NEW DELHI: India aims to sell two or three state-owned firms to local or foreign firms to raise up to 600 billion rupees ($8.5 billion) by March 2020, a senior Finance Ministry official said on Monday.
The government planned to sell Bharat Petroleum Corp. Ltd., logistics firm Container Corp. of India Ltd. and debt-laden Air India before the end of the 2019/20 financial year, the official, who asked not to be named, told reporters.
The Prime Minister’s Office (PMO) had voiced reservations about the Finance Ministry’s past sales of stakes in one state entity to another, which was the case when refiner Hindustan Petroleum Corp. Ltd. was sold to Oil and Natural Gas Corp. Ltd, the official said.
“The PMO is very clear that we cannot be selling government companies to another government company and then call it privatization,” the official said.
Indian government aims to sell Air India, other firms by March 2020: official
Indian government aims to sell Air India, other firms by March 2020: official
- The Indian government plans to sell Bharat Petroleum, Container Corp. of India and debt-laden Air India
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday as it shed 214.60 points, or 1.89 percent, to close at 11,167.48.
The total trading turnover of the benchmark index stood at SR4.44 billion ($1.18 billion), with 33 of the listed stocks advancing and 227 declining.
The Kingdom’s parallel market Nomu also shed 175.96 points, or 0.74 percent, to close at 23,734.90.
The MSCI Tadawul Index declined by 2.12 percent to 1,502.98.
The best-performing stock on the main market was The Mediterranean and Gulf Insurance and Reinsurance Co., as its share price increased by 7.33 percent to SR14.50.
The share price of Thob Al Aseel Co. rose by 2.97 percent to SR3.81.
Middle East Pharmaceutical Industries Co. also saw its stock price climb by 2.60 percent to SR114.60.
Conversely, the share price of Almasane Alkobra Mining Co. declined by 9.93 percent to SR105.20.
On Sunday, Saudi Arabia’s stock market opened to all categories of foreign investors, allowing direct investments in the main market.
This followed an announcement made by the Capital Market Authority in January, which included the removal of restrictions such as the Qualified Foreign Investor framework, which required a minimum of $500 million in assets under management, and the abolition of swap agreements.
On the announcements front, Arab National Bank revealed that its net profit reached SR5.11 billion in 2025, representing an increase of 3.02 percent compared to the previous year.
According to a Tadawul statement, the financial institution attributed the rise in net profit to an increase in net special commission income, net fee and commission income, as well as dividend income.
ANB added that the profits were also supported by net gains on FVSI financial instruments, net exchange income and net trading income.
The share price of ANB edged down by 1.75 percent to SR22.40.
