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Stop privatisation of IDBI, Kejriwal urges PM Modi

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kejriwal

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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Value buying lifts equity indices; banking, IT stocks surge

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SENSEX NIFTY MARKET

Mumbai, May 24: Value buying lifted the key equity indices on Thursday, after they slumped around one per cent in the previous session.

According to market observers, healthy buying was witnessed in banking, IT and Teck (technology, entertainment and media) stocks. IT stocks surged due to a depreciating rupee, they said.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,513.85 points — up 83.50 points or 0.80 per cent from its previous close of 10,430.35 points.

The barometer 30-scrip Sensitive Index (Sensex) also jumped nearly one per cent. It had opened at 34,404.14 points and closed at 34,663.11 points (3.30 p.m) — higher by 318.20 points or 0.93 per cent from its previous session’s close of 34,344.91 points.

On intra-day basis, the Sensex touched a high of 34,741.46 points and a low of 34,367.83 points. The BSE market breadth was, however, slightly tilted towards the bears with 1,355 declines and 1,284 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Infosys, Axis Bank and Tata Steel, while Tata Motors, ONGC, Tata Motors (DVR), Bajaj Auto and Maruti Suzuki were the major losers.

On the NSE, the top gainers were Infosys, Bharti Airtel and TCS. The major losers were ONGC, Tata Motors and Grasim Industries.

IANS

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Fund outflows, rupee depreciation dent equity indices

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SENSEX-

Mumbai, May 23: Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee plunged the key Indian equity indices on Wednesday.

According to market observers, heavy selling pressure was witnessed in metal, oil and gas and auto stocks.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly 1 per cent as trade closed for the day. It had opened at 34,656.63 points, closed at 34,344.91 points (3.30 p.m.) — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.

The Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,540 declines and 1,115 advances.

The major gainers on the BSE were State Bank of India (SBI), Larsen and Toubro, NTPC, Tata Motors and Sun Pharma while Tata Steel, ONGC, IndusInd Bank, Dr Reddy’s Lab, Adani Ports and ITC were the major losers.

On the NSE, the top gainers were SBI, Cipla and Tech Mahindra. The major losers were Hindustan Petroleum, Vedanta and Tata Steel.

IANS

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Hike in petrol, diesel prices continues

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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Petrol

New Delhi, May 22 : The hike in Petrol and diesel prices continued for the ninth day on Tuesday amidst reports that the government was mulling steps to check it.

Petrol prices were hiked in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were lifted by 26-28 paise per litre, compared to the previous day.

On Tuesday, a litre of petrol was sold at Rs 76.87 in Delhi, Rs 79.53 in Kolkata, Rs 84.7 in Mumbai and Rs 79.79 in Chennai, according to Indian Oil.

Diesel was sold at Rs 68.08 per litre in Delhi, Rs 70.63 per litre in Kolkata, Rs 72.48 per litre in Mumbai and Rs 71.87 per litre in Chennai.

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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