New Delhi: The government today allocated an additional five million tonnes of wheat and rice stocks to the states for sale to the poor at subsidised rates, with a view to contain food inflation and free up godowns for new crops, reports PTI.
The Empowered Group of Ministers (EGoM), headed by finance minister Pranab Mukherjee, also decided to extend the ban on pulses exports and allow duty-free imports of pulses till March 2012.
“In today's EGoM meeting, it was decided to give additional 25 lakh tonnes of wheat and rice quota at the BPL (Below Poverty Line) rate to the states," food and agriculture minister Sharad Pawar told reporters after the meeting.
This additional 25 lakh tonnes to BPL category will be over and above the normal quota, he added. BPL families get wheat and rice at Rs4.15 and Rs5.65 per kg, respectively.
“It was also decided to give 25 lakh tonnes additional quota of wheat and rice to APL (Above Poverty Line) families at APL rate, which is at a higher rate of Rs11.85 rice and Rs8.45 wheat.
“A total 50 lakh tonnes of additional quota of wheat and rice has been approved to the states and they can lift (the stocks) from tomorrow,” Mr Pawar said.
The government is sitting on a huge buffer stock of wheat and rice, significantly higher than the buffer norms, on the back of bumper production and procurement in the last few years.
Food inflation rose to 12.13% for the week-ended 11th December.
According to annual inflation data, rice prices increased by 1.4%, while wheat declined by 5.14%.
Wheat prices are generally higher in the four months till March leading to arrival of new Rabi (winter) crops. Branded atta (wheat flour) prices have already risen to Rs17-Rs19 a kg.
New Delhi: The decade gone by saw the Indian companies mopping up a staggering Rs2 lakh crore through 385 public issues, riding high on blockbuster initial public offerings (IPOs) like Reliance Power and Coal India, reports PTI quoting a report.
In a review from 2001-2010 on the Indian public issue market, the Indian corporates have raised about Rs2,09,400 crore, SMC Global Securities Limited said in a report.
“It was the decade when the Indian capital markets and Indian economy came into the radar of the global observers.
During the period, the Indian public issue market has seen quite fascinating phases,” SMC Global strategist & head of research Jagannadham Thunuguntla said.
The report noted that the Indian capital market saw only nine public issues during 2001-2003, through which about Rs2,500 crore was raised, as the local market was grappled with negative sentiment ranging from the dotcom bubble burst in the US economy to the Ketan Parekh (stock scam) episode.
However, this was the time when the country saw the high-profile issues including Bharti Airtel, Maruti Suzuki and i-flex.
In fact, the carmaker Maruti Suzuki’s IPO became iconic in the public issue market history, which in a way paved way for disinvestment prospects in the country, the report added.
Party for the Indian IPO market started in 2004, when global investors and FIIs started investing billions of dollars into the Indian markets as well as in Indian IPOs. The period from 2004-2007 witnessed 246 public issues, managing to raise about Rs1,01,000 crore.
Highlights of the period were—ONGC follow-on public offer (FPO), ICICI Bank FPO, NTPC IPO, TCS IPO, the report said.
Going forward, from 2008-2009, the market welcomed the mega IPO of Reliance Power. This public offer attracted heavy investor participation, especially, from the retail bidders.
However, later in 2008, the world witnessed unprecedented events of collapse of some of the iconic names in the US economy, like the Lehman Brothers crisis, which led to the crash of the public issue market in 2008.
During 2008-2009, there were 60 public issues by which about Rs34,306 crore were garnered. The major issues during this period were—Reliance Power IPO, NHPC IPO, Oil India IPO and REC IPO.
In 2010 alone, about 70 public issues saw light of the day, raising Rs71,000 crore. Interestingly, calendar year 2010 also saw the highest ever public issuance volume than any other year.
The year had also seen aggressive disinvestment thrust from the government, helping the overall robustness of the public issue market.
The list of heavyweight IPOs include Coal India IPO, MOIL IPO, SJVNL IPO, NTPC FPO, NMDC FPO.
A study by SMC noted that the top 10 public issues in 10 years including those of CIL and Reliance Power have collected an aggregate of about Rs93,800 crore.
New Delhi: Pratip Chaudhuri, currently deputy managing director and group executive, international banking, of State Bank of India (SBI), is understood to be leading race for the top job of the country’s largest lender, reports PTI.
Besides, Hemant G Contractor, chief finance officer and Diwakar Gupta deputy managing director and group executive (rural business and national banking) is also believed to be in race for the job.
The vacancy would arise as the incumbent O P Bhatt five-year term comes to an end in March 2011.
The name would be finally cleared by Appointment Committee of the Cabinet (ACC) headed by the prime minister Manmohan Singh. The other members include home minister P Chidambaram and finance minister Pranab Mukherjee.
It is believed that ACC approval would come before the term of incumbent ends.
Mr Chaudhuri joined SBI as a probationary officer in 1974. He took over charge as DMD (international banking) in April 2009.
The search panel to appoint the next SBI chairman, headed by Reserve Bank of India (RBI) governor D Subbarao, had interviewed 4-5 candidates earlier this month.
Besides, names of the managing directors of the bank would also be cleared by the government.
Currently, there is only one managing director in the bank against the provision of four. SBI managing director R Sridharan is due to retire in June 2011.