India to cut stake in steelmaker SAIL: Report
India's steel ministry has approved a plan to sell shares in state-run Steel Authority of India Ltd (SAIL) to help fund the firm's
expansion and cut the government deficit.
The two-phased sale would be a mix of a government stake sale and an issue of fresh shares by the company, Dow Jones Newswires reported Tuesday, quoting an unidentified senior steel ministry official. "We plan to seek the cabinet's nod for it in over a month's time," the official said.
The report comes as the government considers minority stake sales in various state-run firms, from NTPC, India's biggest thermal power generating company, to miner Manganese Ore India, to raise funds to cut the hefty fiscal deficit.
The stake sale and issue of fresh shares in SAIL, India's largest steel producer by volume, would cut the government's holding to around 68 percent from 85.82 percent.
In the first phase, the government would sell five percent of its shareholding while SAIL will issue an additional five percent equity, the report said. The government plans to sell a total of 10 percent of its holding, while the company is expected to issue additional shares worth 10 percent of the expanded equity base, the official said.
The amount of money to be raised from the share sale would be fixed after cabinet gave its approval, said the official. The timing of the share sale would be announced later.
SAIL plans to raise its annual hot metal production capacity to 23.5 million metric tonnes by the financial year ending March 2012 from the current 14.6 million tonnes.
The steel ministry official said SAIL will use the share sale money to partly fund its expansion.
Courtessy : Economic Times
Tuesday, October 20, 2009
Monday, October 19, 2009
Oil steadies after 1-year high above $79
Oil prices steadied after hitting a fresh 12-month high above $79 a barrel on Monday, taking a break from seven straight sessions of gains to see if corporate results continue to point to a strong global economic recovery.
U.S. earnings results could again be a key driver of oil prices this week with a spate of earnings from bellwethers including Apple Inc and Caterpillar Inc, after strong results lifted commodities across the board last week.
On Friday weak numbers from General Electric and Bank of America again clouded the economic outlook and may spur profit taking from oil's recent rally.
U.S. crude for November delivery touched a fresh high of $79.05 in early trading, but pared some gains to be up 4 cents at $78.57 a barrel .
London Brent crude crept up 6 cents to $77.05.
Oil prices steadied after hitting a fresh 12-month high above $79 a barrel on Monday, taking a break from seven straight sessions of gains to see if corporate results continue to point to a strong global economic recovery.
U.S. earnings results could again be a key driver of oil prices this week with a spate of earnings from bellwethers including Apple Inc and Caterpillar Inc, after strong results lifted commodities across the board last week.
On Friday weak numbers from General Electric and Bank of America again clouded the economic outlook and may spur profit taking from oil's recent rally.
U.S. crude for November delivery touched a fresh high of $79.05 in early trading, but pared some gains to be up 4 cents at $78.57 a barrel .
London Brent crude crept up 6 cents to $77.05.
Thursday, April 9, 2009
Stocks rise as US data stokes hopes
Global equities rose on Thursday in light trading ahead of the Easter holiday weekend as investors sought further signs of optimism in the
financial crisis that has hit economies from Australia to Ireland. Japan's larger-than-expected $154 billion plan to jump-start its slowing economy underpinned appetite for equities while better-than-expected figures from the US on its trade deficit and new claims from jobless US workers provided a midday boost.
Global equities rose on Thursday in light trading ahead of the Easter holiday weekend as investors sought further signs of optimism in the
financial crisis that has hit economies from Australia to Ireland. Japan's larger-than-expected $154 billion plan to jump-start its slowing economy underpinned appetite for equities while better-than-expected figures from the US on its trade deficit and new claims from jobless US workers provided a midday boost.
Monday, April 6, 2009
Thursday, January 8, 2009
Sathyam Effect
The Bombay Stock Exchange sensitive index (Sensex) suffered most in the new year on Wednesday by losing 749 points on panic selling by funds after Satyam Computer said its profit had been inflated for years and rising concerns of dim third-quarter earnings of blue-chip companies.
The Sensex, which had gained over 688 points in the last four sessions of 2009, tumbled below the crucial 10000- level, losing 749.05 points to close at 9586.88 against 10335.93 on Tuesday. It touched a low of 9510.15 and a high of 10469.72, showing a wide fluctuation of nearly 960 points.
Satyam Computer shares crashed by Rs. 139.15 or 77.69 per cent to close at Rs. 39.95, after the Chairman announced that the company had falsified accounts and assets for several years.
The Sensex recorded the biggest single-day loss in the past two months, after Satyam Computer Services, the country’s fourth-largest software developer, plunged around 80 per cent, the highest since getting listed in 1992.
The Sensex, which had gained over 688 points in the last four sessions of 2009, tumbled below the crucial 10000- level, losing 749.05 points to close at 9586.88 against 10335.93 on Tuesday. It touched a low of 9510.15 and a high of 10469.72, showing a wide fluctuation of nearly 960 points.
Satyam Computer shares crashed by Rs. 139.15 or 77.69 per cent to close at Rs. 39.95, after the Chairman announced that the company had falsified accounts and assets for several years.
The Sensex recorded the biggest single-day loss in the past two months, after Satyam Computer Services, the country’s fourth-largest software developer, plunged around 80 per cent, the highest since getting listed in 1992.
Thursday, December 4, 2008
INTERNATIONAL SEMINAR
Education seminar begins today
Chief minister V.S. Achuthanandan will inaugurate a three-day international seminar on ‘Democratic and Secular Education – Kerala Experience’ being organised by the State government on the Kariavattom campus of the University of Kerala on Thursday.
As many as 2,000 delegates are participating in the seminar in which 150 scholars, including 25 from abroad, will present papers in various thematic sessions. Social activist Swami Agnivesh will deliver a special address at the inaugural session which will be held at a specially erected ‘pandal’ in front of the Academic Staff College, Kariavattom.
After the inaugural ceremony — in which Leader of the Opposition Oommen Chandy and Education Minister M.A. Baby, among others will participate — there will be a thematic session on ‘State and Education.’
Following this there will be 17 parallel sessions at the seminar on various topics, including public-private partnership in education, education, culture and textbooks, democracy, decentralised planning and education, education and empowerment of marginalised and minorities, internationalisation of education and national development, education, empowerment and children and media and education in a democratic and secular society.
Chief minister V.S. Achuthanandan will inaugurate a three-day international seminar on ‘Democratic and Secular Education – Kerala Experience’ being organised by the State government on the Kariavattom campus of the University of Kerala on Thursday.
As many as 2,000 delegates are participating in the seminar in which 150 scholars, including 25 from abroad, will present papers in various thematic sessions. Social activist Swami Agnivesh will deliver a special address at the inaugural session which will be held at a specially erected ‘pandal’ in front of the Academic Staff College, Kariavattom.
After the inaugural ceremony — in which Leader of the Opposition Oommen Chandy and Education Minister M.A. Baby, among others will participate — there will be a thematic session on ‘State and Education.’
Following this there will be 17 parallel sessions at the seminar on various topics, including public-private partnership in education, education, culture and textbooks, democracy, decentralised planning and education, education and empowerment of marginalised and minorities, internationalisation of education and national development, education, empowerment and children and media and education in a democratic and secular society.
MALABAR FETE
Malabar Fete begins tomorrow
The Kozhikode Corporation will organise the 39th edition of Malabar Fest at Swapna Nagari grounds here from Friday.
The festival would feature a variety of programmes . Shri.Sukumar Azhikode will inaugurate the exhibition. Shri.M.P. Veerendrakumar, MP, will open the government pavilions. P. Sathidevi, MP, is scheduled to open the sale of tickets and actor Captain Raju, the cultural events.
The exhibition is being organised with the cooperation of several State governments departments, the Centre and private companies. There will be stalls set up by the Union Ministries of Defence, Railways, Agriculture and Science and Technology.
Stalls will display items ranging from handlooms to electronics and crockery items.
There will be a pavilion for building materials be set up with the help of the Calicut chapter of the Kerala Builders’ Forum, various property developers, prominent banks, steel manufactures, paint companies and other companies catering to the industry.
Three air-conditioned pavilions of 5,000 square feet each would be set up for displaying toys; household items and cosmetics.
The Kozhikode Corporation will organise the 39th edition of Malabar Fest at Swapna Nagari grounds here from Friday.
The festival would feature a variety of programmes . Shri.Sukumar Azhikode will inaugurate the exhibition. Shri.M.P. Veerendrakumar, MP, will open the government pavilions. P. Sathidevi, MP, is scheduled to open the sale of tickets and actor Captain Raju, the cultural events.
The exhibition is being organised with the cooperation of several State governments departments, the Centre and private companies. There will be stalls set up by the Union Ministries of Defence, Railways, Agriculture and Science and Technology.
Stalls will display items ranging from handlooms to electronics and crockery items.
There will be a pavilion for building materials be set up with the help of the Calicut chapter of the Kerala Builders’ Forum, various property developers, prominent banks, steel manufactures, paint companies and other companies catering to the industry.
Three air-conditioned pavilions of 5,000 square feet each would be set up for displaying toys; household items and cosmetics.
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