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FinMin banks on HPCL-ONGC deal to mop up over Rs 90,000 crore in disinvestment, narrow fiscal deficit
Posted on 18th January 2018
Riding on the back of expected HPCL-ONGC deal, the government is eyeing to end FY18 with record disinvestment receipts of over Rs 90,000 crore as against the Budget target of Rs 72,500 crore, media sources reported. It is almost the double of over Rs 46,000 crore recorded last year. However, the exact amount to be raised after stake sale in HPCL is still uncertain. The deal, if finalized by March this year, should raise over Rs 30,000 for the government.The fiscal deficit reached Rs 6.12 trillion or 112% of the full-year budget during eight months to November. In less than a month of announcing additional market borrowings of Rs 50,000 crore for the fiscal year ending March-18, the government announced on Wednesday that it has cut its requirement to Rs. 20,000 crore from Rs 50,000 crore estimated earlier. After this news, Sensex touched 35,000-levels for the first time ever. Markets have extended the record-breaking rally on Thursday with Sensex and Nifty opening at fresh records after hitting new milestones in yesterday’s trade. BSE Sensex gained as many as 394.88 points to hit a lifetime high of 35,476.7 while NSE Nifty added 98.55 points to mark the record high of 10,887.1 on Thursday. It’s most probably the deal may fuel positive sentiments in the markets if closed this fiscal year.

The Core Group of Secretaries on Disinvestment (CGD) headed by the Cabinet secretary has approved the broad contours of Oil and Natural Gas Corporation’s proposed acquisition of the government’s 51.11 percent stake in Hindustan Petroleum Corporation, paving the way for the transaction later this month, The Financial Express had reported on January 10.

DIPAM’s data showed that as on January 02, 2018, the government has achieved Rs 32,321.92 crore from CPSE disinvestment compared to their target of Rs 46,500 crore. While Rs 4,153.65 crore has been achieved from strategic disinvestment so far in FY18 compared to their target of Rs 15,000. It was only listing of insurance companies that overshoot the disinvestment target of Rs 11,000 crore this fiscal. The government has raised about Rs 17,357.48 crore from this mechanism with the listing of The New India Assurance Company Limited and General Insurance Corporation Of India. The government has thus raised about Rs 53,833.05 crore – which would be over 74 percent of disinvestment target.

Related Companies: Oil and Natural Gas Corporation Limited (ONGC)   Hindustan Petroleum Corporation Ltd.(HPCL)   

Other Latest News
I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019
Posted on 13th December 2019

The Income Tax Department has issued as much as Rs 1.57 trillion of income tax refunds in the first eight-and-a-half-months of the current fiscal compared to Rs 1.23 trillion in full 2018-19 fiscal, Revenue Secretary Ajay Bhushan Pandey said Friday.

At a press conference called to disclose impact of steps taken to boost consumption in the economy so as to uplift growth from a six-year low, Pandey said tax refund cases have gone up by 17 per cent to 2.16 crore.


Andhra govt passes 'Disha Bill' to provide speedy trials, stricter punishment for sexual offences
Posted on 13th December 2019

In a historic move, the Andhra Pradesh legislative assembly on Friday passed AP Disha Act 2019 to protect women and children in sexual offences cases by providing speedy investigation and justice to victims.

Chief Minister YS Jaganmohan Reddy said the Nirbhaya case and the recent Disha case have compelled the need for AP Disha Act which has many salient features.


Tamil Nadu overtakes Karnataka to become No 1 in renewable energy
Posted on 13th December 2019

Tamil Nadu has overtaken Karnataka to become India's top renewable power generating state in FY20 (till October).

Of the total renewable power generation in the country, nearly 17.2 per cent was from Tamil Nadu. According to Central Electricity Authority (CEA) data in 2019-20 (upto October) 85,774.92 million units (MU) of power was generated through renewable energy, of which 14,771.69 MU was generated by Tamil Nadu followed by Karnataka (14,730.08 MU), Gujarat (10,505.54), Andhra Pradesh (9,638.70), Maharashtra (8,942.55) and Telangana (3794.99 ).


After 50% returns, 2020 may be even better year for Indian primary market
Posted on 13th December 2019

India's market for initial public offerings is expected to gather pace in 2020 after this year's relatively small crop saw strong gains in the stock market.

The 14 mainboard IPOs this year have risen by an average of more than 50% since listing, data compiled by Bloomberg show.


HDFC rallies 2% to hit all-time high of Rs 2,363; analysts remain bullish
Posted on 13th December 2019

Shares of Housing Development Finance Corporation (HDFC) hit an all-time high of Rs 2,363, up 2 per cent on the BSE on Friday after the company completed the acquisition of HDFC Credila Financial Services. The stock surpassed has its previous high of Rs 2,357 hit on July 18, 2019.

"The Corporation has completed acquisition of 11.47 million equity shares, representing 9.12 per cent of total equity of HDFC Credila for a total consideration of Rs 395 crore, from its promoter Ajay Bohora and Anil Bohora," HDFC said in a regulatory filing.


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