After the ongc fiasco,not many will take the govt s book of accounts seriously. Ongc has planned an expansion program to be completed by 2030. A greedy government is responsible for the ongc share fiasco. Privatisationbound bharat petroleum corp ltd bpcl provided rs 175 crore, while hindustan petroleum corp ltd hpcl chipped in rs 120 crore. Even without lic, ongc and coal india are expected to find significant investor interest, especially the former, since global oil prices are benign and ongc s subsidy burden will start coming down. The government is understood to be reevaluating the sale of a 5% stake in ongc now that the oil and gas explorer will not bear any part of the subsidy burden arising out of. Mar 09, 20 ongc has been ranked 357th in the fortune global 500 list of the worlds biggest corporations for the year 2012.
In a transparent bidding process, the government is keeping some of the. Ongc 5% stake disinvestment governments on the road campaign with lic the sole listener. Jan 20, 2018 bloombergquints navneet saluja explains the contours of the ongc hpcl deal. Come browse our large digital warehouse of free sample essays. Actual disinvestment has been less than half that, despite the use of financial tricks that cloak rather than reduce. Nov 06, 2014 ongc disinvestment roadshows from november 17. Also get ongc sharestock detailed information on ongc along with top stories and articles on ongc during last 6 months. Bloombergquints navneet saluja explains the contours of the ongchpcl deal. Ongc gets govt nod to sell stake in ioc, gail to fund. Ongc may sell ioc, gail stakes to fund acquisition of hpcl. For the hard work of the job men, have a simple and professional image can bring a replica rolex good first impression to customers. Ongc was the top contributor with rs 300 crore, followed by ioc chipping in rs 225 crore.
Ongc sharestock price, stock analysis of ongc, future prospects, experts view on buysellhold ongc shares. Ongc announces plans to buy government stake in hpcl. The stateowned life insurance corporation of india lic has put in more than. The acquisition turned the character of ongc from being a debtfree company to one with no cash and loads of debt on its books. Ongc disinvestment latest breaking news, pictures, videos, and special reports from the economic times. Explore ongc disinvestment profile at times of india for photos, videos and latest news of ongc disinvestment. The congress led upa government had announced a disinvestment target of rs 40000 crs in the fy 12 union budgetit simply was a non starter. Disinvestment in coal india, ongc, nhpc to fetch record rs 45,000 crore. Ongc gets govt nod to sell stake in ioc, gail to fund hpcl buy. Hpclongc deal the disinvestment that wasnt nayi disha. How the pfcrec deal will reflect on govts books, mint, 10 dec 2018.
Government holds these shares on behalf of the honorable president. For hpcl, ongc is still a public shareholder the hindu. The company is engaged in the exploration, development and production of crude oil and natural gas. Observers say arun shourie, the then disinvestment minister, had a target to meet by march 31, 2004 and the ongc issue was rushed to hit the bourses on march 29. Oil and natural gas corporation ongc is an indian multinational crude oil and gas corporation. What this means is that lic has around rs 40,000croreplus in hand just when the big disinvestment issues start hitting the markets from october. Govt set to hit divestment goal first time post ongchpcl deal. Nsi share price with interactive charts, historical prices, comparative analysis, forecasts. Even without lic, ongc and coal india are expected to find significant investor interest, especially the former, since global oil prices are benign and ongcs subsidy burden will start coming down. If market is wrong, it will correct as soon as possible.
It is the largest oil and gas exploration and production company in the country. Get the knowledge you need in order to pass your classes and more. According to ongcs perspective plan 2030, the company aims to unlock more than 450 million tonnes of oil and oil equivalents. Arun shourie ongc s share sale fiasco is the latest example of this governments comprehensive, unrelenting incompetence, says arun shourie. It is also clear that this is a shotgun disinvestment one that has neither the approval of the managements concerned nor the parent ministries of the companies. Disinvestment in coal india, ongc, nhpc to fetch record rs. Can someone provide me study material or book name for. Ongc was founded on 14 august 1956 by the indian state, which currently holds a 69. Mar 12, 2018 the disinvestment process to be finalised for ongc will have higher quota for retail investors that too at a discount.
Ongc disinvestment blogs, comments and archive news on. Jan 23, 2018 ongc gets govt nod to sell stake in ioc, gail to fund hpcl buy. Ongc expects to increase gas production by nearly 30% over the next threefour years with an. With lic sitting on rs 40,000 crore, ongc, coal india disinvestment. Read more about ongc declines 3% on reports of disinvestment on business standard. Oil and natural gas corporation limited is a global energy holding company. The untold story book online at low prices in india. What has happened in the fiasco of the ongc public offer allotment where some. Its a game of demand or supply and the market is always right. Sep 27, 2016 the government is understood to be reevaluating the sale of a 5% stake in ongc now that the oil and gas explorer will not bear any part of the subsidy burden arising out of underrecoveries from. After indias oil giant ongc finally entered into an agreement to buy a majority stake in hpcl, adding rs 36,915 crore to arun jaitleys kitty for this financial year itself, top brokerages.
Ongc fiasco example of incompetence, arun shourie, economic times,the. Heres total public spending on construction, adjusted for the price level gdp deflator and population growth. Jun 15, 2017 its a game of demand or supply and the market is always right. Nsi share price with interactive charts, historical prices, comparative analysis, forecasts, business profile and more. Following stake sale fiasco, air india set for a revamp, financial express. Whats new archive department of investment and public asset. With lic sitting on rs 40,000 crore, ongc, coal india disinvestment simply cannot fail. Therefore we must start a swiss replica watches mechanical watch and the dress style is simple in replica watches uk preparation, such as travel, talk about possible period of want or.
Ask the upa united progressive alliance government at the centre. Indian government is planning to disinvestment in psus i. The government proposes to divest 5 per cent out of its 68. The methods being used by the government to windowdress the fiscal deficit will fool no one, least of all. Jan 20, 2018 govt set to hit divestment goal first time post ongc hpcl deal. Ongc, ioc, other oil cos contribute over rs 1,031 cr to pm covid19 fund. And if no deal is made on the federal highway fund, it will soon plunge even further. With its stake sale in hpcl, the governments disinvestment receipt will work out to be rs 91,252. Ongc disinvestment roadshows from november 17 business news. The company is targeting production of more than mt in 2030, of which half will come from assets owned by its overseas subsidiary ongc videsh ltd ovl. General english for ongc exams prep course by gk publishers. Book value of a company includes only tangible assets.
The disinvestment of 5 per cent stake in staterun ongc appears unlikely this fiscal as the liquidity situation in the market is under stress after recent mega share sales while the. After more than a decade of nearly static output, staterun oil and natural gas corp. Oil and natural gas corporation limited financial highlights. Instead of implementing structural reforms, the government continues to bail itself out while presenting the union budget on february 1, arun jaitley proudly proclaimed that his government had already surpassed the disinvestment target of. Ongc may sell some of its stake in ioc and gail india ltd to part fund its over rs32,000 crore acquisition of refiner hpcl, says chairman d. According to sources, the cabinet committee on economic affairs ccea, headed by prime minister narendra modi, has cleared the ongc stake sale proposal earlier this week, the disinvestment department had selected 5 merchant bankers, citigroup and hsbc securities, ubs. Mar 16, 2014 the 2014 budget envisaged disinvestment sales of rs 40,000 crore in psus. Since, we hold this stock in our long term personal portfolio as well as dead monks portfolio, we thought we could or rather should give it a deeper study. Government today cleared 5 per cent disinvestment in oil major ongc, which may fetch the exchequer about rs 18,000 crore. It is a stateowned enterprise of the government of india, under the administrative control of the ministry of petroleum and natural gas.
The ongc fiasco is the best example of how the government is all muddled up in its thinking. When asked about the ongc disinvestment, petroleum minister jaipal reddy brushed it off saying it was the decision of the department of disinvestment dod. It is also among the top 250 global energy company by platts. Ongc declines 3% on reports of disinvestment business. The finance minister also maintained that the government will receive funds in excess of.
Disinvestment or privatisation of ongc is not happening, pradhan said. The disinvestment of 5 per cent stake in staterun ongc appears unlikely this fiscal as the liquidity situation in the market is under stress after recent mega share sales while the subsidy issue remains unresolved. Is ongc finally being recognised as promoter of hpcl. Financial results 200708 ongc ovlmrpl unaudited financial results provisional for the quarter ended 31st december, 2007 unaudited financial results provisional for the quarter ended 30th september, 2007. Sails disinvestment, which was cleared earlier, is likely later this month, with a 10% stake sale in coal india. Ongc disinvestment unlikely this fiscal business standard news. In many ways,it is also symptomatic of the malaise that has seeped into the bureaucracy due to a lack of clarity in decisionmaking largely a result of political drift. Why is the indian government planning for disinvestment in. In a transparent bidding process, the government is keeping some of the discovered oilfields of ongc on a public domain based on a criteria which will produce more and pay higher to the government, he said. Jan 22, 2018 after indias oil giant ongc finally entered into an agreement to buy a majority stake in hpcl, adding rs 36,915 crore to arun jaitleys kitty for this financial year itself, top brokerages.
Read more about ongc disinvestment unlikely this fiscal on business standard. With lic sitting on rs 40,000 crore, ongc, coal india. Lic saves ongc from flop show nation news issue date. Natl india including stock price, stock chart, company news, key statistics, fundamentals and company profile. May 05, 2008 these steps may take a while to see the light of the day, but even going by the existing standards, the affairs of the ongc issue are messy, to say the least. Some time back, we did a post on ongcs dividend history. Ongcs share sale fiasco is the latest example of this governments. Ongc took loan of close to rs 25,000 crore to buy the governments. Shares of oil and gas major ongc slumped 3% to rs 416 on the bse on reports of disinvestment. Roadshows will be held in singapore, hong kong, london, new york and boston, a top government official said.
Ongc disinvestment unlikely this fiscal times of india. The disinvestment process to be finalised for ongc will have higher quota for retail investors that too at a discount. Oil and natural gas corporation ongc is an indian multinational crude oil and gas. Apr 08, 2020 ongc disinvestment latest breaking news, pictures, videos, and special reports from the economic times. Ongc has been ranked 357th in the fortune global 500 list of the worlds biggest corporations for the year 2012. If equipped with a decent replica breitling watch, can play the role of touch. The untold story book online at best prices in india on. Sebi warning on ongc fpo refunds the securities and exchange board of india, under the new chairman, has sharper teeth. Ambitious plan by government of raising money from disinvestment.