Jan 10, 2014, 06.04 PM IST
The companies which would form part of the ETF basket are ONGC, Coal India, GAIL, Power Grid, REC, Oil India, Container Corporation, Power Finance, Indian Oil, Engineers India and Bharat Engineering.
Tags Oil and Natural Gas Corporation, Coal India, GAIL India, Power Grid Corporation of India, Rural Electrification Corporation, Oil India, Container Corporation of India, Power Finance Corporation, Indian Oil Corporation, ETF, plan, divestment
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Govt clears ETF plan; to raise Rs 3,000 cr in FY14
The companies which would form part of the ETF basket are ONGC, Coal India, GAIL, Power Grid, REC, Oil India, Container Corporation, Power Finance, Indian Oil, Engineers India and Bharat Engineering.
Like this story, share it with millions of investors on M3
Govt clears ETF plan; to raise Rs 3,000 cr in FY14
The companies which would form part of the ETF basket are ONGC, Coal India, GAIL, Power Grid, REC, Oil India, Container Corporation, Power Finance, Indian Oil, Engineers India and Bharat Engineering.
"This EGoM was to finalise the basket for PSU ETF. This basket will comprise of 11 companies, all bluechip PSUs. We expect to raise around Rs 3,000 crore," Disinvestment Secretary Ravi Mathur told reporters here.
Also read: India's economy is out of the woods: ICICI CEO
The companies which would form part of the ETF basket are ONGC , Coal India , GAIL , Power Grid , REC , Oil India , Container Corporation , Power Finance , Indian Oil , Engineers India and Bharat Engineering.
The Empowered Group of Minister, headed by Finance Minister P Chidambaram, today decided on the formation of the CPSE ETF.
The Department of Disinvestment (DoD) will now file the necessary documents with market regulator Sebi and the ETF would be launched within a month, Mathur said.
The CPSE ETF would help the government to add to the disinvestment kitty. The government targeted to raise Rs 40,000 crore from disinvestment this fiscal but has so far raised only Rs 3,000 crore through PSU stake sale. Last year the Cabinet had approved the setting up of a CPSE ETF.
The PSU ETF would comprise shares of various profitable state-owned companies. The composition of ETF and weightage of the shares of individual PSU in the index has been decided by the EGoM.
ONGC would have the highest weightage of 25 per cent with 89 shares in the proposed ETF basket. Coal India would have a weightage of 17.21 per cent with 61 shares, sources said.
Goldman Sachs is acting as the asset management company for the ETF.
"The proposed CPSE ETF will serve as an additional mechanism for the government to monetise its shareholdings in those CPSEs that eventually form part of the ETF basket," the government had said.
ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.
ETFs were introduced in India in 2001. Currently, there are about 33 ETFs having assets under management of close to Rs 11,500 crore and held by 6.2 lakh investors. Gold ETFs dominate ETF market in India.
ONGC stock price
On January 10, 2014, Oil and Natural Gas Corporation closed at Rs 283.80, up Rs 3.50, or 1.25 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.76. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.95.
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