government plans to infuse Rs 20,000 cr in PSU banks

SHARES of leading public sector undertaking (PSU) banks were trading higher by up to 5 per cent on the National Stock Exchange (NSE) on September 14 after the Union government sought the Parliament’s nod for infusing Rs 20,000 crore in state-owned banks. Among individual banks, Uco Bank was up 5 per cent at Rs 13.65 on the NSE. Indian Bank, Bank of Maharashtra and Jammu & Kashmir Bank were up 2 per cent each, while Indian Overseas Bank and Bank of Baroda were up 1 per cent on the NSE. However, State Bank of India (SBI) was down 2 per cent to Rs 199, after falling 3 per cent from its intra-day high of Rs 206 on the NSE. Bank of India and Punjab National Bank were also trading in red, falling more than 1 percent from intra-day high on the NSE. At 01:45 pm, the Nifty PSU Bank index was down 0.31 per cent, as compared to...

Govt hopes to raise Rs 10,000 crore from Air India assets sale: Report

THE government is planning to raise Rs 10,000 crore by selling subsidiaries and assets belonging to Air India. The proceeds from the sale will be used to pay off a portion of the Rs 29,000-crore loan which the government had taken over from the flag carrier.
The funds will be raised by sale of Air India subsidiaries Air Transport Services Limited (AIATSL), Air India Engineering Services Limited (AIESL) and...

New government to take up BSNL, MTNL revival plan: Sources

THE Ministry of Finance has requested the Department of Telecommunications (DoT) to re-examine the revival proposals for Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL). The ministry has asked the telecom department to submit reworked proposals to the new government, which will take charge after the Lok Sabha elections.
According to a senior official, this...

Air India earmarks Rs 500 crore to get grounded aircraft operational: Report

TO MEET high demand and raise its market, national carrier Air India has earmarked Rs 500 crore to get 19 of its grounded passenger jets back into operations.
Currently, the national passenger carrier has 19 aircraft grounded due to various reasons most prominent amongst them being expensive spare parts and engine overhauls.
However, an increase in demand due to the peak travel season along with industry's capacity constraint has led the airline to earmark at least Rs 500 crore for the grounded fleet.
"This is an opportune time to raise our market...

HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap

HINDUSTAN Petroleum Corp Ltd's plans to acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) has hit a cash hurdle, with parent ONGC preferring a cash deal rather than a share-swap, media reports quoting sources said.
Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last year completed acquisition of Hindustan Petroleum Corp Ltd (HPCL) for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries -- HPCL and MRPL.
Since then, HPCL is keen to get MRPL in its fold citing...

VRS package may save Rs 1,080 cr in annual salary tab: MTNL chief

THE Voluntary Retirement Scheme (VRS) being proposed by the telecom department could save Rs 1,080 crore in annual wage expenses for Mahanagar Telephone Nigam Ltd (MTNL), and the telco expects about 9,500 employees to opt for the scheme as and when it comes up, according to its chairman.
The Department of Telecom (DoT) has prepared a rescue plan for the distressed PSUs, MTNL and Bharat Sanchar Nigam Ltd (BSNL), in form of a revival package that entails components like VRS, asset monetisation, and allocation of 4G spectrum. According to sources, the revival plan may be taken up by the cabinet soon.
MTNL Chairman and Managing Director PK Purwar told a news agency...

Air India SPV approaches banks seeking lower interest rates on loans: Report

THE government's special purpose vehicle Air India Assets Holding (AIAHL) will soon ask banks to slash interest rates, from 10.5-11 percent at present to nearly 8.5 percent, on the Rs 29,464-crore working capital debt of Air India that it took over.
The loan of Air India was shifted to the SPV back in 2018 to make the airline attractive to potential buyers during the airline's divestment process. An official source told The Financial Express on condition of anonymity that AIAHL will negotiate...

List of PSUs that accept GATE 2019 scores, salary offer over Rs 8 lakh

THE online application process in various Public Sector Units (PSUs) has been started, and the candidates can apply through their GATE score. These PSUs give attractive packages to the employees and job security is a key feature. In India, over 50 public sector undertakings (PSUs) directly hire on the basis of the Graduate Aptitude Test in Engineering (GATE) scores. There are huge vacancies filled through these PSUs and the...