Govt mulling stake sale in ONGC, IOC
The Government has decided to sell part of its stake in Oil & Natural Gas Corp. (ONGC) and Indian Oil Corp. (IOC) as it aims to shrink its budget deficit to 5.5% of GDP from an estimated 6.9% last year. The Centre plans to sell a 10% stake in IOC, Petroleum Secretary S. Sundareshan said in New Delhi. IOC will sell another 10% of expanded equity capital, Sundareshan said. The stake sale is expected in the January to March quarter, he said. The Government plans to divest 5% of ONGC, the Petroleum Secretary told reporters in New Delhi. "The Petroleum Ministry has taken an in-principle decision to sell shares in the two companies," Sundareshan, said. "We will now have to go to the Cabinet for approval."
...to sell 10% in Manganese Ore via IPO
The Cabinet Committee on Economic Affairs approved the disinvestment of 10% of total paid up equity of Manganese Ore India Ltd. (MOIL) out of its holding through Initial Public Offering (IPO). The Governments of Maharashtra and Madhya Pradesh also decided to divest 5% each of total paid up equity in MOIL out of their shareholding. This will lead to MOIL listing its shares in the Stock Exchanges. The CCEA has also approved to allow 5% price discount to the employees of MOIL under employees reservation quota.
The CCEA has decided to allow a 5% discount to retail investors as well. At present, the Central Government holds 81.57% of the equity of MOIL, a Miniratna Central Public Sector Enterprise. The balance is held by the State Governments of Maharashtra and Madhya Pradesh to the extent of 9.62% and 8.81% respectively. MOIL is engaged in production of manganese ore, which is the raw material for manufacturing of alloys, an essential input for steel making and dioxide ore for manufacturing dry batteries.
Car sales rise 33% to touch new record high
India's domestic sales of passenger cars grew by more than 33% in August to touch a new record high, as rising incomes coupled with a growing economy and a spate of new launches continued to lure customers to showrooms. Auto makers sold 160,794 cars in August compared with 120,681 in the same month a year earlier, the Society of Indian Automobile Manufacturers (SIAM) announced in New Delhi. Car sales had grown by 38% to 158,764 units in July. That was also a new record. The jump in domestic car sales for August was the 19th consecutive increase.
Domestic passenger vehicle sales, which include vans and sport-utility vehicles, gained 34% to 204,227, the SIAM statement said. Local two-wheeler sales stood at 957,304 units versus 776,772 units in the corresponding month a year earlier, according to the SIAM data. Sales of Commercial Vehicles (trucks and buses) were at 52,030 units as against 40,609 units sold in August 2009, the SIAM data showed. But, vehicle exports declined 7.4% to 38,279 units in August.
India joins F1 bandwagon...First race in Oct. 2011
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