Govt optimistic about overshooting Rs.45,500 cr divestment target
The Dollar Business Bureau The current fiscal's divestment target of Rs 45,500 crore is likely to be overshot due to strong equity markets. In alignment with PM Narendra Modi's motto of 'less government, more governance', the finance ministry has recently approved stake sale in two more PSUs. A good response to the most recent divestment proposals has emboldened the Centre's hopes of surpassing the set target for revenue from divestments by a few thousand crores. Gains from a better performing stock market have also translated into higher prices for the government's divestment bids. So far, in the current fiscal, the government has sold stake in four PSUs via the Offer for Sale (OFS) route. In April 2016, a 11.36% stake ...
ONGC to intensify exploration activities
Source: PTI Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market. “We want to intensify our exploration activities,” said Sahshi Shanker, director of technology and field services at ONGC. “We are securing more and more rigs,” Shanker said at the annual Platts Top 250 Global Energy Company Rankings. Rig rates are down by 30-40% on the year and other exploration services rates are down by 40-50%, he said. Industry sources at the gala event said more and more rigs were being laid off while services companies seeking new contracts at discounted rates. According to Shanker, ONGC is increasing ...
