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Stop privatisation of IDBI, Kejriwal urges PM Modi

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Opposing the central government’s move to privatise Industrial Development Bank of India (IDBI), Delhi Chief Minister Arvind Kejriwal on Saturday urged Prime Minister Narendra Modi to stop the process and allow the banks to recover outstanding from big defaulters.

In his letter to Modi, Kejriwal said: “The reason being described to privatise the IDBI is that the government aims to earn money by selling its shares. If the bank is being sold with this intension, then it will be very wrong.

“I request you to stop the privatisation of IDBI and allow the banks to recover outstanding loans from big industrialist defaulter. Strict action should be taken against people like Vijay Mallya.”

His letter came after a delegation of IDBI Officers Association met Kejriwal on Friday and expressed their opposition to the government’s reported move to dilute its stake in the bank to less than 50 percent.

The delegation had told Kejriwal that union Finance Minister Arun Jaitley said in his budget speech in the Lok Sabha on February 29 that the central government had no obligation to hold a minimum 51 percent stake in the IDBI, thereby effectively announcing the government intention to privatise it.

In the letter Kejriwal added that the IDBI was among the profit-making banks.

He said that according to the financial data of the bank, by December 2015 it had the operating profit before provisions and contingencies of Rs.1,117 crore.

“It’s completely unfair to sell profit-making banks. I’m being told that the government will earn about Rs. 2,000 to 3,000 crore by selling its share,” he wrote.

Attacking the BJP led-NDA government, Kejriwal said that it was very unfortunate that instead of recovering money from Mallya, the government let him go.

“When NDA government came to power people had expectation that you (Modi) will tighten the noose around big industrialists and recover bank loans from them. But NDA government permitted the people like Vijay Mallya to leave the country,” he said.

“Mallya have a bank debt of Rs.9,000 crore. There are several such big industrialists who have taken loan from the banks. The government not only stops the banks to recover money from them but also privatise the banks by selling its shares. After privatisation these banks would be handed over to corporates like Mallya,” he alleged

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Equity indices touch fresh highs as rupee strengthens

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Mumbai, Aug 21: An appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty50 — to fresh intra-day highs during the morning trade session on Tuesday.

The BSE Sensex touched a high of 38,402.96 points, while the Nifty50 climbed a peak of 11,581.75 points.

However, broadly negative Asian markets and fears over rise in trade protectionist measures subdued the key indices soon after.

Around 9.35 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,551 points — inched-down by 0.75 points or 0.01 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 38,360.32 points, traded at 38,260.74 points — lower by just 18.01 points or 0.05 per cent — from its previous session’s close of 38,278.75 points.

Sensex has so far touched a low of 38,251.01 points during the intra-day trade.

IANS

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All India traders strike against Walmart-Flipkart deal: CAIT

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Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal during an programme to announce Walmart Inc.'s acquisition of Flipkart 77% stake, in Bengaluru on May 9, 2018. (Photo: IANS)

New Delhi, Aug 20 (IANS) The Confederation of All India Traders (CAIT) on Monday called for an all India traders strike against the Walmart-Flipkart deal on September 28.

“We are organising a ‘Bharat Trade Bandh’ (All India Traders Strike) on September 28 against the Walmart-Flipkart deal. We want the government to nullify the deal as it is against the sector,” CAIT Secretary General Praveen Khandelwal told IANS.

“We have also planned a host of other activities like a mega traders protest march to gain public support against the deal.”

Accordingly, the confederation has called for a ‘Bharat Trade Bandh’ on September 28 and a massive nationwide ‘Rath Yatra’ to begin on September 15 and a mega traders rally on December 16 at New Delhi.

On Saturday, Walmart Inc. acquired approximately 77 per cent stake in e-commerce major Flipkart.

Accordingly, Walmart now holds approximately 77 per cent of Flipkart, while the remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.

Walmart’s investment includes $2 billion of new equity funding to help accelerate the growth of the Flipkart business and both companies will retain their unique brands and operating structures in India.

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Equity indices end at record closing levels; Nifty50 closes above 11,500

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Mumbai, Aug 20: Positive global cues and recovery in the Indian rupee lifted the benchmark S&P BSE Sensex and NSE Nifty50 to provisionally end at record closing highs on Monday.

Heavy buying activity was witnessed in capital goods, metal and oil and gas stocks, analysts said.

Earlier in the day, both the indices — BSE Sensex and the NSE Nifty50 — touched their all-time intra-day high levels of 38,340.69 points and 11,565.30 points respectively.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange provisionally ended at a fresh closing high of 11,551.75 points, up 81 points or 0.71 per cent from its previous close.

The benchmark S&P BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75, points, higher by 330.87 points or 0.87 per cent from its previous close. It touched an intra-day low of 38,050.69 points.

Sector-wise, the S&P BSE Capital Goods index gained 668.41 points, the metal index rose by 332.36 points and the oil and gas was up 191.82 points by the end of the day’s trade.

On the other hand, the IT index declined by 188.84 points, the consumer durable index fell 127.24 points and the Teck (technology, entertainment and media) stocks declined by 76.07 points.

The top gainers at the S&P BSE Sensex were Larsen and Toubro, Tata Motors (DVR), Tata Motors, ONGC, and Tata Steel. On the contrary the majors losers in the day were Infosys, Maruti Suzuki, ICICI Bank, Axis Bank and Hindustan Uniliver.

On Friday, the indices traded on a positive note with the Sensex closing at 37,947.88 points and the Nifty50 at 11,470.75 points.

IANS

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