Govt. approves divestment in four PSUs

public-sector-unitsThe Union Government’s Cabinet Committee on Economic Affairs (CCEA) on Friday approved plan of disinvestment in four public sector units (PSUs) for the current fiscal.

According to the CCEA approval, the government will slash its stake in Hindustan Copper, Oil India Ltd., MMTC and Nalco. The Centre will offload 10 per cent and 9.59 per cent of its stakes in Oil India Ltd and Hindustan Copper respectively.

As for Nalco and MMTC, the Centre has plans to offload its stakes to the extent of 12.15 per cent and 9.33 per cent respectively.

Indian Stock Market Closes Flat on Wednesday; M&M in Focus

Indian Stock Market Closes Flat on Wednesday; M&M in FocusIndian stock market closed flat after benchmark BSE Sensex touched an intraday high of 17,726. NSE Nifty closed at 5338. European Markets opened negative and this led to decline in Indian stocks during the end of the trading session.

FTSE was down by 0.5%, CAC 40 was down by 0.62 per cent at 3431 while DAX was down by 46 points at 6921. Asian Markets were mixed with Nikkei 225 gained 0.88% while Straits Times down by 0.51%. Hang Seng ended the day flat.

MMTC net profit drops on lower mineral exports

MMTC net profit drops on lower mineral exportsMumbai, May 13 : State-run trading company  Friday reported a 2.4 percent dip in net profit at Rs. 309.7 crore for fiscal 2010-11 owing to lower mineral exports, the main contributor to the firm's bottom line, and increased wage expenditure.

The company, in a regulatory statement, said the substantial decrease in mineral exports was because of a ban on iron ore exports from Karnataka for about eight months of the last fiscal.

Because of the ban, MMTC's iron ore exports fell to 3 million tonnes from 6 million tonnes it recorded in 2009-10.

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