Indian PSU sector: Great expectations

With the Union Budget 2012-13 around the corner, the market is showing a robust performance in anticipation of a bold budget. Experts are expecting some bold and proactive decisions on the banking, infrastructure, power and agriculture segments, among others, to bring the GDP growth back on track.

SPMCIL
On Expansion Mode

The Security Printing & Minting Corporation of India (SPMCIL) makes coins and currency not only for India, but also for other countries. The company has recently commissioned a new bank note printing line at Dewas. The company’s performance in terms of production, turnover, profitability and other financial and physical parameters has improved significantly over the last five years.

SPMCIL has an investment plan of about Rs 2500 crore covering the period 2009-2014. This is likely to give a big boost to the indigenisation efforts of security products used in the creation of currency. The work on the bank note paper line with an annual capacity of 6000 MT unit at SPM, Hoshangabad is also going on, and this is likely to be commissioned by October 2013.

REC
Tax Free Bond Issue Opens On 6th March, 2012

The ‎Rural Electrification Corporation (REC) is coming up with a Public Issue of Tax Free Secured Redeemable Non-Convertible Bonds, in the nature of Debentures, during the year 2011-12. This issue will open for subscription on 6th March, 2012, and is scheduled to close on 12th March, 2012. REC is expecting to raise Rs 3000 crore from this exercise.

UCO Bank
All Set To Facilitate Export Payments From Iran

Iran's Parsian Bank has opened a credit window in India's UCO Bank to facilitate payments in rupees for Indian exporters. Trade between India and Iran has been disrupted after Western sanctions crimped the crude oil payments due to Iran. According to M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO), the payments for exports that were stuck earlier will also be cleared through the new mechanism.

Bharat Dynamics
Signs MoU With BITS Pilani

Bharat Dynamics (BDL) and Birla Institute of Technology and Science, Pilani (BITS-Pilani) have signed an MoU for a period of five years with the objective of fostering academic and research interaction between the two institutions. BDL is a Government of India enterprise under the Ministry of Defence.

Andhra Bank
Actively Financing Self-Help Groups

Andhra Bank has covered 225643 self-help groups so far, with advances amounting to Rs 2430 crore. Meanwhile, the bank has opened two financial centres, one in Warangal district and the other one at the Peda Ogirala village in Krishna district. The priority sector advances of the bank stood at Rs 24197 crore, of which the agriculture advances amounted to Rs 11368 crore. As part of the financial inclusion plan, Andhra Bank covered 1144 villages with a population of more than 2000 by the end of December 2011.

OIL
SCOPE Award For N M Borah, Chairman & MD

SCOPE award for Excellence and Outstanding Contribution to Public Sector Management – Individual Leader II PSE category 2009-10 being presented to N M Borah, Chairman & Managing Director, OIL, by Dr Manmohan Singh, Hon'ble Prime Minister of India.