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Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy. Sitharaman had in her first Budget in 2019 replaced leather briefcase -- which had been in used for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. Budget 2023-24 would be in paperless form, as done in the last two years, and would be available on the 'Union Budget Mobile App' for hassle-free access by Members of Parliament (MPs) and the general public. Here are the key numbers to watch for in Budget 2023-24, which is widely expected to boost spending towards policies that create jobs, leave more money in hands of the common man and boost manufacturing, while increasing tax revenues. * <keyword id="6365485" type="General" weightage="20" keywordseo="Fiscal-Deficit" source="Orion">Fiscal Deficit</keyword>: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2023 is 6.4 per cent, against 6.71 per cent in the last fiscal. The number for 2023-24 would be in focus as it is widely expected that the government would open its purse strings in an election year. * Disinvestment/Privatisation: In current fiscal year the budgeted disinvestment target is likely to be missed, like the past four years. It is expected the government would set a realistic target for next fiscal. * <keyword id="112324" type="General" weightage="20" keywordseo="Capital-Expenditure" source="Orion">Capital Expenditure</keyword>: The government's planned capital expenditure for this fiscal year is budgeted at Rs 7.5 lakh crore, higher than Rs 5.5 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivising states to step up capex. * Tax Revenue: The Budget had pegged direct and indirect tax mop-up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore. The government's tax revenues are expected to overshoot the budget estimates by about Rs 4 lakh crore on buoyant income tax and customs duty. * <keyword id="6370254" type="General" weightage="20" keywordseo="Borrowing" source="Orion">Borrowing</keyword>: The government's gross borrowing budget was at Rs 14.31 lakh crore in current financial year ending March 31. The government borrows from the market to fund its fiscal deficit and with tax revenues seeing an uptick, the government has cut its gross borrowings by Rs 10,000 crore to Rs 14.21 lakh crore. The borrowing number would be watched by the market, especially on the back of expected higher capital expenditures to boost growth. * <keyword id="3236955" type="General" weightage="20" keywordseo="Nominal-GDP" source="Orion">Nominal GDP</keyword>: India's nominal GDP growth (real GDP plus inflation) in the current fiscal is estimated to be 15.4 per cent. The numbers for next fiscal would be lower as the inflation has come down. The Budget is expected to give an outline on the nominal GDP growth numbers. Real GDP growth in current fiscal is projected at 7 per cent and come down to 6-6.5 per cent in the next. * Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education.

Budget for world's fastest growing economy: Key numbers to be watched

The <keyword id="47209" type="General" weightage="100" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the strategic sale of the companies for which the Cabinet approval is already in place," an official told PTI. This means that the government will go ahead with the privatisation of companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and RINL or <keyword id="221747" type="General" weightage="50" keywordseo="vizag-steel" source="Orion">Vizag Steel</keyword>, as well as the big ticket IDBI Bank. Considering that strategic sale or privatisation takes at least a year, and in some cases even more, to conclude, a high budgeted disinvestment target may not be achievable. Nangia Andersen LLP, Partner- Government and Public Sector Advisory, Suraj Nangia said: "The privatization process often takes time, depending on the type of privatization and the economic, social, and political context, emphasizing the importance of a medium-term plan, a solid regulatory framework, and competitive markets". "A multi-year strategic plan for privatisation can be formulated to ensure there is a concrete timeline and a well-designed sequencing and strategy for privatisation," Nangia said. EY India, <keyword id="665532" type="General" weightage="80" keywordseo="associate-partner" source="Orion">Associate Partner</keyword>, Tax and Economic Policy Group, Rajnish <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said the privatisation programme may see an uptick after the 2024 general elections. "Maybe this year's Budget is going to be a little muted and we may see announcements around disinvestment and sale of minority stakes. After 2024, we may see an acceleration in the privatisation programme again," Gupta said. In the past year, the government had called off a couple of strategic sales, including BPCL, due to a lack of investor interest. Experts feel that the private sector will be more keen on buying state-owned companies if their deal is sweetened with tax incentives and regulatory exemptions. Nangia said private sector participation is more likely to be successful when the required information is accurate, such as that of the operating performance, the condition of assets etc. "An important factor considered by investors as they decide on bidding in privatisation programme is a 'predictable regulatory environment and absence of undue administrative impediments to business in general'. Other relevant factors include sufficient and accessible resources, including the presence of relevant infrastructure and human capital, tax incentives, financial subsidies and regulatory exemptions," Nangia added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

Airtel, SBI, Central Bank of India, IOB and other stocks to watch out for on June 22

Budget 2020: LIC to get Privatised

The recently announced <keyword id="9460361" type="UNKNOWN" weightage="20" keywordseo="space-sector-reforms">space sector reforms</keyword> are not aimed at privatisation of Indian Space Research Organisation (<keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword>), its Chairman and Secretary in the Department of Space, K Sivan asserted on Thursday. The space agency also stated that the draft on the proposed space activity bill is almost final and it will soon be placed before the Union Cabinet for approval. "When space sector reforms were announced by the government there were many misconceptions like it would lead to privatisation of ISRO. It is not. Again and again I'm repeating it is not the privatisation of ISRO," Sivan said. Addressing a webinar on "Unlocking of India's Potential <keyword id="7412163" type="UNKNOWN" weightage="20" keywordseo="in-space">in Space</keyword> Sector," he said the whole aim of reforms is enabling the private players to carry out the space activities which is otherwise being done by ISRO. "In fact, the activities of ISRO are going to increase and ISRO will be able to better utilise its resources in taking up developmental as well as capacity building activities of the government, rather than the routine production activity," he added. The Union Cabinet on June 24 approved participation of the private sector in the entire range of space activities, including planetary exploration missions. It had said, the newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, by hand-holding industries in space activities through encouraging policies and a friendly regulatory environment. Also, the New Space India Limited (NSIL), a PSU under the Department of Space, will endeavour to re-orient space activities from a "supply driven" model to a "demand driven" model, thereby ensuring optimum utilisation of our space assets, it had said. Noting that the space sector reform introduced by the government is going to be a "real game changer", Sivan said private sector participation in the space sector has been increasing worldwide and it is a healthy trend, as it increases diversity. In India too space sector startups are taking developmental activities in both launch vehicles as well as in satellites, he said. However, there was no mechanism available in the country to extend technology and infrastructure support to them. Also there was no regulatory mechanism to control the private sector activities, so an institutional mechanism has been created as part of reform. The webinar was attended by Principal Scientific Advisor to government of India K Vijay Raghavan, Mahindra Group Chairman Anand Mahindra, Bharti Enterprises Chairman Sunil B Mittal among others. Further observing that with the opening of the space sector, ISRO can focus on technology development and capacity building Sivan said in addition to that it will also facilitate private sector participation in major national missions through announcement of opportunity. However, the private sector will have to do their own research and development activities, business viability studies, funding as well as finding customers for their services, he said. Pointing out that import of communication satellites is now in the embargo list under 'Aatma Nirbhar Bharat Abhiyan', the ISRO Chief said there will be a need for large number of communication satellites to be launched in the immediate future and this could be a huge opportunity for ISRO and also for the private sector. Launching a small satellite is another area where there is a huge projected demand and some startups are interacting with ISRO at an advanced stage and may launch very soon. According to ISRO officials, more than 500 industries are currently involved in activities such as production of components and more than 80 per cent of the launch vehicle and 60 per cent of the spacecraft budget is spent on industry. Scientific Secretary to ISRO, R Uma Maheshwaran said participation of the private sector in end-end space activities is definitely a strategy to expand the space economy. Noting that the private sector is much eager now, he said a lot of people are coming forward to make launch vehicles, and satellites and providing space based services. Uma Maheshwaran also said a mechanism is required regarding the indulgence of the private sector and for this, enactment of the space activity bill is a primary requisite. "It (bill) is almost in its final shape now, we have presented it to the Ministry (PMO) for inter-ministerial consultation and we feel that very soon it will be approved by the Cabinet and presented to the Parliament for making it an act. This is mandatory as India is signatory to the outer space treaty," he added. Vijay Raghavan, noting a lack of risk capital for industry to sufficiently invest in R&amp;D, said risk needs to be mitigated and for this the combination of talent and material resources, partnering with industry is needed. The opening of the space sector in India will have its impact globally, and also all sectors in India, he said adding that ".. this is an opportunity to increase volume and quality in extraordinary ways." Suggesting that space may well become the new "gold rush", Anand Mahindra said though India has an established and credible space programme, its share of the market is miniscule and he was sure that beginning now it will change with the entry of the private sector. "... it is our opportunity to level the playing field, by leveraging our competitive advantages and we have to seize it now," he said, while admitting that industry and private sector are often "uneasy bedfellows", but we have to make these reforms work as it is the best way forward". Sunil Mittal stressed on the need for the policy on participation of private sector in space programme to be "light-touch" but said it should be very strong on security, foreign policy aspects and some of the guidelines need to be very clear so that industry participants know how to operate within the policy framework. 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ISRO Chairman K Sivan asserts that space sector reforms are not aimed at privatising the agency

New Delhi, Dec 9 () Officers union of blue-chip PSUs on Monday opposed the government's decision to privatise India's second-biggest oil firm BPCL, saying family silver worth Rs 9 lakh crore is being sold for a fraction of the amount.
 The Federation of Oil PSU Officers (FOPO) and Confederation of Maharatna Companies (COMCO), claiming to represent over 70,000 officers of the top state-owned firms, at a press conference said the government was killing the goose which lays golden eggs by privatising the highly profitable Bharat Petroleum Corp Ltd (BPCL).
 "Our comprehensive evaluation of the assets of BPCL reveals true worth of BPCL to be Rs 9 lakh crore. Today's market cap of BPCL is Rs 1.06 lakh crore. Typically, management control fetches 30-40 per cent premium over the market cap. Even after considering a premium of over 100 per cent, there is likely destruction of wealth to the tune of Rs 4.46 lakh crore," said Mukul Kumar, convenor, FOPO and COMCO.
 The officers union, he said, was not opposed to private competition but they should not be handed on a platter assets set up over years. "Let them come in and set up their own infrastructure. We don't have any problem to compete with them."
 The Union Cabinet had last month approved the sale of the government's entire 53.29 per cent stake in BPCL, arguing the resources unlocked by the strategic disinvestment would be used to finance social sector programmes benefiting the public.
 BPCL was created by nationalising Burmah Shell after the private firms refused to cooperate in the national duties during the 1971 war, Kumar said. "The proposed privatisation would be no less than taking about-turn from the compulsion cited for effecting nationalisation."
 Asked if the officers union will go on strike to protest privatisation plans, he replied in the negative, saying they will submit a representation to the Prime Minister about the facts.
 "BPCL is a Maharatna company and part of the Fortune 500 list of companies for 15 years. It has sound finances, efficient management, second-largest fuel retailer, pays more than Rs 17,000 crore as dividend to the central government. It has 6,000 acres of land across India, of which 750 acres is in Mumbai alone which is valued for crores of rupees," he said.
 He said privatising BPCL would dent the government's social commitment as the new owner is not likely to follow the policy of providing reservation to SC/ST, OBCs and economically weaker classes as also not service remote and not so profitable areas.
 "The goose that lays golden eggs is being killed to meet the government's fiscal deficit target," he said. "This is anti-people and biggest wealth destroyer step."
 Citing past privatisation moves where the new buyer asset stripped the companies they acquired, he said the government should empower the PSUs and give them level playing field to compete with the private sector.
 "This (privatisation of BPCL) is suicidal for the country," he said. ANZ ABM

Officers union opposes BPCL privatisation

Goyal in Rajya Sabha(Eds: Updating with minister's response) New Delhi, Mar 17 () There is no plan to privatiseIndian Railways as it belongs to the people of the country,Railways Minister Piyush Goyal asserted in Rajya Sabha onTuesday after some members raised concerns over it.Replying to a discussion on the working of the Ministryof Railways, Goyal announced an investment of Rs 50 lakh crorein the national transporter over the next 12 years."I want to make it crystal clear that there is no planor proposal to privatise Indian Railways, it will not happen.Indian Railways belongs to the people of this country, it willremain so," Goyal said.Keeping in mind development of the railways, thegovernment may, however, bring in a few services under privatesector in order to provide better services to the passengers,he added.Participating in the discussion, several Rajya Sabhamembers raised concerns over the poor financial health of therailways, decline in job opportunities and delay in executionof major projects, besides privatisation of the nationaltransporter.Goyal said the government was committed to making IndianRailways world class in every aspect."In the next 12 years we are going to invest Rs 50 lakhcrore in the Indian Railways. We will do it in publicprivate partnership. We will also give the chance to thepeople of this country to be part of this process," he added.Goyal, in reply to allegations by Trinamool Congressmember Derek O'Brien, said that sharing of funds between theCentre and state governments for new railway projects wasstarted during the UPA regime of which the Trinamool Congresswas a part, and it was inherited by the BJP as a legacy.The minister, however, added it was "not a bad practice".Goyal cited various news reports on the performance ofthe railways under former Railway Minister and TrinamoolCongress chief Mamata Bannerjee. "I don't want to politicisethe issue of losses," he added. O'Brien had alleged step-motherly treatment to statesgoverned by parties other than the BJP, particularly WestBengal.Responding to complaints of delay in work, Goyal saidthat over the last five years the government has taken stepsto speed up various projects."In 2014-15 the capex (capital expenditure) for theIndian Railways stood at Rs 58,000 crore. This year Rs 1.61lakh crore capex is going to happen. This investment has ledto unprecedented work," the minister noted.Elaborating on the achievements of the government, hesaid that barring a few in Rajasthan, unmanned level crossingshave ceased to exist on the board gauge network across thecountry.On electrification of tracks, he said that out ofstated target to convert 6,000 kms last year, the governmenthas been able to complete 5,276 kms.In 2013-14, the length of electrified tracks in thecountry stood at of just 610 kms, he noted."Looking at the dedication of the railways employees, Ihave confidence that we will be able to achieve the target offull electrification by 2023-24," Goyal said.He said that the government has identified 58 projectsas "super critical" and 68 projects as "critical" and therailways is working to complete them on priority.He said that if the government gets support from thestate governments in terms of land acquisition, investment,the projects could be implemented with greater speed.Commenting specifically on West Bengal, he said therewere issues of land encroachment in the state which have hadimpact on various projects.Earlier participating in the debate, Minister of Stateof Railways Suresh Angadi said there were encroachments onboth sides of tracks in West Bengal.He said that during the protests against the amendedcitizenship law, maximum damage to railways property tookplace in the state.Citing the example of Kerala, Goyal sought help fromthe members to speed up projects across the country."Help us get land, if we get land and the stategovernment's share of investment, we will be able to fast-track the projects," he said.He said the Katra-Banihal rail line in Jammu andKashmir would be completed by August 2022.Citing other achievements, Goyal said the Rai Barelirail coach factory would roll out a record 2,000 coaches thisyear.He added that the Indian Railways has traced problem ofwater-logging in 2,044 underpasses, out of the total 8,519 inthe country."We have solved the issue in 715 of the underpasses sofar and the rest would be rectified in the next few months,"Goyal said.He said that about 99.5 per cent work on bio-toilets wascomplete and the rest would be completed soon.Goyal said that in order to achieve zero carbonemissions, the Indian Railways plans to generate 20,000 megawatt of electricity through solar infrastructure, helping itmeet its entire supply requirement.Earlier, leader of opposition Ghulam Nabi Azad soughtqueries regarding the work on various railways projects inJammu and Kashmir.Participating in a discussion on the working of theMinistry of Railways, several members referred to the largenumber of vacancies in the railways and said these should befilled up, thereby providing job opportunities to the younggeneration.Binoy Viswam of the CPI said the railways has aroundthree lakh vacancies and these should be filled up.Opposing privatisation of trains and stations, he saidthe national transporter has "forgotten its social aspect andsocial commitment".V Vijayasai Reddy of the YSRCP said the railways now hasan operating ratio of 98.4 per cent, which is the worst inlast 10 years.Moreover, the railways' revenue surplus is also fallingand suggested that "priority should be given to augmentationof its internal resources."He also said that fatality due to accidents has declinedthis year and hygiene at railway station has improved.Sanjay Singh of the AAP said that employmentopportunities are being ignored by the railways. Thegovernment is increasing outsourced works in the railways,where contractual labourers are being exploited.Praful Patel of the NCP raised concerns over the delay inseveral railways projects and suggested that the governmentshould think of cost benefit analysis of major works.He, however, supported PPP model in the railways, saying"we should be open minded."Jose K Mani of the KCM said that the railway isoverloaded with work and several projects such as doubling ofline in Kerala are long delayed.Neeraj Shekhar of the BJP said the Opposition ismisguiding the people about performance of the railways.Indian Railways has performed well in last five years, hesaid.The railways has installed 2.38 lakh bio-toilets between2014 and 2018. It has a capital expenditure of over Rs onelakh crore, has done doubling of 28,000 km tracks.Highlighting the safety records, Shekhar said that it hasnot witnessed a single accident in last one year.Over the operating ratio, he said that it was due toimplementation of the Seventh Pay Commission by the governmentin the railways.Husain Dalwai of the Congress said that the revenue ofthe Indian Railways should be increased.Dalwai also raised the safety issue of the Mumbaisuburban trains, saying that according to GRP data, 3,202people died in 2016-17 and 3,014 in 2018-19. He asked therailways to enhance the security measures to reduce the highnumber of fatalities.R S Bharathi of the DMK said that the government shouldcomplete the second unit of the Integral Coach Factory (ICF)in Perambur.Manoj Kumar Jha of the RJD, Veer Singh of the BSP and V PVaishya of the AGP and K K Ragesh of CPI(M) raised concernsover the privatisation of the railways.Other members who participated in the discussion are G CChandrasekhar (Congress), Kahkashan Perween (JDU), JugalsinhMathurji Lokhandwala (BJP), Anil Desai (Shiv Sena), SatishChandra Dubey (BJP), Mir Mohammad Fayaz (Jammu and KashmirPeoples Democratic Party) and Ram Narain Dudi (BJP). KRH KKSMSS MBI NAMSMN SMN

No plan to privatise Indian Railways as it belongs to people:

<ul><li><keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>'s northern regional office has formed a committee to identify the "redundant" or "surplus" employees who would be asked to go on a compulsory leave without pay (LWP) for up to five years. </li><li>Air India issued an internal order on July 14, asking its departmental heads and regional directors to identify the employees, based on various factors such as efficiency, health and redundancy, who will be sent on a compulsory LWP for up to five years. </li><li>Moreover, the national carrier had said the employees can voluntarily opt for the LWP scheme too. </li></ul>Air India's northern regional office has formed a committee to identify the "redundant" or "surplus" employees who would be asked to go on a compulsory leave without pay (LWP) for up to five years. An official order in this regard was issued on Tuesday. Air India issued an internal order on July 14, asking its departmental heads and regional directors to identify the employees, based on various factors such as efficiency, health and redundancy, who will be sent on a compulsory LWP for up to five years. Moreover, the national carrier had said the employees can voluntarily opt for the LWP scheme too. P S Negi, Regional Director (RD), Northern Region, Air India, issued an order on July 21, stating that following the July 14 order, an empowered committee is being constituted for the identification of "redundant/surplus manpower resources". Negi's order, which has been accessed by , said the general manager (personnel), general manager (finance) and departmental heads will be the members of the empowered committee. It also said a representative of the RD can be co-opted in the committee, if required, on the basis of "case merit". "GM (Personnel) will share the staff list with all departments and convene the discussions/deliberations, including the process of identification of surplus/redundant resources. The report is to be submitted to the RD office by 11th August, 2020, for a review and onward recommendation to the headquarters," the order said. The aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries in view of the COVID-19 pandemic. All airlines in the country have gone for cost-cutting measures such as pay cuts, LWP and firing of employees in order to conserve cash flow. Air India has four regional offices -- one each for the northern, western, eastern and southern regions. It is not clear if the other three offices, barring the one for the northern region, has formed such panels to identify redundant employees. In its July 14 order, Air India had asked its regional directors to constitute a committee each comprising the general manager (personnel), general manager (finance) and departmental heads concerned to "streamline the process of identification of redundant manpower, who would be told to proceed on compulsory LWP". The airline had said these panels would go through the records, based on factors such as suitability, efficiency, competence and health, and select the employees whose names will be forwarded, along with the RD's recommendations, to get the approval of the chairman and managing director for sending them on a compulsory LWP. Air India has a debt of around Rs 70,000 crore and the government had started the process to sell it to a private entity in January. The national carrier's net loss in 2018-19 was pegged at around Rs 8,500 crore. Equity infusion of Rs 500-600 crore every year is not sustainable and cost-cutting is necessary in Air India, Civil Aviation Minister Hardeep Singh Puri had said on July 16, justifying the national carrier's decision to send certain employees on LWP for up to five years. On July 17, Air India had said its financial situation is very challenging due to the coronavirus pandemic and the LWP scheme for its employees is a "win-win" situation for them as well as the management. The employees' unions of the airline have opposed the scheme. 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Air India regional office forms panel to identify employees who would go on leave without pay for upto five years

New Delhi, Jan 27 () Various Air India employee unions will meet here on Monday to discuss proposed privatisation of the debt-laden airline, sources said.
 The meeting was scheduled after the government, earlier in the day, announced sale of 100 per cent stake in Air India as it issued the preliminary bid document for the strategic disinvestment.
 Representatives of various Air India trade unions will meet here to discuss the government's privatisation plans, sources said.
 There are around a dozen recognised trade unions at Air India.
 As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS, as per bid document issued on Monday.
 Management control of the airline would also be transferred to the successful bidder.
 This is the second time in less than two years that the government has come out with proposal for selling stake in Air India, which has been in the red for long.
 The government has set March 17 as the deadline for submitting the expression of interest. IAS RAM ANS
ANS

Air India privatisation: Employee unions to meet in Delhi

New Delhi, Nov 21 () Shares of Bharat Petroleum Corp Ltd (BPCL) and Shipping Corp of India (SCI) tumbled on Thursday after the Cabinet approved sale of government's stake in these companies.
 Shipping Corp stock dropped 6.29 per cent to close at Rs 64.05 on the BSE. During the trade, it declined 7 per cent to Rs 63.50.
 The scrip of BPCL plunged 5.66 per cent to close at Rs 513.80. During the day, it tanked 6.15 per cent to Rs 511.10.
 Both BPCL and Shipping Corp had hit their respective 52-week highs in early trade.
 Container Corp stock fell 0.49 per cent to Rs 575.15. In intra-day, it dipped 0.78 per cent to Rs 573.45.
 During the early trade these scrips had shown mixed trend.
 In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved sale of government's stake in blue-chip oil firm BPCL, shipping firm SCI and cargo mover Concor as well as decided to cut shareholding in select public sector firms below 51 per cent to boost revenue collections that have been hit by slowing economy.
 The Cabinet Committee on Economic Affairs (CCEA) approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second-biggest state-owned refiner Bharat Petroleum Corp Ltd after taking out Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters on Wednesday.
 It also approved the sale of an entire 63.75 per cent government holding in Shipping Corp of India (SCI) and a 30.8 per cent stake in Container Corp of India (Concor).
 The government currently holds 54.80 per cent in Concor and will retain 24 per cent stake post sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said. SUM SHW
SHW

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Budget for world's fastest growing economy: Key numbers to be watched

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Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

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Budget 2020: LIC to get Privatised

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ISRO Chairman K Sivan asserts that space sector reforms are not aimed at privatising the agency

PTI

Officers union opposes BPCL privatisation

PTI

No plan to privatise Indian Railways as it belongs to people:

PTI

Air India regional office forms panel to identify employees who would go on leave without pay for upto five years

PTI

Air India privatisation: Employee unions to meet in Delhi

PTI

BPCL, SCI shares tumble after privatisation move

PTI

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