
MMTC, Tata Steel shares jump up to 8%; here’s why
Tata Steel has completed the acquisition of 93.71% stake in Neelachal Ispat Nigam through its subsidiary, Tata Steel Long Products.
Tata Steel has completed the acquisition of 93.71% stake in Neelachal Ispat Nigam through its subsidiary, Tata Steel Long Products.
The central government is looking to divest its entire stake in FSNL and transfer management control through the disinvestment process.
This will enable PSEs to monetise their investment at an opportune time or close their loss-making and inefficient subsidiary, unit or JV at the right time.
The Centre earned only ₹12,037 crore from offloading equity holdings, merely 15% of the budgeted disinvestment target of ₹78,000 crore for FY22.
IDBI Bank shares gained 5.5% to hit a high of ₹49.8 on the BSE amid reports that the central government and LIC of India will sell their stake in the lender.
The value excludes the government stake in public sector banks where stake sale has not begun yet.
Even though the shortlisted bidders have got cold feet, the transaction advisers will persuade the bidders to come back to the bidding process.
Supreme Court’s order for regular investigation came in response to CBI’s closure report filed in 2017, which sought an end to its probe in govt's disinvestment in Hindustan Zinc way back in 2002.
The monetisation agenda has been led by the roads sector, followed by power and mining.
Should not resort to self-defeating measures that hurt revenue in short and long run such as high tax on individuals but low tax on corporates.