Millennium Post

IndianOil pips RIL to top Fortune India 500 list

This year's list of the country's 500 largest corporations, compiled by the global business magazine Fortune's Indian edition, shows that there are as many as seven energy companies in the top 10 list.

Indian Oil Corp was the biggest with annual revenue of Rs 4,75,867 crore, followed by Reliance Industries (RIL) with a full-year revenue of Rs 4,09,883 crore.

This is followed by Bharat Petroleum (Rs 2,44,822 crore) at the third place and Hindustan Petroleum (Rs 2,17,771 crore) at fourth.

Besides, there are a total of six state-run companies in the top-ten positions, as against four from the private sector. This year's list shows ‘while sales growth has slowed, there are signs of recovery in profit. However, interest cost continues to be spoilsport.’

‘The good news is that the data shows that Indian companies are maturing... They are not letting up their determination to win the battle for talent — salaries and wages have actually grown, despite bad times,’ the magazine said.

Other entities in the list are State Bank of India (5th rank), Tata Motors (6th), ONGC (7th), Tata Steel (8th), Essar Oil (9th) and Coal India (10th).

Interestingly, top eight companies have retained their respective ranks from the previous year, Fortune India said.

Other companies in the list include Bharti Airtel (12th), ICICI Bank (14th), NTPC (15th), Tata Consultancy Services (18th) and Infosys (27th).

PowerGrid FPO price set at Rs 90 per share, to fetch Rs 7,000 crore

New Delhi: The government on Tuesday fixed the issue price for the sale of Power Grid Corporation shares at Rs 90 apiece, the upper end of the band, which would fetch about Rs 7,000 crore. The follow-on public offer (FPO) of the state-run transmission utility last week saw bids for 530 crore shares, or 6.74 times the 78.7 crore shares on offer.

Retail investors and eligible employees will get a discount of Rs 4.50 a share on the issue price, Power Grid said in a filing to the BSE. The price band for the FPO was Rs 85-90 apiece. The Cabinet approved the FPO last month. The offer comprised 13 per cent fresh equity by the company and 4 per cent stake sale by the central government.  The government will get about Rs 1,600 crore from selling 18.51 crore shares, while Power Grid will raise close to Rs 5,400 crore from its offer of 60.18 crore new shares.
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