THE LIC.. and some PSUs..
(LOSING income CORPORATION..)
- It was established in 1956..since then till 2013 only 11.9 lakh cr was invested in PSUs.But after 2013 till this year 22.6 lakh cr is invested in PSUs.. A 72% jump..
We all know what’s the condition of those PUBLIC SECTOR UNITS.
2-In 2004 public sector investment by LIC was 3 lakh cr..Now
it stands as 10.7 lakh cr.
I will b giving the performance of some big PSUs later in the post..
3-Where as in PRIVATE SECTOR the investment by LIC dipped
In 2004 it was 1.35 lah cr..Now it stands just 80k cr.
4-LIC bought IPOs of BHEL, GIC, HAL to fill up GOI’s divestment project..
5-LIC bailout policy prices 17000 cr in only 2018/19 only..
6-NHAI bond bought by LIC is of 30000cr.
7-80% of stocks in LIC PORTFOLIO slipped into red..
Reliance Communications (down by 94%)
Reliance Naval (down 93%)
R Home Finance (86%)
I hope you won’t be surprised to see so much ANIL AMBANI stocks here
8- LIC infused 26000 cr in IDBI bank..
In 5 years the stock is down from 100 to 27.
Let’s see some PSUs where LIC made investments..
In 5 years ONGC stock is down from 270 to 124
Coal India is down from 410 to 193
BHEL from 200 to 47
1-HAL cash reserves down 99% from 2013 to 2019..
(17000 cr to only 140 cr)
2-ONGC cash reserves down from 10000 cr to 1000 cr in 6 years..
The scary part is GOVT DIPS into small savings fund loan to PSUs jumps 500% in loss making PSUs
Its being used to BAIL OUT PSUs like AIR INDIA. .NHAI..POWER FINANCE CORPORATION..with your money?
In sep 4, 2018 ONGC union wrote a 4 page letter to PRIME MINISTER. .
HERE are some points which they wrote..
1- Acquisition of GSPC gas blocks was a huge loss
2-Buying GOI’S entire stake in HPCL at 36915 cr at a price which was 14% higher than then market value of HPCL.
3-Offering control to private players in producing fields
4-Pressurising ONGC to increase CSR funds to govt projects..