General Affairs
What is the name of the mobile application (app) launched on 22 February 2016 by Union Minister of State for Tourism & Culture Mahesh Sharma that facilitates visitors to post photos of unclean tourist areas near 25 monuments?
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“Swachh Parayatan”
“Swachh Parayatan” is the name of the mobile app that was launched on 22 February 2016 under the ‘Clean India – Clean Monuments’ initiative of the Tourism Ministry. Visitors can use the app to post photos of unclean tourist areas near 25 monuments.
– 25 ‘Adarsh Smarak’ monuments protected by the Archaeological Survey of India (ASI) have been identified for inclusion in the app. The application would be scaled up to include more monuments as the campaign expands.
– This mobile app enables a citizen to take photograph of garbage at the monument and upload the same along with his/her remarks. The application then sends an SMS to the ASI Nodal Officer concerned with the monument upon receipt of which the Nodal Officer gets the garbage cleared/removed.
“Swachh Parayatan”
“Swachh Parayatan” is the name of the mobile app that was launched on 22 February 2016 under the ‘Clean India – Clean Monuments’ initiative of the Tourism Ministry. Visitors can use the app to post photos of unclean tourist areas near 25 monuments.
– 25 ‘Adarsh Smarak’ monuments protected by the Archaeological Survey of India (ASI) have been identified for inclusion in the app. The application would be scaled up to include more monuments as the campaign expands.
– This mobile app enables a citizen to take photograph of garbage at the monument and upload the same along with his/her remarks. The application then sends an SMS to the ASI Nodal Officer concerned with the monument upon receipt of which the Nodal Officer gets the garbage cleared/removed.
The once-in-12-years Mahamaham festival, witnessed by over 12 lakh devotees, was held on 22 February 2016. This event, popularly known as the ‘Kumbh Mela of South India’ is held at which place?
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Kumbakonam, Tamil Nadu
Mahamaham is a Hindu festival celebrated every 12 years in the Mahamaham tank located in Kumbakonam, Tamil Nadu. Hindus consider taking a holy dip at the Mahamaham tank on the day of Mahamaham as sacred.
– To take part in this auspicious festival lakhs of devotees from all over the country had camped in Kumbakonam.
– Last Mahamaham was held on 6 March 2004 while next event will be held in 2028.
Kumbakonam, Tamil Nadu
Mahamaham is a Hindu festival celebrated every 12 years in the Mahamaham tank located in Kumbakonam, Tamil Nadu. Hindus consider taking a holy dip at the Mahamaham tank on the day of Mahamaham as sacred.
– To take part in this auspicious festival lakhs of devotees from all over the country had camped in Kumbakonam.
– Last Mahamaham was held on 6 March 2004 while next event will be held in 2028.
Prime Minister Narendra Modi on 21 February 2016 launched the ‘National Rurban Mission’, an ambitious scheme that seeks to transform rural areas to economically, socially and physically sustainable spaces. The mission was launched from which village of Chhattisgarh?
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Kurubhat
The ‘National Rurban Mission’ was launched by Prime Minister Narendra Modi at Kurubhat, a town in Rajnandgaon district of Chhattisgarh.
– The term ‘Rurban’ used in the name of the mission is the culmination of rural and urban. The mission is expected to reduce pressure on the cities and provide a new avenue to the village people. It aims at curbing migration of youth from villages to cities.
– Under the ‘National Rurban Mission’ 300 rural centers, catering to at least four adjoining villages each, will be developed as urban clusters with modern facilities. 100 such centres are targeted to be developed this year itself. The mission was approved by the govt. during September 2015.
Kurubhat
The ‘National Rurban Mission’ was launched by Prime Minister Narendra Modi at Kurubhat, a town in Rajnandgaon district of Chhattisgarh.
– The term ‘Rurban’ used in the name of the mission is the culmination of rural and urban. The mission is expected to reduce pressure on the cities and provide a new avenue to the village people. It aims at curbing migration of youth from villages to cities.
– Under the ‘National Rurban Mission’ 300 rural centers, catering to at least four adjoining villages each, will be developed as urban clusters with modern facilities. 100 such centres are targeted to be developed this year itself. The mission was approved by the govt. during September 2015.
Yielding to pressure from agitating Jats, the Union Govt. on 21 February 2016 set up a five-member committee to examine the quota demand for the community in government jobs. Who was made head of this committee?
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M.Venkaiah Naidu
The agitation started a few days ago by Jat community seeking Other Backward Caste (OBC) status for the community turned violent with death of at least 10 persons in Haryana. Seeing the continuous spread and ferocity of the movement the Union Govt. on 21 February stated that a bill will be brought in the coming session of the Haryana assembly to give Other Backward Caste (OBC) status to Jats in the state.
– Apart from this, a 5-member committee under Parliamentary Affairs minister M.Venkaiah Naidu was formed by the Union Govt. to examine the quota demand for the community in government jobs.
– Other members of this committee are – Union ministers Mahesh Sharma and Sanjeev Balyan and BJP vice-presidents Satpal Malik and Avinash Rai Khanna.
M.Venkaiah Naidu
The agitation started a few days ago by Jat community seeking Other Backward Caste (OBC) status for the community turned violent with death of at least 10 persons in Haryana. Seeing the continuous spread and ferocity of the movement the Union Govt. on 21 February stated that a bill will be brought in the coming session of the Haryana assembly to give Other Backward Caste (OBC) status to Jats in the state.
– Apart from this, a 5-member committee under Parliamentary Affairs minister M.Venkaiah Naidu was formed by the Union Govt. to examine the quota demand for the community in government jobs.
– Other members of this committee are – Union ministers Mahesh Sharma and Sanjeev Balyan and BJP vice-presidents Satpal Malik and Avinash Rai Khanna.
Which franchisee won the Hockey India League (HIL) title for 2016 by winning the final on 21 February 2016?
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Jaypee Punjab Warriors
Chandigarh-based Jaypee Punjab Warriors (JPW) defeated Kalinga Lancers by 6-1 in the finals played at the Birsa Munda Hockey Stadium (Ranchi) on 21 February to win the 2016 Hockey India League (HIL) title.
– Armaan Qureshi, Matt Gohdes and Satbir Singh scored a field goal each for the Warriors while skipper Moritz Fuerste scored the Lancers’ lone goal of the match. The unique feature of the tournament was that each field goal counted for two.
– It is worth mentioning that JPW had lost the final in the last two seasons. Kalinga Lancers had qualified for the knockouts for the first time in the HIL.
– Hockey India League (HIL) is the top-most professional hockey league in India featuring top hockey players all over the world. It was first staged in 2013. This was the fourth edition of Hockey India League (HIL).
Jaypee Punjab Warriors
Chandigarh-based Jaypee Punjab Warriors (JPW) defeated Kalinga Lancers by 6-1 in the finals played at the Birsa Munda Hockey Stadium (Ranchi) on 21 February to win the 2016 Hockey India League (HIL) title.
– Armaan Qureshi, Matt Gohdes and Satbir Singh scored a field goal each for the Warriors while skipper Moritz Fuerste scored the Lancers’ lone goal of the match. The unique feature of the tournament was that each field goal counted for two.
– It is worth mentioning that JPW had lost the final in the last two seasons. Kalinga Lancers had qualified for the knockouts for the first time in the HIL.
– Hockey India League (HIL) is the top-most professional hockey league in India featuring top hockey players all over the world. It was first staged in 2013. This was the fourth edition of Hockey India League (HIL).
Business Affairs
Reliance Communications gets CCI go-ahead to acquire Sistema's MTS
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Reliance Communications (RCom) on Monday said fair trade regulator CCI has given nod to its deal to acquire Russian conglomerate Sistema's Indian telecom unit, Sistema Shyam Teleservices (SSTL) that operates under the MTS brand.
"We wish to inform you that the Competition Commission of India (CCI) has approved transfer of telecommunications undertaking of Sistema Shyam Teleservices Ltd to the company," Reliance Communications said in a BSE filing.
In November, India's leading telecom operator RCom announced acquisition of Sistema's Indian telecom unit in an all-stock deal that will create an operator with 118 million subscribers.
As per the deal, SSTL will hold about 10 per cent stake in RCom and pay off its existing debt before closing the deal.
Russian tycoon Vladimir Evtushenkov-controlled AFK Sistema currently holds 56.68 per cent stake in SSTL while the Russian government owns 17.14 per cent interest. Shyam Group has 23.98 per cent stake and the rest is owned by small investors.
SSTL offers mobile telephony services under the MTS brand across nine telecom circles in the country.
The deal will give RCom access to spectrum or airwaves in the 850 Mhz band that can be used for 4G services which it plans to start by the year-end.
Also, it will be able to extend the validity of its licence by 12 years in eight high revenue-generating circles of Delhi, Gujarat, Tamil Nadu, Karnataka, Kerala, Kolkata, UP (West) and West Bengal.
While SSTL will pay off its existing debt, RCom will assume the liability to pay the government instalments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years.
Sistema had ventured into the Indian telecom space in 2007 when it bought 10 per cent stake in Shyam Telelink by paying USD 11.4 million. The stake was raised subsequently.
The merger will not just help RCom compete with the existing players but consolidate its position ahead of Mukesh Ambani's foray into the sector with 4G services under the Reliance Jio brand later this year.
Reliance Communications (RCom) on Monday said fair trade regulator CCI has given nod to its deal to acquire Russian conglomerate Sistema's Indian telecom unit, Sistema Shyam Teleservices (SSTL) that operates under the MTS brand.
"We wish to inform you that the Competition Commission of India (CCI) has approved transfer of telecommunications undertaking of Sistema Shyam Teleservices Ltd to the company," Reliance Communications said in a BSE filing.
In November, India's leading telecom operator RCom announced acquisition of Sistema's Indian telecom unit in an all-stock deal that will create an operator with 118 million subscribers.
As per the deal, SSTL will hold about 10 per cent stake in RCom and pay off its existing debt before closing the deal.
Russian tycoon Vladimir Evtushenkov-controlled AFK Sistema currently holds 56.68 per cent stake in SSTL while the Russian government owns 17.14 per cent interest. Shyam Group has 23.98 per cent stake and the rest is owned by small investors.
SSTL offers mobile telephony services under the MTS brand across nine telecom circles in the country.
The deal will give RCom access to spectrum or airwaves in the 850 Mhz band that can be used for 4G services which it plans to start by the year-end.
Also, it will be able to extend the validity of its licence by 12 years in eight high revenue-generating circles of Delhi, Gujarat, Tamil Nadu, Karnataka, Kerala, Kolkata, UP (West) and West Bengal.
While SSTL will pay off its existing debt, RCom will assume the liability to pay the government instalments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years.
Sistema had ventured into the Indian telecom space in 2007 when it bought 10 per cent stake in Shyam Telelink by paying USD 11.4 million. The stake was raised subsequently.
The merger will not just help RCom compete with the existing players but consolidate its position ahead of Mukesh Ambani's foray into the sector with 4G services under the Reliance Jio brand later this year.
Ratan Tata accuses older airlines of 'monopoly'; SpiceJet hits back
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Hitting out at older carriers, top industrialist Ratan Tata on Sunday accused them of lobbying and using "monopolistic pressures" to retain preferential treatment under the controversial 5/20 rule that restricts overseas flying by new airlines.
Reacting strongly to the charge, low-cost carrier SpiceJet's chief Ajay Singh asked him to rather advice the two airlines associated with Tatas - Vistara and AirAsia India - to first serve India and then seek to fly international.
Singh also alleged that the two carriers were apparently controlled by their foreign parents and said they had undertaken, while applying for the licence, to follow the 5/20 rule which they are opposing so vehemently now.
AirAsia India and Vistara - two airlines operated by the Tatas through joint ventures - are presently ineligible to operate overseas under the 5/20 norm, which requires an Indian carrier to have minimum five years operational experience and at least 20 planes to operate international flights.
The government is currently in advanced stage of finalising its new civil aviation policy, wherein one of the proposals is to scrap the 5/20 rule.
While several older airlines including SpiceJet, Jet Airways, IndiGo and GoAir are vehemently opposing any move to scrap the 5/20 norm, Tata on Sunday applauded the Civil Aviation Ministry's proposal to remove the "controversial" rule.
Terming as sad the lobbying of incumbent airlines for "protection and preferential treatment", he tweeted that such moves were reminiscent of the monopolistic pressures by entities with vested interests who fear competition.
"The lobbying for discriminating policies between old and new airlines is reminiscent of protectionist and monopolistic pressures by vested interests' entities who seem to fear competition, as in a variety of other sectors over the years," Tata said in a strong message posted on his Twitter page.
"These protectionist moves have held back progress in India compared to open economies that have thrived on competition overseas," Tata Group's Chairman Emeritus said in his message titled '5/20 Rule and Vested Interests'.
"In the airline industry in India, it is sad to see the incumbent airlines lobbying for protection and preferential treatment for themselves against the new airlines...
"...(the new airlines) have been formed in full compliance with prevailing government policy and providing air transport to Indian citizens in line with the dream of a 'New India' promoted by the new government under (Prime Minister Narendra) Modi's leadership," said Tata, who was instrumental in the group's re-entry to the aviation sector.
Tata Group and Singapore Airlines together run Vistara, while AirAsia is a three-way joint venture between Tatas, Malaysia's AirAsia and Arun Bhatia's Telestra.
AirAsia India is less than 2-year-old with six aircraft, while Vistara was started in January 2015 and has nine planes.
With the government considering the removal of 5/20 norm, Tata said, "One hopes when the new policy is introduced it will be free of discrimination and protectionism, so that Indian aviation can grow for the benefit of consumer and the common man -- not to serve the interests of select beneficiaries of protectionism."
According to Tata, the call for a new open market economy in India, in line with policies promised by Modi, will "promote growth in an open market based on competitiveness and not from self interest-based protectionism".
Reacting to Tata's comments, SpiceJet's Singh said all the airlines were asked "to serve our great country before we got profitable rights to fly abroad" under the 5/20 rule.
"We served with great pride. What is wrong if these two foreign-controlled airlines are also asked to serve India before being allowed to fly international?
"Mr Tata, whom we respect greatly, should in fact urge these airlines in which his group is a shareholder, to serve India willingly before being allowed to fly international," Singh told PTI.
The SpiceJet chief further said that the two airlines associated with Tata group had undertaken to follow the 5/20 rule while obtaining their licenses, but "they are now opposing (this rule) so vehemently".
He also alleged that "it is evident that these airlines are controlled by their foreign parents".
"This is in complete violation of Indian laws that require airlines in India to be effectively controlled by Indian shareholders. Mr Tata should urge these airlines to follow Indian law in letter and spirit.
"No country in the world, including Singapore and Malaysia, allows its airlines to be controlled by foreign airlines. If Indian airlines like SpiceJet and Indigo are not allowed in these countries, why should they be allowed to control airlines in India?," he added.
Recently, the industry body FIA had also alleged that AirAsia India was being controlled by its foreign joint venture partner AirAsia.
A delegation of FIA (Federation of Indian Airlines) -- a grouping of established airlines Jet Airways, SpiceJet, IndiGo and GoAir -- has submitted a memorandum to Prime Minister's Office on their opposition to removal of 5/20 norm and on the issue of substantial ownership and effective control.
On February 18, a Group of Ministers discussed the draft aviation policy, including the 5/20 norm and the proposed options - scrapping or retaining this rule - at a meeting here chaired by Home Minister Rajnath Singh.
At the meeting, attended by Finance Minister Arun Jaitley and Civil Aviation Minister Ashok Gajapathi Raju among others, extensive discussions were held on the norm for international flying by domestic carriers and regional air connectivity.
Hitting out at older carriers, top industrialist Ratan Tata on Sunday accused them of lobbying and using "monopolistic pressures" to retain preferential treatment under the controversial 5/20 rule that restricts overseas flying by new airlines.
Reacting strongly to the charge, low-cost carrier SpiceJet's chief Ajay Singh asked him to rather advice the two airlines associated with Tatas - Vistara and AirAsia India - to first serve India and then seek to fly international.
Singh also alleged that the two carriers were apparently controlled by their foreign parents and said they had undertaken, while applying for the licence, to follow the 5/20 rule which they are opposing so vehemently now.
AirAsia India and Vistara - two airlines operated by the Tatas through joint ventures - are presently ineligible to operate overseas under the 5/20 norm, which requires an Indian carrier to have minimum five years operational experience and at least 20 planes to operate international flights.
The government is currently in advanced stage of finalising its new civil aviation policy, wherein one of the proposals is to scrap the 5/20 rule.
While several older airlines including SpiceJet, Jet Airways, IndiGo and GoAir are vehemently opposing any move to scrap the 5/20 norm, Tata on Sunday applauded the Civil Aviation Ministry's proposal to remove the "controversial" rule.
Terming as sad the lobbying of incumbent airlines for "protection and preferential treatment", he tweeted that such moves were reminiscent of the monopolistic pressures by entities with vested interests who fear competition.
"The lobbying for discriminating policies between old and new airlines is reminiscent of protectionist and monopolistic pressures by vested interests' entities who seem to fear competition, as in a variety of other sectors over the years," Tata said in a strong message posted on his Twitter page.
"These protectionist moves have held back progress in India compared to open economies that have thrived on competition overseas," Tata Group's Chairman Emeritus said in his message titled '5/20 Rule and Vested Interests'.
"In the airline industry in India, it is sad to see the incumbent airlines lobbying for protection and preferential treatment for themselves against the new airlines...
"...(the new airlines) have been formed in full compliance with prevailing government policy and providing air transport to Indian citizens in line with the dream of a 'New India' promoted by the new government under (Prime Minister Narendra) Modi's leadership," said Tata, who was instrumental in the group's re-entry to the aviation sector.
Tata Group and Singapore Airlines together run Vistara, while AirAsia is a three-way joint venture between Tatas, Malaysia's AirAsia and Arun Bhatia's Telestra.
AirAsia India is less than 2-year-old with six aircraft, while Vistara was started in January 2015 and has nine planes.
With the government considering the removal of 5/20 norm, Tata said, "One hopes when the new policy is introduced it will be free of discrimination and protectionism, so that Indian aviation can grow for the benefit of consumer and the common man -- not to serve the interests of select beneficiaries of protectionism."
According to Tata, the call for a new open market economy in India, in line with policies promised by Modi, will "promote growth in an open market based on competitiveness and not from self interest-based protectionism".
Reacting to Tata's comments, SpiceJet's Singh said all the airlines were asked "to serve our great country before we got profitable rights to fly abroad" under the 5/20 rule.
"We served with great pride. What is wrong if these two foreign-controlled airlines are also asked to serve India before being allowed to fly international?
"Mr Tata, whom we respect greatly, should in fact urge these airlines in which his group is a shareholder, to serve India willingly before being allowed to fly international," Singh told PTI.
The SpiceJet chief further said that the two airlines associated with Tata group had undertaken to follow the 5/20 rule while obtaining their licenses, but "they are now opposing (this rule) so vehemently".
He also alleged that "it is evident that these airlines are controlled by their foreign parents".
"This is in complete violation of Indian laws that require airlines in India to be effectively controlled by Indian shareholders. Mr Tata should urge these airlines to follow Indian law in letter and spirit.
"No country in the world, including Singapore and Malaysia, allows its airlines to be controlled by foreign airlines. If Indian airlines like SpiceJet and Indigo are not allowed in these countries, why should they be allowed to control airlines in India?," he added.
Recently, the industry body FIA had also alleged that AirAsia India was being controlled by its foreign joint venture partner AirAsia.
A delegation of FIA (Federation of Indian Airlines) -- a grouping of established airlines Jet Airways, SpiceJet, IndiGo and GoAir -- has submitted a memorandum to Prime Minister's Office on their opposition to removal of 5/20 norm and on the issue of substantial ownership and effective control.
On February 18, a Group of Ministers discussed the draft aviation policy, including the 5/20 norm and the proposed options - scrapping or retaining this rule - at a meeting here chaired by Home Minister Rajnath Singh.
At the meeting, attended by Finance Minister Arun Jaitley and Civil Aviation Minister Ashok Gajapathi Raju among others, extensive discussions were held on the norm for international flying by domestic carriers and regional air connectivity.
Rupee falls 5 paise to 68.65 against the US dollar
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The rupee on Tuesday dropped by another 5 paise to a fresh 30-month low of 68.65 against American currency after the value of dollar overseas rose nearly 1 per cent against a basket of major currencies.
The domestic currency on Monday dropped by 15 paise to end at a fresh 30-month low of 68.61 per dollar on renewed demand for the greenback from banks and importers.
The rupee had hit its all-time closing low of 68.80 per dollar on August 28, 2013 after plunging to 68.85 mark on the same day in the intra-day trade.
The dollar climbed to a roughly three-week high against a basket of major currencies, bolstered by recovering oil prices and stocks as well as losses in sterling and euro amid concern about Britain's possible exit from the European Union.
The dollar index, which measures the greenback against a basket of six major currencies, rose 0.8 per cent to 97.382, after earlier climbing to 97.600, its highest since February 3.
Among other Asian currencies, Taiwan dollar rose 1.11 per cent, ringgit 0.44 per cent, yen 0.43 per cent, while yuan and peso eased 0.09 per cent each against US dollar.
The rupee on Tuesday dropped by another 5 paise to a fresh 30-month low of 68.65 against American currency after the value of dollar overseas rose nearly 1 per cent against a basket of major currencies.
The domestic currency on Monday dropped by 15 paise to end at a fresh 30-month low of 68.61 per dollar on renewed demand for the greenback from banks and importers.
The rupee had hit its all-time closing low of 68.80 per dollar on August 28, 2013 after plunging to 68.85 mark on the same day in the intra-day trade.
The dollar climbed to a roughly three-week high against a basket of major currencies, bolstered by recovering oil prices and stocks as well as losses in sterling and euro amid concern about Britain's possible exit from the European Union.
The dollar index, which measures the greenback against a basket of six major currencies, rose 0.8 per cent to 97.382, after earlier climbing to 97.600, its highest since February 3.
Among other Asian currencies, Taiwan dollar rose 1.11 per cent, ringgit 0.44 per cent, yen 0.43 per cent, while yuan and peso eased 0.09 per cent each against US dollar.
Oil dips as rising Iranian output to counter falling US shale production
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Oil prices dipped slightly in early trading on Tuesday after posting strong gains the previous session on the back of an expected drop in US production, but which analysts expect to be countered by rising output from Iran.
US front-month West Texas Intermediate (WTI) crude futures , were trading at $33.10 per barrel at 0118 GMT, down 29 cents from their last settlement. International benchmark Brent was down 21 cents at $34.48 a barrel.
Tuesday's dips came after strong gains in the previous session on the back of an expected fall in US oil production this year.
Production of shale oil is expected to drop by 600,000 barrels per day (bpd) this year and a further 200,000 bpd in 2017, according to the International Energy Agency (IEA).
Yet analysts said that the gains were part-reversed by the prospect that rising Iranian production following the end of international sanctions, which will prolong oversupply. Currently 1-2 million of barrels of crude is produced every day in excess of demand.
"Crude supply growth from Iran will more than compensate for any decline in US output," ANZ said.
The IEA said that in the longer term, US production would also recover thanks to improving cost efficiency, lifting output to a record 14.2 million bpd by 2021, compared with a peak of over 9.5 million bpd in 2015.
The expected resurgence of US shale oil production will cap a recovery in the coming years in the price of oil, which is expected to reach $80 per barrel by 2020, IEA Director Fatih Birol said at a news conference in Houston, Texas.
Oil prices dipped slightly in early trading on Tuesday after posting strong gains the previous session on the back of an expected drop in US production, but which analysts expect to be countered by rising output from Iran.
US front-month West Texas Intermediate (WTI) crude futures , were trading at $33.10 per barrel at 0118 GMT, down 29 cents from their last settlement. International benchmark Brent was down 21 cents at $34.48 a barrel.
Tuesday's dips came after strong gains in the previous session on the back of an expected fall in US oil production this year.
Production of shale oil is expected to drop by 600,000 barrels per day (bpd) this year and a further 200,000 bpd in 2017, according to the International Energy Agency (IEA).
Yet analysts said that the gains were part-reversed by the prospect that rising Iranian production following the end of international sanctions, which will prolong oversupply. Currently 1-2 million of barrels of crude is produced every day in excess of demand.
"Crude supply growth from Iran will more than compensate for any decline in US output," ANZ said.
The IEA said that in the longer term, US production would also recover thanks to improving cost efficiency, lifting output to a record 14.2 million bpd by 2021, compared with a peak of over 9.5 million bpd in 2015.
The expected resurgence of US shale oil production will cap a recovery in the coming years in the price of oil, which is expected to reach $80 per barrel by 2020, IEA Director Fatih Birol said at a news conference in Houston, Texas.
Govt to sell 5% stake in NTPC today, eyes Rs 5,030 crore
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In the sixth PSU share sale this fiscal, the government will on Tuesday sell 5 per cent stake in India's largest power producer NTPC Ltd at a floor price of Rs 122 apiece to raise Rs 5,030 crore.
The share sale, which comes days ahead of the Union Budget, will be the first under Sebi's revised offer for sale (OFS) rules that allow the bidding for shares spread over two days.
The government has fixed a floor price for sale of over 41.22 crore shares in NTPC at Rs 122 apiece, a 3.82 per cent discount to its closing price on the BSE.
Shares of NTPC closed at Rs 126.85 on the BSE on Monday.
While the issue would open for institutional bidders tomorrow, the retails investors, for whom 20 per cent shares have been reserved, will get to bid on February 24.
At a floor price of Rs 122, the NTPC share sale would fetch about Rs 5,030 crore to the exchequer.
NTPC is the first company to hit the markets under the revised offer for sale (OFS) guidelines of market regulator Sebi.
In a BSE filing, NTPC said that government will sell over 41.22 crore shares in the company at a floor price of Rs 122 apiece. The bidding would remain open from 0915-1530 hours on both the days.
A 5 per cent additional discount would be offered to retail investors, which are those who bid for shares worth not more than Rs 2 lakh.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities are acting as merchant bankers for the share sale.
The Cabinet in May had approved the 5 per cent stake sale in NTPC. The government holds 74.96 per cent in the firm. It had last sold stake in NTPC in February 2013.
NTPC would be the sixth PSU to hit markets in the current fiscal. The disinvestment department has held roadshows in Singapore, Hong Kong, London and in the US.
So far this fiscal, government has raised over Rs 13,300 crore through disinvestment in five PSUs -- EIL, Indian Oil Corp, PFC, REC and Dredging Corporation. This is against a target of Rs 69,500 crore for 2015-16.
Volatile market conditions have affected the government's disinvestment plan, which mostly have commodity and oil stocks in the pipeline.
Under the Sebi's modified OFS rules, allocation shall be at or above the floor price on price priority basis at multiple clearing prices.
However, allocation to retail investors, who have the option to bid at the cut off price, can be below the floor price on account of retail discount offered, it added.
"The non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the Sebi OFS Circulars," NTPC said.
In the sixth PSU share sale this fiscal, the government will on Tuesday sell 5 per cent stake in India's largest power producer NTPC Ltd at a floor price of Rs 122 apiece to raise Rs 5,030 crore.
The share sale, which comes days ahead of the Union Budget, will be the first under Sebi's revised offer for sale (OFS) rules that allow the bidding for shares spread over two days.
The government has fixed a floor price for sale of over 41.22 crore shares in NTPC at Rs 122 apiece, a 3.82 per cent discount to its closing price on the BSE.
Shares of NTPC closed at Rs 126.85 on the BSE on Monday.
While the issue would open for institutional bidders tomorrow, the retails investors, for whom 20 per cent shares have been reserved, will get to bid on February 24.
At a floor price of Rs 122, the NTPC share sale would fetch about Rs 5,030 crore to the exchequer.
NTPC is the first company to hit the markets under the revised offer for sale (OFS) guidelines of market regulator Sebi.
In a BSE filing, NTPC said that government will sell over 41.22 crore shares in the company at a floor price of Rs 122 apiece. The bidding would remain open from 0915-1530 hours on both the days.
A 5 per cent additional discount would be offered to retail investors, which are those who bid for shares worth not more than Rs 2 lakh.
SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities are acting as merchant bankers for the share sale.
The Cabinet in May had approved the 5 per cent stake sale in NTPC. The government holds 74.96 per cent in the firm. It had last sold stake in NTPC in February 2013.
NTPC would be the sixth PSU to hit markets in the current fiscal. The disinvestment department has held roadshows in Singapore, Hong Kong, London and in the US.
So far this fiscal, government has raised over Rs 13,300 crore through disinvestment in five PSUs -- EIL, Indian Oil Corp, PFC, REC and Dredging Corporation. This is against a target of Rs 69,500 crore for 2015-16.
Volatile market conditions have affected the government's disinvestment plan, which mostly have commodity and oil stocks in the pipeline.
Under the Sebi's modified OFS rules, allocation shall be at or above the floor price on price priority basis at multiple clearing prices.
However, allocation to retail investors, who have the option to bid at the cut off price, can be below the floor price on account of retail discount offered, it added.
"The non-retail investors who have placed their bids on T day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the Sebi OFS Circulars," NTPC said.
General Awareness
Newly named DAY-NULM extended to all Urban Local Bodies
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National Urban Livelihood Mission (NULM) which is now renamed as “Deen Dayal Antyodaya Yojana-NULM” and in Hindi as “Deen Dayal Antyodaya Yojana- Rashtriya Shahri Aajeevika Mission” has been enlarged to the 4,041 statutory urban local bodies by government.
- Tamil Nadu is having the highest number of towns (681) to be covered under DAY-NULM.
- Currently, only 40 cities are implementing this pro-poor scheme.
In all, DAY-NULM will benefit urban poor in 1,505 new towns in the North, 991 towns in the South, 375 in the West, 249 in the East and 130 more towns in the North-East.
Components of DAY-NULM:
- Employment through Skill Training and Placement – An expenditure of Rs. 15, 000 per person is allowed on training of urban poor which is Rs. 18, 000 in North-East and J&K.
- Social Mobilisation and Institution Development – It will be done through formation ofSelf-Help Groups for training members and hand holding, an initial support of 10, 000 is given for each group. Assistance of Rs. 50, 000 is provided to Registered Area Level Federations.
- Subsidy to urban poor – An interest subsidy of 5% – 7% for setting up individual micro-enterprises with a loan of up to 2 lakh and for group enterprises with a loan limit of up to Rs. 10 lakhs.
- Shelters for urban homeless – Cost of construction of shelters for urban homeless is fully funded under the Scheme with each such shelter accommodating at least 50 homeless.
- Other means – Urban poor will be helped through setting up infrastructure for street vendors and innovative and special projects for rag pickers, differently abled etc.
About NULM
Established in 2013, it is being presently implemented in only 791 cities across the country covering all district headquarters and cities and towns with a population of above one lakh each.
- The mission is looking to intensify employment opportunities and incomes of the urban poor through skill development and training.
National Urban Livelihood Mission (NULM) which is now renamed as “Deen Dayal Antyodaya Yojana-NULM” and in Hindi as “Deen Dayal Antyodaya Yojana- Rashtriya Shahri Aajeevika Mission” has been enlarged to the 4,041 statutory urban local bodies by government.- Tamil Nadu is having the highest number of towns (681) to be covered under DAY-NULM.
- Currently, only 40 cities are implementing this pro-poor scheme.
Components of DAY-NULM:- Employment through Skill Training and Placement – An expenditure of Rs. 15, 000 per person is allowed on training of urban poor which is Rs. 18, 000 in North-East and J&K.
- Social Mobilisation and Institution Development – It will be done through formation ofSelf-Help Groups for training members and hand holding, an initial support of 10, 000 is given for each group. Assistance of Rs. 50, 000 is provided to Registered Area Level Federations.
- Subsidy to urban poor – An interest subsidy of 5% – 7% for setting up individual micro-enterprises with a loan of up to 2 lakh and for group enterprises with a loan limit of up to Rs. 10 lakhs.
- Shelters for urban homeless – Cost of construction of shelters for urban homeless is fully funded under the Scheme with each such shelter accommodating at least 50 homeless.
- Other means – Urban poor will be helped through setting up infrastructure for street vendors and innovative and special projects for rag pickers, differently abled etc.
About NULM
Established in 2013, it is being presently implemented in only 791 cities across the country covering all district headquarters and cities and towns with a population of above one lakh each.- The mission is looking to intensify employment opportunities and incomes of the urban poor through skill development and training.
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