Weekly Media Update_06_06_2022.pdf

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(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Balmer Lawrie in News
Economy grew 4.1% in Q4, slowest in
four quarters
India’s economy grew 4. 1% in the January-March
period, the slowest in four quarters, hit by the
third wave of the pandemic, supply disruptions
and high commodity and crude prices due to the
Russia-Ukraine war. In the full fiscal year, gross
domestic product (GDP) rose 8. 7%, making India
the fastest-growing major economy. In the first
three quarters of FY22, India’s economy had
grown 20. 3%, 8. 5%, and 5. 4%, respectively.
Full-year GDP growth was less than the 8. 9%
forecast by the statistics office in February, data
released on Tuesday showed. In pandemic-hit
FY21, the economy had contracted 6. 6%. The
FY22 GDP was 1. 5% higher than the pre-
pandemic level in FY20. "The slowdown seen in
India’s GDP growth to a four-quarter low of 4. 1%
in Q4 FY22 was inevitable, stemming from the
adverse impact of the third wave on contact
services, and of high commodity prices on
margins, as well as the unfavourable base effect,"
said ICRA chief economist Aditi Nayar. The
government expects the economy to grow 7% in
FY23 even as it faces multiple challenges.
The Economic Times - 01.06.2022
https://epaper.timesgroup.com/article-
share?article=01_06_2022_001_005_etkc_ET
SBI Research revises up India's FY23
economic growth forecast to 7.5%
SBI Research has projected the Indian economy
to grow at 7.5 per cent in 2022-23, an upward
revision of 20 basis points from its earlier
estimate. As per official data, the economy grew
by 8.7 per cent in FY22, net adding Rs 11.8 lakh
crore in the year to Rs 147 lakh crore, the report
said, adding this was however only 1.5 per cent
higher than the pre-pandemic year of FY20.
"Given the high inflation and the subsequent
upcoming rate hikes, we believe that real GDP
will incrementally increase by Rs 11.1 lakh crore
in FY23. This still translates into a real GDP
growth of 7.5 per cent for FY23, up by 20 basis
points over our previous forecast," SBI chief
economist Soumyakanti Ghosh said in a note on
Thursday. Nominal GDP expanded by Rs 38.6
lakh crore to Rs 237 lakh crore, or 19.5 per cent
annualised. In FY23 also, as inflation remains
elevated in the first half, nominal GDP will grow
16.1 per cent to Rs 275 lakh crore, he said.
Business Standard - 04.06.2022
https://www.business-
standard.com/article/economy-policy/sbi-
research-revises-up-india-s-fy23-economic-
growth-forecast-to-7-5-122060200416_1.html
WEEKLY MEDIA UPDATE
Issue 556
06 June 2022
Monday
Aajkaal (Kol) –
31.05.2022

Global stagflation risks up in last few
weeks: IMF
With the world passing through challenging times
at the moment, IMF resident representative in
India Luis Breuer on Tuesday said that the risks of
having a global stagflation have increased
significantly in the last few weeks and growth rate
is expected to decelerate in the advanced
economies. Speaking at an interactive session
organised by MCC on world economic outlook,
Breuer said that central banks across the US and
Europe have started increasing interest rates to
fight the rising inflation caused by surge in
commodity prices and supply disruption, owing to
conflict between Russia and Ukraine when the
pandemic is getting over. It is expected that the
US Federal Reserve to hike interest rates in future
and the world economy is likely to plateau at 3.
6%. “Cost of borrowing has increased which will
have its impact on growth rates." Stagflation is
defined as a situation of high inflation and
stagnant growth.
The Times of India - 04.06.2022
share?article=04_06_2022_015_011_toikc_TOI
Exports up 15.46% in May; trade
deficit widens to a record $23.3 billion
India’s trade deficit widened to a record $23.33
billion in May as imports grew at a faster pace
compared to exports amid high commodity
prices owing to the Russia-Ukraine conflict, the
preliminary data released by the commerce and
industry ministry showed on Thursday. The
previous highest monthly trade deficit was
$22.91 billion in November 2021. The deficit
stood at $6.28 billion in May last year. Imports
surged 56.14 per cent to $60.62 billion in May
on the back of a sharp jump in petroleum
products amid rising global crude oil prices. The
share of petroleum products in India’s total
imports was 30 per cent in May, growing 91.6
per cent year-on-year to $18.1 billion. Gold
imports witnessed a 759 per cent Imports
surged 56.14 per cent to $60.62 billion in May
on the back of a sharp jump in petroleum
products amid rising global crude oil prices. The
share of petroleum products in India’s total
imports was 30 per cent in May, growing 91.6
per cent year-on-year to $18.1 billion.
standard.com/article/economy-policy/exports-
up-15-46-in-may-trade-deficit-widens-to-a-
record-23-3-billion-122060201444_1.html
Factory activity sustains growth
momentum as global orders rise
India’s manufacturing sector growth steadied in
May as international orders strengthened in over
11 years despite selling prices being at an over
eight-and-a half years high even as business
sentiment was dampened by inflation concerns, a
private survey showed on Wednesday. The S&P
Global India Manufacturing Purchasing Managers’
Index (PMI) was 54. 6 in May, a tad lower than 54.
7 in April. New orders and production continued to
rise at the pace registered in April. A reading
above 50 indicates expansion, while below it
suggests contraction in activity. “The above-50. 0
reading was the eleventh in as many months and
consistent with a solid improvement in operating
conditions,” S&P Global said in a statement,
adding that it shows sustained recovery across the
sector. As per the survey report, the rate of
expansion of new export orders was sharp and the
fastest since April 2011. Companies secured new
work despite rising selling prices at the fastest rate
in over eight-anda-half years as additional cost
burdens continued to be transferred to clients, it
said.
Centre contains fiscal deficit at 6.7%
of GDP
Buoyant tax collections and higher growth in
nominal GDP (including inflation) helped the
Centre contain its fiscal deficit at 6. 7% of GDP,
against the 6. 9% target for 2021-22. Latest
data released by the Controller General of
Accounts (CGA) showed that fiscal deficit was
contained at under 99. 7% of the revised
estimate (RE) despite the overall spending
being higher than the budgeted level. “FY22
(prov) fiscal deficit as per CGA came in at Rs 15.
86 lakh crore, marginally lower than the FY22
(RE) of Rs 15. 91 lakh crore. FY22 nominal GDP
as per provisional estimate was 1. 9% higher
than the first advance estimate, used in
preparation of FY23 Budget. This has resulted in
FY22 provisional fiscal deficit to GDP declining
to 6. 7% as against 6. 9% in FY22 (RE),” said
Sunil Kumar Sinha, principal economist at India
Ratings and Research. Overall expenditure was
estimated at Rs 37. 9 lakh crore or 100. 6% of
the RE, with capital expenditure of Rs 5. 9 lakh
crore falling marginally short of the over Rs 6
lakh crore that was budgeted for.
share?article=01_06_2022_016_017_toikc_TO
I

High inflation, interest to test growth
momentum
The momentum of GDP expansion in the months
ahead would be tested by high inflation and the
need to raise interest rates to combat price
pressures. India’s economy has scripted a robust
recovery after the bruising impact of the
pandemic, but in recent months it has faced
several headwinds such as high inflation and is
battling high food and fuel costs due to the impact
of the war in Ukraine and the breakdown in supply
chains which have also faced the brunt of the strict
lockdowns in China to prevent the outbreak of the
latest coronavirus variants. Aditi Nayar, chief
economist at ratings agency ICRA, said the
slowdown seen in India’s GDP growth to a four-
quarter low of 4. 1% in Q4 FY22 was inevitable,
stemming from the adverse impact of the third
wave on contact services, and of high commodity
prices on margins, as well as the unfavourable
base effect. She said the services sector was the
main driver of the 3. 9% GVA (gross value added)
growth in Q4 FY22. The finance ministry said GDP
growth in FY22 has recovered to cross pre-
pandemic levels of FY20.
share?article=01_06_2022_016_013_toikc_TOI
Surging costs eat into profitability of
India Inc even as revenue, profits rise
India Inc is reeling under severe input cost
pressure amid escalated prices of fuels and
other commodities. This is affecting profitability
despite a sustained topline growth. Analysts
expect operating margins to remain under
pressure as not all companies would be able to
pass on the entire cost burden to consumers.
The operating margin of a common sample of
2,601 companies in the March quarter fell by
350 basis points year-on-year to an eight-
quarter low of 17.6%. The proportion of the
sample's raw material costs in revenue
increased to 31.7%, the highest in at least 13
quarters reflecting the mounting cost pressure.
Excluding banks and finance companies, the
margin was even lower at 15.5% while the raw
material-revenue ratio was at 37.2%. “We
believe the pressure on margins can continue
given the elevated level of commodity costs
across the board. Also with uneven demand,
corporates may not be looking to pass on entire
input cost inflation,” said Gautam Duggad,
institutional equities research head, Motilal
Oswal Securities.
Apr core sector growth hits 6-month high
Driven by coal, electricity and refinery products,
India's eight infrastructure sectors grew to a six-
month high of 8.4% on-year in April from 4.9% in
March and 62.6% in April 2021, official data
released on Tuesday showed. As per the data,
output in six of the eight sectors increased in April
except steel and crude oil. However, sequentially,
the core sector contracted 9. 48% in April over
March 2022. Output of coal rose 28. 8% on-year
while that of refinery products was up 9.2%.
Electricity generation grew 10.7% and fertilizers
production increased 8.7%. However, production
of steel shrank 0.7% and that of crude oil
contracted 0.9%. “Final growth rate of Index of
Eight Core Industries for January 2022 is revised
to 4% from its provisional level 3.7%,” the
commerce and industry ministry said in a
statement. The core sector comprises 40.27% of
the weight of items included in the Index of
Industrial Production (IIP). “Steady improvement
in the electricity output is likely to be sustained
amid increased demand from the industrial and
commercial sector,” said CareEdge chief
economist Rajani Sinha.
Services activity expands at strongest
rate in over 11 years in May amid
mounting price pressures
India’s services sector activities improved
further and expanded at strongest rate in over
11 years in May, supported by a substantial
pick-up in new business growth, even as input
cost inflation climbed to a record high, a
monthly survey said on Friday. The seasonally
adjusted S&P Global India Services PMI
Business Activity Index jumped to 58.9 in May,
up from 57.9 in April, amid better underlying
demand and strong inflows of new work. For the
tenth straight month, the services sector
witnessed an expansion in output. In
Purchasing Managers’ Index (PMI) parlance, a
print above 50 means expansion while a score
below 50 denotes contraction. “The reopening
of the Indian economy continued to help lift
growth in the service sector. Business activity
rose at the quickest pace in over 11 years in
May, supported by the fastest upturn in new
orders since July 2011,” said Pollyanna De Lima,
Economics Associate Director at S&P Global
Market Intelligence.
The Indian Express - 03.06.2022

https://indianexpress.com/article/business/eco
nomy/services-activity-expands-at-strongest-
rate-in-over-11-years-in-may-amid-mounting-
price-pressures-7951145/
2014–2022: Shift in how govt serves
people
There has been a paradigmatic shift in governance
since May 26, 2014. Providing dignity to millions
of Indians and empowering them to escape from
poverty during the last eight years can be
measured and empirically verified. The Modi
government’s focus on delivering goods and
services efficiently to every citizen is underpinned
by the philosophy of ‘Sarvodaya through
Antyodaya’. The government has followed the
principle of ‘good governance is good politics’, and
has reaped rich dividends by receiving people’s
trust. May 2014 was a historic victory. Critics were
confused and astounded. What many pundits did
not factor in was that elections are not decided in
television studios or living rooms in urban centres.
They are determined by the common people who
brave harsh weather and go out to vote. The ten
years preceding 2014 had seen India restless, with
a government at the Centre characterised by
policy paralysis, which was made worse by a
culture of impunity and a powerful stench of
corruption.
Govt aims to achieve 60% of Capex
Target by Sept
The finance ministry has asked key
infrastructure ministries and departments to
speed up projects, setting a target of achieving
at least 60% of the FY23 capital expenditure
budget target by the end of September. North
Block wants to push capital expenditure to
support the economy buffeted by high inflation,
geopolitical risk and monetary tightening. “We
aim to achieve about Rs 4. 45 lakh crore, which
is 60% of the annual target, by the September
quarter,” a government official told ET, adding
that infrastructure projects will be closely
monitored to prevent any delays. The
government has budgeted Rs 7.5 lakh crore
capital expenditure in FY23, up from Rs 6. 02
lakh crore in FY22, in order to drive economic
revival. Ministries and departments have been
asked to provide detailed monthly plans and
progress reports, giving specific reasons for
delays in project implementation, said another
official. The department of expenditure will also
closely monitor projects to ensure there is no
wasteful spending as targets are pushed, the
official said.
Oil Cos convince centre to halt plan to
monetise pipeline assets
State-owned GAIL, Hindustan Petroleum and
Indian Oil may not go ahead with a proposed
pipeline monetisation plan, having convinced the
petroleum ministry that this would be an
expensive way to raise capital, said people familiar
with the matter. The government expected the
companies to transfer some of their pipelines to
separate infrastructure investment trusts (InvITs)
and sell minority stakes in those to raise Rs 17,000
crore. The companies have told the government
that their high credit ratings, among the best in
the country, will allow them to raise capital easily
and at a much lower cost than any return they
would have to offer InvIT investors, said the
people cited above. Announced in the budget last
year, the monetisation plan was aimed at freeing
up resources that could then be deployed in new
projects, helping boost investment in an economy
weighed down by the pandemic. “The pipeline
monetisation plan is no more on the table,” said
one of the persons cited above.
DIPAM guidelines soon for CPSEs to
conduct sale of units with cabinet nod
Strategic sale of units of CPSEs for which
Cabinet approval is already in place will have to
be executed by the respective state-owned
companies in accordance with the guidelines to
be laid down by DIPAM shortly, the finance
ministry has said. However, those transactions
for which Expression of Interest (EoI) have been
issued will continue to be handled by the
Department of Investment and Public Asset
Management (DIPAM), it said. DIPAM, in an
office memorandum dated June 1, said that the
strategic sale proposal of any CPSE (Central
Public Sector Enterprise) unit which has been
approved by the Cabinet Committee on
Economic Affairs (CCEA) or Alternative
Mechanism (AM) will be taken forward by the
state-owned company in accordance with the
new guidelines. The office memorandum follows
the decision of the Cabinet on May 18, which
empowered the boards of Public Sector
Enterprises (PSEs) to decide on the closure,

strategic or minority stake sale in
units/subsidiaries, thereby giving more
autonomy to state-owned companies.
BPCL setback: Govt to push asset sales
The Centre is set to give a fresh push to its
privatisation drive after facing a setback over the
sale of state-run oil refiner BPCL and will make a
renewed bid to complete the transactions of a
clutch of companies in the current fiscal year.
Senior officials said Shipping Corporation of India
(SCI), defence PSU BEML, engineering consulting
firm PDIL and the Nagarnar steel plant of the
country’s largest iron ore producer NMDC are
among the companies where the Centre hopes to
accelerate the privatisation process and complete
the transactions. Plans are also on the anvil to give
a fresh push to the privatisation of privatisation of
a state-run bank and perhaps a state-run
insurance company, the process for which had
been delayed due to a raft of factors, including the
Covid pandemic. The officials said the approval for
demerger of SCI was expected anytime soon, and
the process for moving ahead with the sale would
be stepped up.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/bpcl-setback-govt-to-push-asset-
sales/92029514
Govt approves 8.1% interest on FY22
EPF deposits, a 40-yr low
The Union government on Friday approved an
interest rate of 8.1% on employee provident
fund (EPF) deposits for FY22, the lowest in the
past four decades, in a decision expected to
impact 60 million subscribers. The labour
ministry has conveyed the government’s
approval for crediting the interest amount at
8.1% rate, the Employees Provident Fund
Organisation (EPFO) said in an office order. The
EPFO would now begin crediting the interest
amount to individual EPF accounts. In March,
EPFO proposed to cut the interest rate on PF
deposits from 8.5% to 8.1% for FY22. The
decision was taken at a meeting of EPFO’s
central board of trustees, chaired by labour
minister Bhupender Yadav, in Guwahati. “It is
the lowest in years and comes at a time when
inflation is very high. It does, hence, go against
real social security returns.
Mint - 04.06.2022
https://www.livemint.com/news/india/govt-
fixes-epf-interest-rates-at-8-1-for-fy-22-
lowest-in-four-decades-11654271854629.html
Centre amends rules for appointment of
directors
The government has put in place stricter norms for
appointment of individuals from certain countries,
including China, as directors on the boards of
Indian companies, by making security clearance
mandatory for such individuals. In recent weeks,
the corporate affairs ministry has made various
amendments to rules in terms of applicability for
companies and individuals from countries that
share land borders with India. Putting in place a
stricter framework, the ministry has now
mandated security clearance for individuals from
countries sharing land borders with India to be
appointed as directors on the boards of Indian
companies. Amendments have been made in rules
pertaining to appointment and qualification of
directors under the Companies Act, 2013. "... In
case the person seeking appointment is a national
of a country which shares a land border with India,
necessary security clearance from the Ministry of
Home Affairs, Government of India shall also be
attached along with the consent," the notification,
dated June 1, said.
Millennium Post - 04.06.2022
Petrol sales jump steep 56%, diesel
39% in May
India’s fuel sales rose steeply in May as people
set out on driving holidays in the hills to escape
the searing heat of plains and economic
activities expanded on a trot. Petrol
consumption rose nearly 56% and the sale of
diesel, the fuel used the most, shot up 39%
from a year ago, industry data shows. The
growth in consumption looks more healthy at
nearly 76% and 41. 5%, respectively,
compared to May 2020. Diesel sales were also
boosted by the harvesting season demand from
the farm sector. But compared to May 2019, the
data shows a modest increase of 12% in petrol
sales, while diesel consumption still remains 2.
3% short of the pre-pandemic level. In a
positive development for refiners, jet fuel sales
rose 110% from a year ago on the back of
increased air travel, while the growth stands at
401% over May 2020 when consumption had
tanked 70%. As compared to May 2019, the jet
fuel sales are still 16% lower than the pre-
pandemic level. LPG (household cooking gas),

http://www.millenniumpost.in/business/centre-
amends-rules-for-appointment-of-directors-
480755
consumption rose a little more than 1% from a
year ago.
share?article=02_06_2022_011_005_toikc_TO
I
India turns 10 pc of its petrol green;
targets a fifth by 2025
India has achieved the target of supplying 10 per
cent ethanol-blended petrol five months ahead of
schedule and is aiming to double the blend by
2025-26 in or in order to cut oil import
dependence and address environmental issues.
The original target for doping 10 per cent ethanol,
extracted from sugarcane and other agri
commodities, in petrol originally was November
2022 but this has been achieved in June thanks to
tremendous effort by state-owned fuel retailers
Indian Oil Corporation (IOC), Bharat Petroleum
Corporation Ltd (BPCL) and Hindustan Petroleum
Corporation Ltd (HPCL). "Due to the coordinated
efforts of the public sector oil marketing (OMCs),
the target of 10 per cent blending has been
achieved much ahead of the targeted timelines of
November, 2022 with OMCs attaining an average
10 per cent ethanol blending in petrol (10 per cent
ethanol, 90 per cent petrol) across the country,"
an official statement said. This, it added,
translates into a forex impact of over Rs 41,500
crore, reduced greenhouse gas (GHG) emissions
of 27 lakh tonnes and has also led to the
expeditious payment of over Rs 40,600 crore to
farmers.
ws/oil-and-gas/india-turns-10-pc-of-its-petrol-
green-targets-a-fifth-by-2025/92026443
Oil marketing companies seeking
‘relief’ as under-recoveries mount:
Hardeep Singh Puri
Another round of fuel price increases by oil
marketing companies (OMCs) may be in the
offing. Minister for petroleum and natural gas
Hardeep Singh Puri on Thursday said state-run
fuel retailers have knocked on the doors of the
government seeking “relief” even as he said
that “pricing is their decision.”
Retail fuel prices have been on hold over the
last seven weeks, even though crude prices
continued to remain elevated. The recent cuts
in assorted taxes — in the form of additional
excise duty and cesses — by the Centre have
given some relief to the consumers, but the
OMCs’ margins continue to be under pressure.
The minister refused to comment on reports of
private oil refiners making a killing on importing
Russian crude oil at deep discounts and
exporting refined petroleum products to the US.
The Financial Express - 03.06.2022
https://www.financialexpress.com/economy/oil
-marketing-companies-seeking-relief-as-
under-recoveries-mount-hardeep-singh-
puri/2547023/
India gorges on cheap Russian crude, but
its fuel exports at risk: Russell
Indian oil refiners are sucking up cheap Russian
crude, but the risk is that their exports of refined
products will eventually attract sanctions from
countries determined to cut Russian energy out of
global markets. Imports of Russian crude by India
hit a record high in May, and will likely rise again
in June, according to data compiled by commodity
analysts Kpler. India imported 840,645 barrels per
day (bpd) of Russian crude in May, up from
388,666 bpd in April and 136,774 bpd in May last
year, Kpler data showed June imports are
estimated at 1.05 million bpd, meaning that
Russia's share of India's total imports will rise to
just under one quarter, a dramatic spike
considering that they were around 2 per cent of
the total last year. Indian refiners are happy to
buy heavily discounted Russian crude, which is
Global refiners falter in efforts to keep
up with demand
Refiners worldwide are struggling to meet
global demand for diesel and gasoline,
exacerbating high prices and aggravating
shortages from big consumers like the United
States and Brazil to smaller countries like war-
ravaged Ukraine and Sri Lanka. World fuel
demand has rebounded to pre-pandemic levels,
but the combination of pandemic closures,
sanctions on Russia and export quotas in China
are straining refiners' ability to meet demand.
China and Russia are two of the three biggest
refining countries, after the United States. All
three are below peak processing levels,
undermining the effort by world governments to
lower prices by releasing crude oil from
reserves. Two years ago, margins for making
fuel were in the dumps due to the pandemic,

being offered at up to $40 a barrel below
benchmark Brent crude prices. Russia's crude
exports have been targeted by Western countries
as part of sanctions aimed at punishing Moscow
for its Feb. 24 invasion of Ukraine.
ws/oil-and-gas/opinion-india-gorges-on-cheap-
russian-crude-but-its-fuel-exports-at-risk-
russell/91956111
leading to multiple closures. Now, the situation
has reversed, and the strain could persist for
the next couple of years, keeping prices
elevated. Global refining capacity fell in 2021 by
730,000 barrels a day, the first decline in 30
years, according to the International Energy
Agency.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/global-refiners-falter-in-
efforts-to-keep-up-with-demand/91917191
OPEC likely to agree bigger output hike
of 600,000 bpd for July: Report
The OPEC oil cartel and allied countries including
major exporter Russia are highly likely to agree to
an oil output hike in the range of 600,000 barrels
per day for July, higher than previous monthly
increases of 432,000 bpd, according to a Reuters
report. Thursday's meeting comes amid
speculation that the 23-member alliance, known
as OPEC+, may consider breaking from its
cautious series of increases and agree to pump
more oil starting in July amid fears that high
energy prices could slow the global economy.
Higher oil and gas prices have contributed to the
inflation that is plaguing the US and Europe and
sapping consumer purchasing power. The group
has been adding a steady 432,000 barrels per day
each month, under a road map to gradually
restore production cuts made during the depths of
the pandemic recession in 2020. OPEC, whose de
facto leader is Saudi Arabia, has resisted pleas
from the White House to supply more oil to make
up for production lost due to sanctions against
Russia.
Mint - 02.06.2022
https://www.livemint.com/market/commodities/o
pec-likely-to-agree-bigger-output-hike-of-600-
000-bpd-for-july-report-11654172644132.html
Steel Prices Cool Down After Levy of
Export Duty
Steel prices in the domestic market have fallen
by almost a 10th in the two weeks since the
Centre levied export duty on the alloy, a trend
underscored by the seasonal slowdown in
demand. Prices of domestic benchmark hot-
rolled coil (HRC) steel at the traders’ end have
slipped by about 8% or Rs 5,500 to about Rs
63,800 per tonne since May 18, according to
SteelMint, a market intelligence agency. Top
steelmakers have also quoted prices for June
that are lower by Rs 4,500–5,500 a tonne, said
people with knowledge of the matter. The
government levied a 15% export duty on steel,
effective May 22, to rein in prices in its bid to
arrest inflation. It also levied a steep duty on
the export of iron ore while cutting the import
duty on key raw materials such as coal to
reduce the cost of steel production. While these
measures have helped tame prices in the
domestic market, the decline began before the
changes. "Globally too, prices have been
correcting. Prices have come down in US, UK,
and China, thus there is a correction in India
too," said Ranjan Dhar, CMO, ArcelorMittal
Nippon Steel India.
ONGC's nominee director appointment
on HPCL board stuck in paperwork
It spent Rs 36,915 crore to acquire a majority
equity stake in the company. But to get its sole
nominee director appointed on the board of HPCL,
ONGC has to toil through paperwork. For over five
months now, Oil and Natural Gas Corporation
(ONGC) has had no representative on the board of
Hindustan Petroleum Corporation Ltd - a company
in which it owns a 51.11 per cent stake since
Januar 2018. HPCL, under its new chairman Pushp
Kumar Joshi, is however trying to resolve the
situation, top officials said. HPCL for over one-and-
a-half years - between January 2018 and August
2019 - did not recognise ONGC as its promoter
A Manimekhalai appointed as MD of
Union Bank; Saha takes charge of P&S
Bank
The government has appointed A Manimekhalai
as managing director of Union Bank of India and
Swarup Kumar Saha as head of Punjab & Sind
Bank. The notifications in this regard were
issued by the Department of Financial Services
earlier in the day, sources said. Canara Bank
executive director Manimekhalai replaced
Rajkiran Rai G, who retired on May 31 after a
five-year stint. With her assuming the charge,
Manimekhalai becomes the first woman
managing director of Union Bank of India.
Manimekhalai, a Master of Business

despite the government selling its entire 51.11 per
cent stake in the company to the oil explorer. It
relented only after a rap from market regulator
SEBI. ONGC got the right to a appoint one director
who HPCL called 'Government Nominee Director
(Representative of ONGC)'. Officials said since
then ONGC appointed one of its directors as the
nominee director. Its last nominee director was
Alka Mittal, Director (HR) who was appointed to
the HPCL board in April 2021.
ws/oil-and-gas/ongcs-nominee-director-
appointment-on-hpcl-board-stuck-in-
paperwork/92026440x
Administration degree holder from Bangalore
University, joined erstwhile Vijaya Bank as
Officer in 1988. Prior to being elevated as ED of
Canara Bank, she was General Manager of
Vijaya Bank and headed the Bangalore north
region. She was instrumental in devising and
implementing strategic policies, covering core
areas like strategic planning, setting
organisational goals, growth strategies, action
plans, compliance, internal control, etc, Union
Bank of India said in a statement.
standard.com/article/finance/govt-appoints-a-
manimekhalai-as-md-of-union-bank-saha-
takes-charge-of-p-s-bank-
122060301034_1.html

Weekly Media Update_06_06_2022.pdf

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