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This is an archive article published on February 9, 2004
PSU values up, networths still negative
The market capitalisation of public sector companies rose more than 28 per cent to cross Rs 1,19,000 crore as on March 31, 2003, even as abo...
New Delhi | February 9, 2004 12:00 AM IST
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The market capitalisation of public sector companies rose more than 28 per cent to cross Rs 1,19,000 crore as on March 31, 2003, even as about Rs 12,000 crore of government investment in equity capital of these companies was completely eroded during this period.
As per the Comptroller and Auditor General8217;s report on public sector undertakings, an investment of Rs 11,925.15 crore in equity capital of 98 companies by the government has been completely eroded as on March 31 last year and the networth of these companies is currently negative.
On the brighter side, share prices of 21 government companies listed on the stockmarkets rose to touch Rs 1,19,747.52 crore as compared to the total book value of Rs 93,135.41 crore. Thus, the market capitalisation on these 21 listed PSUs appreciated by Rs 26,612.11 crore, CAG noted.
Besides, the total market value of shares in these companies increased by about Rs 16,200 crore as on March 31, 2003, from the value recorded in the previous fiscal.
8216;8216;A further analysis indicated that market capitalisation was slightly more than one-fourth in Andrew Yule and company, one-third in Bharat Earth Movers, one-half in Scooters India and three-fourth in Neyveli Lignite Corporation of book value of the respective companies,8217;8217; the report said. 8212; PTI
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