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<ul><li>At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a negative note amidst cautious cues from global peers. At 7:40 am, the SGX Nifty was trading 0.23% lower, indicating a muted start for Nifty50. On Thursday, the US stocks finished sharply lower as tech shares lost momentum. The Dow Jones Industrial Average ended 1.45% lower. While the S&amp;P 500 lost 1.76% towards the end of trading. Here’s a list of stocks to watch for in trade on September 11: Reliance Industries and Future Retail Mukesh Ambani led RIL has clarified on the circulating news report about the company selling Amazon $20 billion stakes in its retail arm. RIL said, “we do not comment on media speculation and rumours, and we cannot confirm or deny any transaction which may or may not be in the works.” This may also move the shares of Mukesh Ambani’s recently acquired Future Retail. The shares of RIL closed 7.29% higher yesterday, whereas Future Retail was locked in a 5% upper circuit. Bank of Baroda and Union Bank The Bank of Baroda reduced Marginal cost of funds-based lending rate (MCLR) between 5-30 basis points across various tenors with effect from September 12. The Union Bank of India also decided to reduce the MCLR by up to 5 basis points across tenors. One hundred basis points make 1%. The shares of Bank of Baroda closed 3% higher yesterday, whereas Union Bank gained 2%. Info Edge Info Edge said its investee company Zomato had raised $160 million (₹1,173 crore) in funding from Tiger Global and Temasek Holdings subsidiary MacRitchie Investments, valuing the online food ordering platform at $3.3 billion. The shares of Info Edge closed 3.30% higher on September 10. HAL The state-owned Hindustan Aeronautics Limited (HAL) reported a 74% drop in its net profit to ₹148.7 for the first quarter ended June 30. The company’s overall revenue was down 47% compared to the same period last year. The shares of HAL closed 3.24% higher on Thursday. Maruti Suzuki The promoter of India’s largest car manufacturer Maruti Suzuki— Suzuki Motor Corporation acquired 2.84 lakh shares from September 8-9. The shares of Maruti Suzuki closed almost flat on Thursday. Hindustan Copper Hindustan Copper reported a 40% jump in its consolidated net profit to ₹29.8 crore for the first quarter ended June 30. The company’s revenue increased 41.9% to ₹431.4 crore. The shares of Hindustan Copper closed 3% higher on September 10. Yes Bank Yes Bank said it has fully repaid the ₹50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year. The shares of Yes Bank closed 2.20% higher on September 10. BHEL, IRCTC, Rail Vikas Nigam and Adani Green Energy These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/indias-largest-company-reliance-industries-has-reportedly-offered-amazon-a-40-stake-in-its-retail-arm-for-20-billion/articleshow/78041109.cms" data-type="tilCustomLink">India's largest company, Reliance Industries, has reportedly offered Amazon a 40% stake in its retail arm for $20 billion</a> <a href="https://www.businessinsider.in/finance/news/citigroup-ceo-michael-corbat-announces-plans-to-retire-hell-be-replaced-by-the-banks-consumer-chief-jane-fraser-/articleshow/78040520.cms" data-type="tilCustomLink">Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup's new CEO, becoming the first woman to lead a major US bank</a>

Top stocks to watch— RIL, Future Retail, Bank of Baroda, Yes Bank, HAL, Info Edge, Maruti Suzuki, IRCTC, BHEL, HAL, Rail Vikas Nigam and more

New Delhi, Feb 12 () State-run engineering firm BHEL on Wednesday said it has signed a pact with Rosoboronexport, Russia, for cooperation and undertaking projects for defence systems. The memorandum of understanding (MoU) was signed during the 5th India Russia Military Industrial conference held in Lucknow, BHEL said in a statement. The aim of the MoU is to cooperate and undertake joint projects and operations for defence systems. This will help in leveraging BHEL's capabilities in the defence sector in association with Russian OEMs under the 'Make in India' initiative and offer indigenous support and solutions to the Indian defence forces, it added. KKS ABM

BHEL signs pact with Russian firm for defence projects

Mumbai, Jan 30 () State-owned Energy Efficiency Services Ltd on Thursday said it has signed a pact with Bharat Heavy Electricals Ltd to set up a network of public charging infrastructure for electric vehicles at various highways across the country.
 Energy Efficiency Services Ltd (EESL) and Bharat Heavy Electricals Ltd (BHEL) will jointly explore opportunities in the field of e-mobility and fast-track the adoption of EVs in the country under the National E-Mobility Programme, the company said in a statement.
 As part of the agreement, BHEL will offer complete engineering, procurement and construction (EPC) solutions from concept to commissioning while EESL will make the entire upfront investment on services, along with the operation and maintenance of the public charging infrastructure.
 The pact covers collaboration for identifying, planning, development and installation of charging stations at suitable locations, it said.
 "Mobility is changing rapidly, and India is powering ahead to a sustainability-driven future by adopting electric vehicles. Availability of adequate charging infrastructure is one of the key requirements for further accelerating EV adoption in India," EESL Managing Director Saurabh Kumar said.
 He further said setting up charging stations at highways will boost the interest of public commuting from one city to another enabling a smooth and sustainable transition to a future-oriented mobility solution. PSK RUJ
RUJ

EESL partners BHEL to set up EV charging infrastructure

New Delhi, Jan 30 () State-owned firms Energy Efficiency Services Ltd (EESL) and BHEL have signed a pact to set up a network of public charging infrastructure for electric mobility along various highways across the country.
 The two entities will jointly explore opportunities in e-mobility, and fast-track the adoption of electric vehicles (EVs) in the country under the Government of India's National E-Mobility Programme, according to a statement by EESL.
 As part of the pact, BHEL will offer complete EPC (engineering-procurement-construction) solutions from concept to commissioning, while EESL will make the entire upfront investment on services, along with the operation and maintenance of the public charging infrastructure.
 The memorandum of understanding (MoU) covers collaboration in identification, planning, development and installation of charging stations at various locations.
 EESL Managing Director Saurabh Kumar said in the statement, "Mobility is changing rapidly, and India is powering ahead to sustainability-driven future by adopting EVs. Availability of adequate charging infrastructure is one of the key requirements for further accelerating the EV adoption in India."
 He added that setting up various charging stations at highways will boost the interest of public commuting from one city to another, which will enable a smooth and sustainable transition to a future-oriented mobility solution.
 With installation of public charging stations, the range anxiety among public will reduce, which would help in increasing the adoption of EVs in the cities across India. KKS HRS

EESL, BHEL sign pact to set up public charging stations

India's benchmark indices hit fresh all-time intraday high today in a tepid session. 
 
At 02:20 p.m.; the 50-share index was at 6,588.65, up 5.15 points, or 0.08 per cent. It touched an all-time intraday high of 6,595.45 and a low of 6,544.85 in trade today. 
 The S&amp;P BSE <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> was at 22,061.36, up 5.88 points or 0.03 per cent. It touched an all-time high of 22,079.96 and a low of 21,916.87 in trade today. 
 Stock market analysts are all fervent about the fact that the current market rally is being driven on hopes of a stable government post coming elections, but <keyword id="6355261" type="POSITION" weightage="40" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="43940" type="PERSON" weightage="40" keywordseo="P-Chidambaram">P Chidambaram</keyword> finds this amusing. 
 
"I am amused to read in some sections of the media that it is the 'hope' of a stable government that is bringing in investments and driving up the capital market and the value of the rupee," the finance minister was quoted as saying by PTI. 
 "It's not 'hope', but the 'fact' of a stable government provided by the UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the <keyword id="6356076" type="UNKNOWN" weightage="40" keywordseo="indian-economy">Indian economy</keyword>," he said. 
 
Chidambaram said this on a campaign rally in support of his son Karti in Sivaganga, Tamil Nadu. 
 
"If there is any hope that is driving the market, I believe it is the hope that the new government will follow the 10-point agenda that I had spelt out in my Interim Budget speech on 17.2.2014". 
 
"I can assure the people and the investors that a Congress-led government will faithfully implement the ten-point agenda". 
 Talkign about the recent market rally, William De Vijlder, CIO-Strategy, BNP Paribas Investment Partners told ET Now: "Ever since there was talk that Mr <keyword id="6354642" type="PERSON" weightage="40" keywordseo="Modi">Modi</keyword> would play a key role in the political landscape going forward in India, of course the market has reacted to that positively. So, I can only say that there has been quite a bit of anticipation already and that means that if he comes out of the elections as a strong man, then the first 100 days, the honeymoon days, will be very important.” 
 
“What will be absolutely crucial in an environment where there has been a lot of anticipation already, is that the decisions which are announced and measures which are taken, they are sufficiently ambitious and also credible,” he added. 
 
"Since last July, day upon day, polls have been suggesting a stable government at the Centre and added has added to the market momentum besides other factors ... we expect this rally to continue for some more time till the elections are due. So, anything in the range of 6,900 is what we expect," Ravi Muthukrishnan, ICICI Securities, told ET Now today. 
 
Says Sudip Bandyopadhyay, President, Destimoney Securities, "there is an expectation of a stable government after a long-long time which people are expecting will deliver the goods, but there are still some uncertainties in the horizon." 
 
LKP Securities said in a note today: "with the general expectations of a stable government, the rally has legs of improvement." 
 
The S&amp;P BSE Midcap Index was up 0.57 per cent and the S&amp;P BSE Smallcap Index was 0.14 per cent higher. 
 
Among the sectoral indices, the S&amp;P BSE Capital goods Index was up 1.35 per cent, the S&amp;P BSE Power Index advanced 1.79 per cent and the S&amp;P BSE Bankex Index was 0.50 per cent higher. 
 
The S&amp;P BSE Oil &amp; gas Index fell 1.78 per cent, the S&amp;P BSE IT Index was 0.49 per cent lower and the S&amp;P BSE Healthcare Index slipped 0.02 per cent. 
 Shares of Reliance Industries were and ONGC under pressure after the Election Commission asked the <keyword id="46040" type="ORGANIZATION" weightage="40" keywordseo="Oil-ministry">Oil Ministry</keyword> to defer the increase in gas prices that was to take effect from April 1, saying that the decision should be left to the government that's formed after the general election, with the Aam Aadmi Party's <keyword id="260213" type="PERSON" weightage="40" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> taking credit for the move. 
 
The decision will put consumers and producers such as Reliance Industries and ONGC in a quandary because the hike has been stalled after the oil ministry's notification that the new rates would apply from the start of next month. 
 <keyword id="6354446" type="CITY" weightage="40" keywordseo="BHEL">BHEL</keyword> (up 3.99 per cent), Hero MotoCorp (up 2.35 per cent), HDFC (up 1.32 per cent), <keyword id="6357147" type="CITY" weightage="40" keywordseo="Tata-Steel">Tata Steel</keyword> (up 1.31 per cent) and <keyword id="42747" type="CITY" weightage="40" keywordseo="Tata-Motors">Tata Motors</keyword> (up 1.31 per cent) were among the major Sensex gainers. 
 Reliance Industries (2.87 per cent), ONGC (1.76 per cent), <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword> (1.66 per cent), Sesa Sterlite (1.12 per cent) and Dr Reddy’s Laboratories (0.77 per cent) were among the index losers. 
 
The market breadth was negative on the BSE with 1148 gainers against 1605 losers. 
 Foreign institutional investors bought shares worth Rs 1465.62 crore while domestic institutional investors were net sellers worth Rs 770.39 croreon Monday as per the provisional data from the <keyword id="53581" type="CITY" weightage="40" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>.

Markets Make New High; Chidambaram Mocks Experts, Says It's UPA Rally

<keyword id="46436" type="General" weightage="100" keywordseo="rec" source="Orion">REC</keyword> Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (<keyword id="175867" type="General" weightage="50" keywordseo="cpse" source="Orion">CPSE</keyword>), thus giving it greater operational and financial autonomy. An order to this effect was issued by the Department of Public Enterprises, under the Ministry of Finance, on Wednesday. Incorporated in 1969, REC is a non-banking finance company (NBFC), focussing on power sector financing and development across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. It comes under the aegis of Power Ministry. The granting of 'Maharatna' status to REC will impart enhanced powers to the company's board while taking financial decisions, a company statement said. The board of a 'Maharatna' CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the CPSE concerned, limited to Rs 5,000 crore in one project. The board can also structure and implement schemes relating to personnel and human resource management and training. With this, REC can also enter into technology joint ventures or other strategic alliances among others. Chairman and Managing Director of REC, <keyword id="765" type="General" weightage="50" keywordseo="vivek" source="Orion">Vivek</keyword> <keyword id="15053160" type="General" weightage="50" keywordseo="kumar-dewangan" source="Orion">Kumar Dewangan</keyword> said that REC achieved this feat owing to its adaptability, resilience and consistent performance even during the global Covid-19 pandemic. "In FY22, REC made its highest ever net profit of Rs 10,046 crore and reached a net worth of Rs 50,986 crore, owing to its cost-effective resource management and strong financial policies," he said. REC (earlier known as <keyword id="64468" type="General" weightage="50" keywordseo="rural-electrification-corporation" source="Orion">Rural Electrification Corporation</keyword>) has contributed towards achieving village and household electrification in the country. Some key Maharatna CPSEs in India are ONGC, NTPC, Indian Oil Corporation and BHEL, among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-slumps-51-paise-to-all-time-low-of-80-47-against-us-dollar/articleshow/94367387.cms">Rupee slumps 51 paise to all-time low of 80.47 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dot-proposes-fee-penalty-waiver-under-new-telecom-rules/articleshow/94367368.cms">DoT proposes fee, penalty waiver under new telecom rules</a>

REC gets 'Maharatna' company status

The excitement around Go Fashion IPO is making money for shareholders of TCNS Clothing too

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> started Friday on a positive note with shares such as <keyword id="6354446" type="CITY" weightage="100" keywordseo="BHEL">BHEL</keyword>, Larsen &amp; Toubro and Hindalco leading the early charge as traders latched on to some beaten down valuations and brokerage upgrades. <keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword>, whose first quarter sales missed analysts estimates, fell 16 rupees at 2,505 in the first 10 minutes of trade. 

	Nifty's Advance-Decline Ratio stood at 3:1 with the Index quoting 30 points higher at 8,359. The Nifty is likely to see resistance coming in at 8,420-8,370 levels and the support at 8,325-8,275 points. Other major indices in the early morning uptrend were CNX Metals Index and CNX Media Index.
 On the <keyword id="43628" type="CITY" weightage="100" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> was up a modest 94 points at 27,668. The Advance-Decline Ratio stood at 7:3 on the Index, where Vedanta, <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> and Coal India were among the early winners. <keyword id="6359432" type="PERSON" weightage="100" keywordseo="Britannia">Britannia</keyword>, Avanti Feeds, Eveready and Huhtamaki Papers were the stocks that hit fresh highs on the National Stocks Exchange. On the volume buzzers chart were Bhushan Steel, Monnet Ispat and <keyword id="2942825" type="UNKNOWN" weightage="100" keywordseo="R-S-Software">R S Software</keyword>. 

	Foreign funds continued to remain net sellers on Indian equities on Thursday. The sold net 254 crore rupees of stocks, their 5th straight day of sales and their sales in the derivatives markets stood at 1,247 crore rupees in Index Futures and 497 crore rupees in Stock Futures. These numbers point to further weakness in Indian stocks.
 And now for a bit of good news: the IMF has retained its forecast for global growth at 3.8 percent for 2016. It pegs India's <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> expansion at 7.5 percent, making us the fastest growing economy in the world. 
	 
	(Image credits: paladinpost)

The day's begun with a positive note!

The growth slowdown of the past few years doesn't seem to have taken the edge off India Inc’s appetite for profit. As many as 18 companies are poised to join the club of those reporting $1 billion in net income in FY14, the highest in the past six years, keeping the rupee-dollar rate constant at current levels. While this is just one more than last year, the number is significant in the context of India’s prolonged slump. ONGC and <keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword> occupy the top two berths in that order while <keyword id="6357585" type="CITY" weightage="40" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> replaces Coal India at the third place that it occupied last year. According to an ETIG analysis, 18 companies are expected to cross Rs6,100 crore or $1 billion in profit in FY14 against only four in FY08. 
 The tally is also higher than the 13 companies that made it to the $1 billion club in FY08 even after considering the rupeedollar rate of 40 prevailing at the end of that fiscal year. “Inflation, rupee depreciation and commodity price increases, while hurting the <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>, have also benefited certain sectors," said P Phani Sekhar, fund manager, portfolio management services, Angel Broking. Sekhar added that consumer-facing businesses have benefited from price increases. “One of the primary characteristics of the inflationary conditions that prevailed from 2009-14 has been the propensity to consume at the altar of savings.” 
 
The nature of companies that are members of the club has also changed significantly over the years. In FY08, of the four companies that crossed Rs6,100 crore in profit, three belonged to the public sector with RIL being the only non-state entity. In FY14, 13 out of 18 companies will likely be from the private sector. “In the last 5-6 years (since FY08), Indian domestic manufacturing industry has suffered a slowdown,” said Sachin Shah, fund manager, Emkay Investment Managers. 
 
 
 
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 “On the other hand, the domestic services sector and export-oriented businesses have done reasonably well. And this is the primary reason why companies like ONGC, RIL, <keyword id="45179" type="CITY" weightage="40" keywordseo="NTPC">NTPC</keyword> have taken a back seat and companies like TCS, Infosys, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword>, <keyword id="42747" type="CITY" weightage="40" keywordseo="Tata-Motors">Tata Motors</keyword> (JLR), HDFC Bank, <keyword id="6653" type="CITY" weightage="40" keywordseo="ICICI-bank">ICICI Bank</keyword> have done reasonably well.” 
 Considering the rupee’s appreciating trend and the expectation of a recovery in the domestic economy after the general elections, some analysts believe the number of billion dollar profit companies will be maintained in FY15. “I don't see any reason why the number of Indian companies reporting $1 billion or more of profits per annum should fall given that the <keyword id="6356076" type="UNKNOWN" weightage="40" keywordseo="indian-economy">Indian economy</keyword>, even in a recession, continues to grow at 13% per annum (on a nominal basis),” said Saurabh Mukherjea, CEO, institutional <keyword id="45369" type="CITY" weightage="40" keywordseo="equities">equities</keyword>, Ambit Capital. “If anything, given that the informal segment of the economy is being relentlessly squeezed by better organized, listed companies, we should see a sharp pick-up in billion dollar or more profit reporters in the years ahead.” 
 A sustained growth revival could see more companies joining the club in subsequent years. “We are expecting 16% earnings growth in <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> earnings for FY15, (so) $1 billion PAT (profit after tax) companies would largely remain the same," said Rikesh Parikh, vice-president, institutional corporate broking, Motilal Oswal Securities. “However, afew more companies could make their mark in FY16 in case of economic revival.” The top three IT companies, including TCS, Infosys, and Wipro, will figure in the list for FY14 as well following sustained momentum in global IT outsourcing demand and the weaker rupee. 
 “Export-oriented sectors such as IT have benefited from 33% depreciation in the rupee against the dollar," said Sekhar of Angel Broking. Bharat Heavy Electricals (<keyword id="6354446" type="CITY" weightage="40" keywordseo="BHEL">BHEL</keyword>) is likely to miss the list this time around, considering the public sector electrical engineering giant’s poor show in the first nine months of FY14, when net profit halved to Rs 1,616 crore from Rs 3,377 crore a year earlier. It’s unlikely that the company will be able to exceed last year's profit of Rs 6,614 crore. Axis Bank is expected to debut in the club in FY14, given its double-digit net profit growth in each of the three quarters of the fiscal year so far. It has clocked a profit ofRs4,375 crore in the nine months and is likely to cross the Rs6,100 crore mark by the end of the March quarter.

In FY14, 18 Companies To Join Group Reporting $1 Billion And More In Net Income, The Most In 6 Years

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<ul><li>India's Silicon Valley is headed to the polls today and unemployment is one of their main concerns. </li><li>It's not only the IT industry but also the small enterprises that have been hit by demonetisation and India's revamp of its tax system. </li><li>Bengaluru's transformation to an industrial hub hasn't been without its cost with the city's burgeoning environment pollution problem.</li></ul>Bengaluru, known as India’s Silicon Valley and home to two of the biggest IT companies in India — Infosys and <a href="https://www.businessinsider.in/wipro-phishing-attack-computer-system-hacked/articleshow/68918449.cms">Wipro</a> — goes to the polls today representing 17% of Karnataka’s population. Amid the rapid changes in technology and the United States <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">tightening</a> immigration laws, the sheen from India’s IT hub has dulled. Between 2016 and 2018, at least five million people lost their jobs in India according to a <a href="https://in.reuters.com/article/india-election-jobs/five-million-lost-jobs-in-india-between-2016-and-2018-report-idINKCN1RT1I3">report</a> by the Azim Premji University reporting unemployment increase in the formal and informal sectors of the economy. India is already looking at the highest unemployment rate in 45 years according to <a href="http://v">reports</a> and its effect is not lost on Bengaluru even with the <a href="https://www.financialexpress.com/industry/here-are-jobs-hiring-rises-by-15-bangalore-tops-check-where-delhi-mumbai-stand/1487202/">highest</a> hiring rate in the country. <a href="https://www.teamleasegroup.com/resources/reports/19">According</a> to TeamLease’s Employment Outlook, Bengaluru has been categorised as an employment ‘laggard’ with its employment outlook falling two percentage points in 2018. Waning job growth after demonetisation and the implementation of the General Goods and Services Tax (GST), Bengaluru is far from the day when it saw job spurts across the board for technical and blue-collar positions — starting from state run companies like India Telephone Industries Limited (ITI), Hindustan Aeronautics Limited (HAL), Bharat Electronic Limited (BHEL), and Bhart Earth Movers Limited (BEML). 
 <div type="ExtQuote" text="One must remember that a significant number of voters come from outside Karnataka. In the IT sector, at best 65% of the people are locals and 35% are from outside. So it is quite possible that they cannot go back to their places to vote, while some may have gone back to vote. So I would not worry too much about voter turnout being only 55%." auname="Indian IT industrialist and co-founder of Infosys, NR Narayana Murthy"></div>

 Changes in technology As technology gets more complex with the rapid implementation of artificial intelligence (AI) and machine learning (ML), so does the <a href="https://www.nasscom.in/system/files/secure-pdf/the-future-of-me_0.PDF">gap</a> of technical and non-technical skill requirements required for the sector. So, it's not that the jobs don’t exist in Bengaluru — there’s actually an increasing demand for highly skilled technical management jobs that offer <a href="https://timesofindia.indiatimes.com/city/bengaluru/bengaluru-pays-the-highest-salaries-in-india-study/articleshow/66743965.cms">high</a> salaries — but more, that people aren’t equipped with the correct skill sets for employment. The bigger issue boils down to the quality and content of educational institutions where the <a href="https://www.facilities.aicte-india.org/dashboard/pages/dashboardaicte.php">placement rate</a> of engineering and management schools was its highest at 30% between 2012 to 2018, according to AICTE’s online data dashboard. It’s not just Bengaluru that has jobs on its mind. It’s the <a href="https://www.businessinsider.in/lok-sabha-elections-2019-pew-research-report-on-key-election-issues/articleshow/68572903.cms">number one</a> issue for Indian voters as they participate in the world’s largest democratic exercise according to a report by the Pew Research Center (PRC). Lingering effects of demonetisation Demonetisation has been particularly hard for the citizens in Peenya, one of the biggest industrial areas in Asia located in northwest Bengaluru — and primary depends on cash for its transactions. It’s home to more than 6,000 small businesses, employing over 800,000 people and generation ₹120 billion ($1.72 billion) in revenue, according to Peenya Industries Association. Even Bengaluru’s realty market is only just <a href="https://bangaloremirror.indiatimes.com/bangalore/others/realty-market-rises-from-demonetisations-ashes/articleshow/63523111.cms">starting</a> to recover from the effects of demonetisation where property <a href="https://news.housebolo.com/demonetisation-impact-bangalores-property-markets-takes-a-hit/">registrations</a> dipped from 1,800 per day to 200 per day. Startups <a href="https://inc42.com/features/indian-startup-shutdowns-2017/">came</a> under the gun as well, especially the e-commerce segment. Bigger startups like Flipkart and Zomato, both based out of Bengaluru, had to <a href="http://v">figure out</a> how to make up for the fact that 60 to 70% of their orders were cash-on-delivery transactions. Choking on industrial waste While industries in Bengaluru have thrived over the past couple of years, it has not been without its cost. The city’s Bellandur Lake and Vrishabhavathi River have been in the news for all the wrong reasons. The Bellandur Lake was seen spewing a 10-feet high wall of toxic foam that seeped on to the roads and bridges. 
	
 
 
 <div type="image" title="d7bc57be0e0a6a0fb56b45acb0836c51" msid="68930987" hostid="261" caption="&amp;lt;p&amp;gt;The 10 feet of foam on Bellandur Lake in Bengaluru in 2016&amp;lt;/p&amp;gt;"></div>









 Rashmi Mandanna, a south Indian actor, even did an underwater photoshoot at the lake to draw awareness the increasing problem of water pollution. 
	
	
	
	<div type="twitter" handle="iamRashmika" handlename="Rashmika Mandanna" image="http://pbs.twimg.com/profile_images/1048058166737608704/hcxNROBl_normal.jpg" favoritecount="12895" retweetcount="2839" status="This was a photoshoot regarding awareness for the water pollution by this wonderful team Creative Director :… https://t.co/CiRvenS0Ua" createdat="1544704656000" id="1073195228603928577"></div>









 The Peenya Industrial Belt, with more than 7,500 industries — including the Peenya, Yeshwanthpura, Rajajinagar, Jalahalli, Goraguntepalya and Dasarahalli industrial areas — has also been called into question for polluting the Vrishabhavathi River and the lakes within its catchment area. One of lakes, Nelagadaranahalli Lake, is even <a href="https://www.thenewsminute.com/article/how-bengaluru-s-peenya-industrial-area-has-choked-and-killed-its-surrounding-lakes-90116">speculated</a> to be more toxic than Bellandur Lake. The problem seems to be on the rise despite corporates facing penalties <a href="https://www.downtoearth.org.in/news/pollution/ngt-makes-polluters-pay-nearly-double-so-far-this-year-than-whole-of-2018-63927">amounting</a> to ₹750 million ($10.8 million) within the first quarter of 2019 for water pollution in Karnataka from National Green Tribunal (NGT). The issue of the city’s lakes being polluted also fuels the resultant water crisis in the city. Citizens <a href="http://www.newindianexpress.com/cities/bengaluru/2019/mar/26/water-and-traffic-issues-bog-down-it-showcase-of-bengaluru-1955879.html">claim</a> that the water was crystal clear and used for drinking and agricultural activities. But despite these issues, the biggest <a href="https://economictimes.indiatimes.com/news/elections/lok-sabha/india/decoded-the-concerns-and-aspirations-of-the-urban-electorate-in-seven-indian-cities/articleshow/68868018.cms">challenge</a> is going to be getting voters to come out and participate in a city that has consistently recorded a low voter turnout. The Bharatiya Janata Party (BJP already paid the price for some of these issues by losing its opportunity to win during the Karnataka’s State Assembly Elections in 2018. But, the Janata Dal (Secular) and Congress alliance that replaced the government has been <a href="https://www.news18.com/news/politics/dissidence-in-some-lok-sabha-seats-over-jds-alliance-says-congress-2078551.html">facing dissidence</a> in certain constituencies, hampering their prospects. See also: <a href="https://www.businessinsider.in/lok-sabha-elections-2019-pew-research-report-on-key-election-issues/articleshow/68572903.cms">5 charts that tell you what India cares about ahead of 2019 elections</a> <a href="https://www.businessinsider.in/lok-sabha-election-2019-second-phase-political-strategy-for-reserved-seats/articleshow/68925204.cms">Nearly a quarter of the seats in the Lok Sabha are “reserved” and they matter a lot in this election</a> <a href="https://www.businessinsider.in/politics/elections/lok-sabha-elections-2019-second-phase-of-polling-in-tamil-nadu-voters-issues/articleshow/68930595.cms">Tamil Nadu’s angry voters have a small oil field, a big highway, a medical entrance test, and a police shootout in mind</a>

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