Business & Economy

Centre announces new investment initiative

What is India News Service, Friday, 28 January 2005, 2100 hrs IST

Without ruffling feathers, the Congress-led UPA Government on Thursday unveiled its new disinvestment policy.

It involves selling minority stakes in both listed and unlisted profitable public sector enterprises without ceding management control.

To carry the Left parties on board for the new disinvestment programme, the Cabinet Committee on Economic Affairs (CCEA) also agreed to set up a "National Investment Fund" with proceeds from the sale of Government equity in profitable PSUs. This will be in the form of a separate dedicated fund such as the Central Road Fund (CRF) operating outside the Consolidated Fund of India (CFI).

For implementing the disinvestment programme, the CCEA has segregated profitable PSUs that are currently unlisted and those that are already listed on the bourses.

"The Fund would be managed by professional public sector managers such as LIC Mutual Fund, UTI Mutual Fund and SBI Mutual Fund, returns of which would be utilised for social sectors such as education, employment and health and for capital investment in select PSUs," said Finance Minister P Chidambaram.

India Inc sets a scorching pace: Some 140 firms have posted a profit growth of 200%. 

NCAER pegs GDP growth at 6 to 6.7 pc: The National Council for Applied Economic Research has projected that the GDP growth rate this year would be between 6 per cent and 6.7 per cent. This is marginally higher than the think-tank\92s earlier projection where NCAER had said that the GDP would grow in the range of 6.2 per cent.

HPCL's Q3 net dips 70 pc: Hindustan Petroleum Corporation Ltd (HPCL) registered a sharp decline of about 70 per cent in its third quarter net profit at Rs 235.92 crore as compared to Rs 775.71 crore in the year-ago period. 

Bharti Tele Q3 net climbs 131 pc: Riding on a 75 per cent growth in subscriber base, telecom major Bharti Tele-Ventures Ltd on Thursday announced a profit of Rs 373 crore for the third quarter ended December 2004.

Dabur snaps up Balsara in Rs 143 cr deal: Deal will give Dabur access to Balsara's leading oral care & household care products 

Infosys lists reservation in pvt sector as risk in SEC filing: Infosys Technologies has listed the possibility of the Maharashtra Government passing legislation on reservations in the private sector as a risk factor in its latest filings with the Securities and Exchange Commission (SEC) of the US.

Decision on Bhel, Maruti selloff deferred: The government today decided to set up a National Investment Fund from the proceeds of disinvestment of public sector undertakings even as it deferred a decision on the proposed sale of government equity in Maruti Udyog Limited and Bharat Heavy Electricals Limited by a few weeks.

Multi-commodity exchanges or specialised product bourses?: Are the country's three multi-commodity futures exchanges 'multi' only in name? A perusal of daily trading volumes in the three exchanges does suggest so. 

Tech, healthcare stocks sizzle: Stock prices sustained the momentum gained on Tuesday and ended Thursday with larger gains. The rally on Thursday was much more broad based with nearly 160 out of the 203 A-group stocks ending the day with gains.

Lakshmi Mittal is Henry Ford of 21st century steel: Steel magnate Lakshmi Mittal has been named Fortune\92s Europe Businessman of the Year. His deal making and steel making last year has earned him the title and helps Mr Mittal in his bid to be the \93Henry Ford of 21st-century steel\94.

Drug firms shower cloned freebies: Buy 1, get 4 free tadalafil copies are on offer as patents kick in. 

Maruti plans motor school in Chandigarh: Based on the feedback given by some of its officers who had travelled to London and had a look at the  
motor training schools there, country\92s largest car manufacturer Maruti Udyog Ltd has decided to open motor training schools in India too,  
with the beginning to be made in Chandigarh.

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