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A government panel set up by the Ministry of Heavy Industries will soon review four sick public-sector companies - Hindustan Cable, Richardson & Cruddas, Hindustan Machine Tools and Tungabhadra Steel - to fast track the disinvestment process. The committee, set up by the ministry, will consider outright sale or revival of these units through joint ventures. There are around 27 sick units under the administrative control of the ministry.
The government plans to generate Rs 40,000 crore through divestment in public-sector companies in the current financial year to cut high fiscal deficit. However, this year, the government has managed to raise Rs 1,162 crore from the public issue of PFC (Power Finance Corp). The government has been delaying sale of shares in some profitable companies because of stock market volatility. The move to fast-track stake sale is a shift from the earlier government's agenda of disinvestment only through public offers. The cabinet has cleared another stake sale, that in Scooters India. The government will soon invite expressions of interest for Tungabhadra Steel.
"Already two public sector companies, Kudermukh Iron Ore and NDMC, have shown interest. We are hoping that private players will also be interested," said a senior official with the ministry of heavy industries. Karnataka-based Tungabhadra Steel's hydel plant generates 5.5 million units of power every year. The company has about 88 acres of prime land. "The company has about 100 employees on its rolls but its operating cost is very high. An outright sale is one option for this company," the official said.
The case of Richardson & Cruddas is likely to be taken up by the month end. The company has about 73 acres of prime land, mostly in Mumbai. "We will soon hold discussion with the Maharashtra government on the land issue, as a large part of it is under encroachment," the official said. The company, with accumulated losses of about Rs 300 crore, was cleared for closure in 2003. The committee will also review the cases of Hindustan Cable, which has been sick since 2002, and HMT Bearings.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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