New Delhi: The finance ministry says it will produce a roadmap for disinvesting public sector undertakings in the next 3-4 weeks, and plans to raise Rs1,120 crore from the disinvestments by the end of the fiscal year.
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The government is looking at the possibility of providing unemployment insurance to India’s workers through its own insurance companies. The current program for unemployment insurance only covers organized sector workers who have contributed to the Employees’ State Insurance scheme for at least 5 years. The new scheme may allow workers, employers, and state-run insurance company to contribute to the insurance premiums.
Maverick investor Sivasankaran will buy a 26% stake in a 4,000MW power plant near Chennai. The plant is being promoted by Infrastructure Leasing and Financial Services and building it is expected to cost about Rs18,000 core.
American private equity firm Advent International has hired the former managing director of Axis Bank, P.J. Nayak as an advisor on operations India. The firm plans to open an India office in 2010.
India’s telecom operators added more than 11 million mobile subscribers in the month of May alone, but not all of them will see great earnings in the first quarter. A survey of six brokerage firms shows that while Airtel is likely to continue showing healthy profits, Idea Cellular and Reliance Communications are going to see pressures on their margins.
India’s largest fuel refiner, Indian Oil Corporation has cut jet fuel prices by nearly 6% as prices fell internationally. The move comes after public sector oil companies raised jet fuel prices four times in the last two months.
Markets continued their upward swing on Wednesday. The Sensex rose by 400 points closing at 14,253, while the Nifty rose 122 points ending at 4,233.
New statistics from the Directorate General of Civil Aviation (DGCA) has figures for how punctual India’s domestic airlines have been. IndiGo reported an on-time performance of 87% and Jet Airways, 86.4%, while MDLR was punctual just 67% of the time. On average, the airlines were 81.6% on time in June.