Weekly Media Update_26_06_2023.pdf

(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
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Balmer Lawrie in News
Balmer Lawrie celebrates the 9th
International Day of Yoga
• https://www.sarkaritel.com/balmer-lawrie-celebrates-the-9thinternational-day-of-yoga/
• https://psuwatch.com/newsupdates/press-release/balmer-lawrie-celebrates-the-9th-
international-day-of-yoga
Fitch raises India growth forecast for
FY24 to 6.3%
India is likely to grow at 6. 3% in this financial
year, Fitch ratings said, revising its forecast from
the 6% projected earlier. The global ratings
agency said on Wednesday that the Indian
economy is exhibiting broad-based strength.
“With GDP up by 6. 1% year-on-year in January-
March 2023 and auto sales, PMI (Purchasing
Managers’ Index) surveys and credit growth
remaining robust in recent months… we have
raised our forecast for the fiscal year ending in
March 2024 by 0. 3pp (percentage points),” Fitch
Ratings said in its June global economic outlook
report. The ratings agency also changed its view
on the rates, saying the Reserve Bank of India
(RBI) is likely to pause rates until early next year
given the moderation in growth and easing
inflationary pressures. “We expect the RBI to
pause its rate cycle for the time being before
cutting early next year – a change from our
previous call of one more 25 bps (basis points)
increase to 6. 75%,” it said.
The Economic Times - 23.06.2023
https://epaper.timesgroup.com/article-
share?article=23_06_2023_004_023_etkc_ET
Intense El Nino may push inflation up
by 15-20 bps: Experts
Moderate rain deficit is unlikely to impact
inflation, but experts say an intense El Nino that
severely disrupts the monsoon could push
inflation up by 15-20 basis points because of an
acceleration in food inflation. Food items have
45. 86 weight in India’s Consumer Price Index
(CPI), the price gauge watched by the Reserve
Bank of India. A deep deficient monsoon could
push food inflation by 50-60 basis points. One
basis point is one hundredth of a percent. "It
will have lower than the 50 bps (0.5 percentage
points) impact on headline inflation that RBI
talks about as potential negative impact from
adverse weather," said Abhishek Upadhyay,
senior economist, ICICI Securities PD.
"Moderate rain shortfall may not push up food
inflation much. More so, given the otherwise
favourable backdrop from low global crude and
food prices." RBI expects inflation to ease to
5.1% in FY24. A less than 50 bps impact implies
that the consumer inflation would remain within
the RBI’s 2-6% target range even in the poor
monsoon situation.
Will strive to get CPI to 4%, El Nino a
challenge for food inflation: Das
Governor Shaktikanta Das has said the Reserve
Bank will strive to get headline inflation to its 4 per
cent target but flagged El Nino as a challenge to
its efforts. In an exclusive interview with PTI
Bhasha at his office here, Das exuded confidence
that the economy will grow at 6.5 per cent in FY24,
as estimated by the RBI earlier. The central bank's
rate hikes by a cumulative 2.50 per cent since May
last year, coupled with supply-side measures from
Inflation hits consumption, corporate
investments: RBI
An RBI report has said personal consumption is
slowing because of inflation, and as a result,
businesses are not making significant
investments despite increased capacity
utilisation. “Bringing down inflation and
stabilising inflation expectations will revive
consumer spending and boost corporate
revenues and profitability, which is the best
incentive for private capex,” the RBI’s state of
WEEKLY MEDIA UPDATE
Issue 607
26 June 2023
Monday

the government, have helped get the inflation
down to 4.25 per cent in May from a peak of 7.8
per cent in April last year, Das said. "We continue
to be watchful on the inflation front. We expect
inflation to be at 5.1 per cent in FY24, and we will
continue to strive and get it down to 4 per cent,"
he added. On the high borrowing costs, Das said
interest rates on loans may have a direct relation
with inflation, and if inflation cools down on a
durable basis, people can expect lower interest
rates on loans.
Business Standard - 26.06.2023
https://www.business-
standard.com/economy/news/will-strive-to-
down-cpi-to-4-el-nino-a-challenge-for-food-
inflation-das-123062500241_1.html
the economy report said. The report referenced
national accounts data and corporate results to
show that inflation is slowing personal
consumption expenditure. The statement
comes even as top economists in the finance
ministry have maintained that a slowdown in
consumption demand during the recent
quarters could not be compared as the
estimates currently available are preliminary
and not seasonally adjusted. These officers
have maintained that consumption demand
remains robust and have interpreted data to
argue that a pick-up in private sector capex is
visible.
The Times of India - 24.06.2023
share?article=24_06_2023_019_007_toikc_TO
I
1.72 million workers added to EPFO in
Apr, 54% Aged 18-25 Yrs
Formal sector workers added to the Employees’
Provident Fund Organisation in April this year grew
marginally by 1.1% to 1.72 million compared to
1.70 million added in April 2022, shows the
provisional payroll data released on Tuesday.
However, the retirement fund body witnessed a
month-on-month surge of 28. 3% when compared
to 1. 34 million formal workers added to it in March
2023. Of the 1.72 million workers added in April,
around 0. 84 million new members have come
under the ambit of EPFO for the first time with
highest enrolment of nearly 0. 45 million or 54.
1% of the new joinees in the 18-25 years age
bracket, indicating that the majority of the
members joining organised sector workforce of
the country are first time job seekers. As per the
data, 1. 25 million members exited but rejoined
EPFO in comparison to 1.01 million in March 2023.
“These are the members who would have switched
their jobs and re-joined the establishments
covered under EPFO and opted to transfer their
accumulations instead of applying for final
settlement thus extending their social security
protection,” the labour ministry said.
Half of capex budget of Rs 10 trillion
must be spent by September-end:
Finance Ministry
With half a dozen states going to assembly
elections by 2023-end, the Union government
has asked all ministries to accelerate capital
expenditure and spending on Centrally
Sponsored Schemes (CSS). A similar advisory
has also been issued to the Central Public Sector
Enterprises (CPSEs) and departmental
undertakings, including Railways and the
National Highways Authority of India. The idea
is to maximise spending in the first half of the
year so that at least 50% of annual budget
capex is implemented by September-end and
75% by December-end. In the last fiscal year,
these figures were 45.7% and 65.4%,
respectively. The Centre has raised the capex
target by 36% on-year to Rs 10 trillion
(including Rs 1.3 trillion capex loans to states)
for FY24 from Rs 7.36 trillion (including Rs
81,200 crore to states) in FY23, to continue the
public investment-led economic recovery.
The Financial Express - 26.06.2023
https://www.financialexpress.com/economy/ha
lf-of-capex-budget-of-rs-10-trillion-must-be-
spent-by-september-end-finance-
ministry/3142101/
Domestic crude oil production at 2.5 MMT
in May, imports increase 2%: PPAC
India produced a total of 2.5 million metric tonnes
(MMT) of crude oil in May 2023, compared to 2.6
MMT in the year-ago period, according to
Petroleum Planning & Analysis Cell (PPAC). Out of
2.5 MMT, Oil and Natural Gas Corporation (ONGC)
produced 1.6 MMT of crude oil while Oil India
Limited (OIL) and private sector producers
contributed 0.3 MMT and 0.5 MMT, data released
India, Iraq discusses ways to expand
oil trade: Hardeep Singh Puri
India aims to expand its annual oil purchases
from Iraq from 1 billion barrels currently, Oil
Minister Hardeep Singh Puri said on Twitter
after meeting his Iraqi counterpart Hayan
Abdel-Ghani in New Delhi on Tuesday. Iraq used
to be India's top oil supplier but has slipped to
second position as Indian refiners have ramped
up purchases of Russian oil, sold at a discount

by the Oil Ministry showed. Crude oil imports
increased by 22 per cent and decreased by 3.1 per
cent during May 2023 and April-May 2023
respectively, compared to the corresponding
period of the previous year. The net import bill for
oil and gas was $10.0 billion in May 2023
compared to $13.2 billion in May 2022, according
to PPAC. Out of this, the crude oil imports
constitute $10.3 billion, LNG imports $1.4 billion
and the exports were $3.6 billion during May
2023, the data showed. During May 2023, the
Indian basket crude price averaged $74.98 per
barrel as against $83.76 per barrel during April
2023 and $109.51 per barrel during May 2022.
Bharat Times - 22.06.2023
https://news.bharattimes.co.in/domestic-crude-
oil-production-at-2-5-mmt-in-may-imports-
increase-2-ppac/
since the war in Ukraine led to Western
sanctions on Russia. India is Iraq's second
largest trade partner with annual trade worth
$37 billion, Puri said. "In addition to matters
pertaining to energy and hydrocarbon trade, we
also discussed ways of further expanding our
trade basket and strengthening cooperation in
other fields, including trade and investment,
health and education, sports, medical tourism
and capacity building," he said.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/india-iraq-discuss-ways-to-
expand-oil-trade-hardeep-singh-
puri/101138985
Oil companies may cut petrol, diesel
prices by INR 4-5/litre from Aug as state
polls near
Oil marketing companies (OMCs) may have to cut
petrol and diesel price by INR 4-5 a litre from
August onwards given the key state elections
likely from November-December onwards. Though
OMCs' FY24 P/B valuations appear reasonable,
there exists significant uncertainty on earnings in
the fuel marketing business given risk of OPEC+
strong pricing power driving high crude price
during the next election-heavy 9-12 months, JM
Financial Institutional Securities said in a research.
Hence, optimism on OMCs will be contingent on
crude sustaining below USD 80/bbl and
government fully compensating for FY23 fuel
under-recoveries. OMCs valuations appear
reasonable but sharp jump in crude price during
elections could pose risk to OMCs marketing
earnings, the report said. However, OMCs
marketing segment earnings could come under
risk if Brent crude price jumps above OMCs break-
even crude price of USD 85/barrel or if any fuel.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/oil-companies-may-cut-petrol-
diesel-prices-by-inr-4-5/litre-from-aug-as-state-
polls-near/101216303
Consumption of natural gas falls
12.4% in May
India's natural gas consumption fell 12.4% from
a year earlier in May, as imports sharply
dropped despite a price decline in the
international spot market over the last few
months. Total gas consumption in May was
5,066 million metric standard cubic meters
(mmscm), according to oil ministry data.
Consumption during the April-May period, the
first two months of the fiscal year, was 3.4%
lower than the same period last year. Domestic
production of gas was 2,909 mmscm in May,
nearly unchanged from a year earlier. The
output during April-May was 1.5 per cent lower
year-on-year. Import of liquefied natural gas
was 24 per cent lower at 2,228 mmscm in May.
The import of 4,743 mmscm in April-May was
5.4 per cent lower year-on-year. The drop in
consumption as well as imports came as a
surprise as prices have fallen in the
international spot market and some of the long-
term supplies that were disrupted last year have
resumed, an industry executive said.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/consumption-of-natural-gas-
falls-12-4-in-
may/articleshow/101200605.cms?from=mdr
Aramco, TotalEnergies sign $11 billion
contract to build petrochemicals complex
in Saudi Arabia
Saudi Arabian Oil Company (Aramco) and
TotalEnergies have signed an $11 billion contract
to start building a new petrochemicals complex in
Saudi Arabia, the two companies said in a joint
statement on Saturday. "Aramco and
TotalEnergies today awarded Engineering,
Travel & Tourism may contribute
₹16.5L Cr to Indian economy in 23
The travel and tourism sector’s contribution to
India’s economy in 2022 was worth Rs.15.7
lakh crore, which is expected to increase to
Rs.16. 5 lakh crore by the end of this year, as
per data released by the World Travel & Tourism
Council (WTTC) on Thursday. “The forecast for
the next ten years is worth an enormous almost

Procurement and Construction (EPC) contracts for
the $11 billion "Amiral" complex, a future world-
scale petrochemicals facility expansion at the
SATORP refinery in the Kingdom of Saudi Arabia,"
the statement read. The award of EPC contracts
for main process units and associated utilities
marks the start of construction work on the joint
petrochemical expansion, following the final
investment decision in December 2022.
Integrated with the existing SATORP refinery in
Jubail, the new complex aims to house one of the
largest mixed-load steam crackers in the Gulf,
with a capacity to produce 1,650 kilotons per
annum of ethylene and other industrial gases.
Reuters - 26.06.2023
https://www.reuters.com/business/energy/aramc
o-totalenergies-sign-11-bln-contract-build-
petrochemicals-complex-saudi-2023-06-24/
`37 trillion (`37 lakh crore). This is what we
expect India on its current trajectory to
achieve,” said Julia Simpson, CEO of WTTC.
“In 2022, there were 37. 2 million people
employed in the travel and tourism sector in
India. By the end of this year, we expect 39
million people to be employed in this sector,”
she said. Simpson said WTTC expects travel and
tourism to grow at double the rate of the global
GDP. “In India also, it is going to grow at double
the rate of the Indian GDP over the next ten
years,” she said. In 2022, domestic visitor
spends in India were estimated at worth ₹12. 3
lakh crore while international visitor spends
were ₹1. 6 lakh crore.
Travel cos seek 20% TCS deadline
extension, say system not ready
With the July 1 deadline fast approaching for the
20% TCS (tax collected at source) on overseas
tours, travel companies and industry bodies are
seeking an extension in the absence of proper
mechanisms in place to implement the new rules.
They also want the ₹7 lakh TCS threshold limit to
be provided for all travel services and payment
modes. “I understand that banks are finding it
difficult to calculate the TCS component as the
reporting systems are not ready,” said Jyoti Mayal,
president, Travel Agents Association of India
(TAAI) and vice chairperson, Federation of
Associations in Indian Tourism & Hospitality
(FAITH). “The government needs to put best
practices and procedures in place and not let loose
ends hanging. We have also requested the Prime
Minister’s Office and the Finance Minister to not
only get the systems organised but also bring
parity. The threshold of ₹7 lakh should be
applicable to all modes of travel services including
packages,” she added.
Warehousing boom driving investor
interest
The robust growth in demand for warehousing
and logistics sector across India is driving the
increase in the appetite for these assets among
institutional investors including real estate
funds, alternate investment funds (AIF),
sovereign funds, pension funds, and inflow of
investments from these entities.
The preference for the investment is indicated
by the fact that the warehousing segment has
garnered the second highest share in equity
investments among real estate assets after
commercial offices. And this preference for the
asset class surpassing residential, retail or any
other segment is expected to continue this year
as well, experts said. Given the growth in
warehousing occupancy activity, especially after
the pandemic, the demand for these assets is
high and non-availability of operational assets
for investments poses a key challenge. This is
likely to push funds to flow towards new
developments either through an asset-specific
alliance or setting up of platforms for a portfolio
including a number of projects in key markets.
Global steel production falls 5% in May;
India’s output rises 4%
India has registered a 4.1 per cent growth in its
crude steel production at 11.2 MT amid 5.1 per
cent downfall in the global output at 161.6 MT in
May 2023, according to the World Steel
Association (worldsteel). Despite a 7.3 per cent
year-on-year (y-o-y) fall, China remained the top
steel producing country in May with 90.1 MT crude
steel production, worldsteel data showed. India
PESB names new Indian Oil's Director
(Finance)
Public enterprises selection board (PESB) on
June 23, recommended Mr Anuj Jain for the post
of Director (Finance) of Indian Oil Corporation
Limited. Currently, Jain is serving as the Chief
General Manager in the same company.
PSU Connect - 26.06.2023
https://www.psuconnect.in/news/pesb-names-
new-indian-oil-director-finance/38213

produced 11.2 MT crude steel, up 4.1 per cent
over May 2022, the body said in its latest report.
Japan’s output was also 5.2 per cent down y-o-y
at 7.6 MT. The United States produced 6.9 MT
steel registering a 2.3 per cent fall annually.
Russia is estimated to have produced 6.8 MT, up
8.8 per cent. South Korea registered a marginal
fall of 0.1 per cent to 5.8 MT. While Germany
produced 3.2 MT, Brazil 2.8 MT, Turkiye 2.9 MT
and Iran produced 3.3 MT in May 2023. Brussels-
based World Steel Association is one of the largest
industry associations in the world, with members
in every major steel-producing country.
Millennium Post - 24.06.2023
https://www.millenniumpost.in/business/global-
steel-production-falls-5-in-may-indias-output-
rises-4-523174
PESB recommends Jagdish Arora as new
Director (Projects & Technical) of NALCO
Public enterprises selection board (PESB) on June
23, recommended Mr Jagdish Arora for the post of
Director (Projects & Technical) of National
Aluminium Company Limited. Currently, Arora is
serving as the Executive Director at Steel
Authority of India Ltd (SAIL)
https://www.psuconnect.in/news/pesb-
recommends-jagdish-arora-as-new-director-
projects-technical-of-nalco/38215
K P Mahadevaswamy recommended
for NBCC's CMD
Public enterprises selection board (PESB) on
June 21, recommended K P Mahadevaswamy
for the post of Chairman and Managing Director
of National Buildings Construction Corporation
(NBCC), a central public sector enterprise, an
Indian public sector undertaking. Currently,
Mahadevaswamy is serving as the Director
(Commercial) in the same company.
https://www.psuconnect.in/news/k-p-
mahadevaswamy-recommended-for-nbcc-
cmd/38170
Subrato Ghosh assumes charge as Director (Personnel) of GRSE
Subrato Ghosh has taken over charge as Director (Personnel) of Garden Reach Shipbuilders &
Engineers Limited (GRSE) with effect from June 20, 2023, the Defence PSU said in a regulatory filing
to the stock exchanges on Tuesday. Prior to this, Ghosh was serving as Chief General Manager in the
same organisation. On June 15, the Appointments Committee of the Cabinet (ACC) has approved the
appointment of Ghosh for the post of Director (Personnel) of GRSE. According to the DoPT order, he
has been appointed to the post till the date of his superannuation, i.e. April 30, 2025, or until further
orders, whichever is earlier.
PSU Watch - 20.06.2023
https://psuwatch.com/psu-appointments/subrato-ghosh-assumes-charge-as-director-personnel-of-
grse

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