PSUs are MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electrical Ltd (BHEL), Odisha Mining Corporation, Odisha Investment Corporation and MECON, he said.

The minister further said MMTC will sell 49 per cent in Neelachal Ispat, while that of Odisha Mining Corporation 20 per cent, Odisha Investment Corporation 12 per cent, NMDC 10 per cent.

MMTC, a trading firm under the Union ministry of commerce and industry, is the largest stakeholder in NINL with equity of 49.9 percent.

The Odisha government via its two undertakings – Odisha Mining Corporation (OMC) and Industrial Promotion & Investment Corporation of Odisha Ltd (Ipicol), owns 26 per cent stake in NMDC Ltd, BHEL Ltd, and Mecon Ltd own minority stakes in NINL.

Blog

Budget, Coronavirus to be key monitorables next week

Published

on

By

Stock Market Down

Mumbai, Jan 26 : The upcoming six-day trading week will keep investors on their toes due to the mega event of presentation of the Union Budget on Saturday. Much of the trading will also depend on the impact of the coronavirus outbreak, which has killed 56 people in China and dimmed the mood of investors globally.

Investors will take their cues most from the fiscal deficit target that the government sets for the next financial year. Amid tax collections falling below target, analysts say that the markets have already priced in the fiscal deficit to breach the target for the current year set at 3.3 per cent of the GDP.

Anindya Banerjee of Kotak Securities said: “Fear of fiscal slippage in the Union Budget has caused an outflow nearly 1.6 billion from the debt market over the past 3 weeks.”

At the same time, relentless intervention from the central bank has not allowed the rupee to appreciate as much as its peers in Asia. These are the major reasons why the rupee has become one of the weakest currencies in Asia, Banerjee added.

While the Economic survey report on Friday will provide further evidence on the extent of economic slowdown in India, expected measures to kickstart the economy in the Union Budget will provide direction to the equity markets, experts say.

Besides, investors will keep an eye during the upcoming week on the quarterly numbers of heavyweights like HDFC, Maruti Suzuki, the Bajaj twins, Bharti Airtel, SBI, ITC, Power Grid, HUL and Tech Mahindra.

Vinod Niar of Geojit Financial Service said that the market direction will depend on the actual budget announcements and the third quarters results, and that the broad market is still very solid in expectation of re-rating of valuations.

“The Q3 result had solid expectations but actual results are marginally below expectation for sectors like IT and banks, leading to cautiousness in the market. We feel that this cautious trend will be maintained in the near-term,” Nair said.

The Indian stock markets will be open for normal trading on February 1, which is a Saturday, when the Union Budget is presented to the Parliament by Finance Minister Nirmala Sitharaman.

(Ravi Dutta Mishra can be contacted at [email protected])

Continue Reading

Business

Global markets under pressure over fear of coronavirus spread

Published

on

By

Stock Market Down

Mumbai, Jan 24 : Fears that the outbreak of coronavirus in China may disrupt economic activity and global growth has sent the stock markets tumbling.

Chinese health authorities on Friday said that 830 cases of pneumonia caused by coronavirus were confirmed in 29 provincial-level regions in the country. The pneumonia has so far claimed 25 lives.

A sharp adverse reaction from Asian, US and European markets was witnessed because China is entering one of its busiest travel periods on account of its Lunar New Year holiday. The virus outbreak could hurt demand.

On Thursday, Chinese stock markets logged its biggest slide in eight months. However, Indian markets closed higher as the oil prices plunged significantly. The global oil benchmark, Brent slipped to $62 a barrel as the virus outbreak in China may dent fuel demand.

Meanwhile official sources told IANS that though over 500 Indian students study in Wuhan city’s medical colleges and universities, most of them had left for home for the Chinese New Year holidays.

Deaths due to the virus have revived memories of the SARS epidemic, caused by a coronavirus, which killed nearly 800 people and infected more than 8,000 others across the world in 2002-2003.

Continue Reading

Business

SC stays NCLAT order on RoC plea for changes in Tata-Mistry verdict

Published

on

By

Cyrus Mistry

New Delhi, Jan 24 : In a major development in the Tata Sons-Cyrus Mistry row, the Supreme Court on Thursday stayed the National Company Law Appellate Tribunal’s (NCLAT) order dismissing the Registrar of Company’s (RoC) plea to modify its verdict on the Tata Sons matter.

Tata Sons had challenged in the apex court the NCLAT’s January 6 order on conversion of Tata Sons from a public to a private company.

Agreeing to hear the Tata Sons’ plea, the apex court on Friday issued a notice to the parties concerned. The three judge bench headed by Chief Justice S.A. Bobde will hear the matter along with the main plea filed by Tata Sons against NCLAT’s verdict.

The National Company Law Appellate Tribunal (NCLAT) had on January 6 rejected the plea by the RoC to modify the appellate tribunal’s judgement in the Tata-Mistry case.

The NCLAT had in its December 18 verdict termed the RoC’s decision to allow conversion of Tata Sons from a public to private company as illegal, while the RoC had filed a plea at the appellate tribunal to remove the word “illegal” from its verdict, among other observations.

The two-judge bench headed by NCLAT Chairman Justice S.J. Mukhopadhaya had observed that the judgment did not cast any aspersions on the RoC.

Posting the matter for hearing after four weeks, the Supreme Court had, on January 10, stayed the NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman. Chief Justice S.A. Bobde said the NCLAT had granted a prayer not made.

However, Mistry has already made a statement that he is no longer interested in taking up the chairmanship of Tata Sons.

Continue Reading
Advertisement

Most Popular