paragraph

According to the sources, the government is on course with the privatisation of two public sector banks (PSBs) and will take appropriate steps in the coming months, <a target="_blank" href="https://www.business-standard.com/article/finance/govt-committed-to-privatisation-of-two-public-sector-banks-report-122052501538_1.html">Business standard</a> reported.&nbsp;

In the Union Budget for 2021-22, the government announced its intent to take up the privatisation of two PSBs in the year and approved a policy of strategic disinvestment of public sector enterprises.

The government think-tank NITI Aayog has already suggested two banks and one insurance company to the Core Group of Secretaries on Disinvestment for privatisation.

The <a target="_blank" href="https://mintgenie.livemint.com/stocks/central-bank-of-india-S0003235">Central Bank of India</a> and <a target="_blank" href="https://mintgenie.livemint.com/stocks/indian-overseas-bank-S0003683">Indian Overseas Bank</a> are likely candidates for privatisation, sources said.&nbsp;

As per the process, the Core Group of Secretaries, headed by the Cabinet Secretary, will send its recommendation to the Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.

Besides, sources also said the divestment of BPCL is also on the cards and fresh bids will be invited as the government's divestment programme moves slower than expected.&nbsp;

According to media reports, the government is considering inviting bids for a 20%–25% stake in <a target="_blank" href="https://mintgenie.livemint.com/stocks/bharat-petroleum-corp-S0003060">BPCL</a>, instead of an outright sale of its entire 52.98% holding.&nbsp;

The Indian government had ambitious plans to sell its entire 53 per cent stake in BPCL to <a target="_blank" href="https://mintgenie.livemint.com/news/markets/government-considers-selling-part-of-bpcl-instead-of-entire-stake-report-151652851678985">private players</a> in 2021-22, but this target was pushed back to 2022-23 due to delays.

Further, regarding the strategic sale of <a target="_blank" href="https://mintgenie.livemint.com/stocks/container-corporation-of-india-S0003164">Container Corporation of India</a> (Concor), sources said, there are some issues, and the process would be undertaken after those are resolved.

The Cabinet, in November 2019, approved the strategic sale of a 30.8 per cent stake, along with management control, in Concor out of the government equity of 54.80 per cent. The government will retain a 24 per cent stake post-sell-off but without any veto powers.

Meanwhile, the Centre has put on hold the sale of loss-making helicopter service provider Pawan Hans as it is legally examining a National Company Law Tribunal (NCLT) order against Almas Global, which is part of the winning consortium, according to reports.&nbsp;

Government is on track to privatise two public sector banks: Report

The government is considering privatising two public sector banks: The Central Bank of India and Indian Overseas Bank.

How Prepared for a Monkeypox Outbreak Are We?

IndiGo Swings Back to Loss on Virus Flareup, Higher Fuel Costs

Before Market Opens: 9 things to know at 9 am on May 26, 2022

12 Indian firms at higher risk of downgrade amid rising inflation: Report

Why Anand Rathi upgraded this auto component stock; sees 32% upside

Tech firms may not grow at a pace they have been growing recently: Viram Shah of Vested Finance

Technical View: Nifty forms bearish candle; analysts expect more weakness

What is net asset value and how is it calculated?

Tata Chemicals can be a good bet at this point; here's why

Market Wrap: Sensex pares intra-day gains to settle over 100 points lower

The 30-share BSE index declined 100.42 points or 0.19 per cent to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93.

Bank of England Says Global Outlook Has ‘Deteriorated Materially’

The Bank of England said the global economic outlook has deteriorated materially after surging commodity prices pushed up inflation around the world, posing a further downside risk in months ahead.

Vauld to be rescued? Crypto lender Nexo says plans to buy it

Nexo, which is based in London, said it would buy up to 100% of Vauld and reorganize its future operations with the aim to accelerate its deeper presence in Asia. It did not say when the deal would close.

These penny stocks defied weak market sentiment; surged over 1000% in this year 

Three penny stocks rallied over 1,000 percent in the first half of 2022 despite the ongoing volatility in the domestic equity markets.

Stock Market: Is it time to get greedy and buy shares?

<ul><li>Although there are some charts that suggests that markets may not have bottomed as yet; however, based on the past trends, they may bottom out in next few months and therefore the next 6-12 months look extremely crucial from the view of wealth creation over the next 3-4 years.</li></ul>