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Govt to sell 5 per cent stake in SAIL on Friday

The stake sale, which is worth US $286 million at the scrip's closing level on Wednesday, would mark the first stake sale under the new government.

 
 
Officials in the finance ministry say the federal cabinet headed by Prime Minister Narendra Modi is expected to take a final decision on the issue of stake sale soon.
"After a meeting with the joint secretary of Coal Ministry and coal trade unions, we have agreed to defer the proposed strike," INTUC leader S Q Zama said.
A pro-government union will stay away from Monday's strike to oppose sale of 10 per cent stake in Coal India, which is crucial to hit deficit target.
The company suffered a net loss of Rs 898.46 crore, in July-September against a net profit of Rs 1,683.92 crore, or Rs 6.94 per share, IOC Chairman B Ashok said.
The world's largest coal miner is under pressure from Prime Minister Narendra Modi's government to quickly boost output to cater to fuel-starved power plants.
Net profit for July-September rose to Rs 1,302.9 crore from Rs 9,15.67 crore in the same period a year ago, the company said in a filing to the stock exchanges.
 
 
Prime Minister Narendra Modi's government has reportedly started the process to shut down some loss-making central public sector enterprises (CPSEs).
Barclays, Citigroup, Deutsche Bank, HSBC and SBI Capital Markets acted as joint book-runners and lead managers.
Financial services provider Kotak has said that piece-meal divestments would achieve little in terms of improving efficiency and returns for the government.
Its crude oil production fell over 4 per cent to 0.879 million tons but natural gas output was 4.2 per cent higher at 0.694 billion cubic meters.
The Finance Minister also said the government would soon unveil reforms for other natural resources sectors along the lines of coal block auctions.
The refinery is currently operating at 80-90 per cent of its capacity as its cooling towers were damaged by cyclone Hudhud last month.
The state-run firm's total income from operations increased to Rs 16,736.63 crore from Rs 16,448.90 crore in the same period last financial year.
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