1. (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 Consolidated March 2023 Net Sales at Rs 608.05 crore, up 5.68% Y-o-Y
Balmer Lawrie shares closed at 133.50 on May 25, 2023 (NSE) and has given 9.83% returns over the
last 6 months and 19.84% over the last 12 months. Reported Consolidated quarterly numbers for
Balmer Lawrie & Co are:
Net Sales at Rs 608.05 crore in March 2023 up 5.68% from Rs. 575.36 crore in March 2022.
Quarterly Net Profit at Rs. 44.60 crore in March 2023 down 5.45% from Rs. 47.17 crore in March 2022.
EBITDA stands at Rs. 69.62 crore in March 2023 down 12.71% from Rs. 79.76 crore in March 2022.
Balmer Lawrie EPS has decreased to Rs. 2.61 in March 2023 from Rs. 2.76 in March 2022.
Moneycontrol - 26.05.2023
https://www.moneycontrol.com/news/business/earnings/balmlawrie-consolidated-march-2023-net-
sales-at-rs-608-05-crore-up-5-68-y-o-y-10667991.html
India set to be fastest growing G20 eco:
Moody’s
India will be the fastest-growing G-20 economy
over the next few years, with expansion of
manufacturing and infrastructure sectors, but
reform and policy barriers could hamper
investment, global ratings agency Moody’s said on
Tuesday. The report said a large young and
educated workforce, increasing nuclear families
and urbanisation will fuel demand for housing,
cement and new cars. It said India is now the
world’s most populous country and the fifth-
largest economy globally, with its GDP scaling $3.
5 trillion in 2022. It also said government’s
infrastructure spending will bolster steel and
cement sectors, while India’s net-zero
commitment will drive investment in renewable
energy. Larger production capacity will raise rated
companies’ competitiveness in these sectors, a
credit positive if they manage execution risks with
financial discipline. “While demand across the
manufacturing and infrastructure sectors will grow
3-12% annually for the rest of the decade, India’s
capacity will still rank well behind China's by
2030,” Moody’s said.
The Times of India - 24.05.2023
https://epaper.timesgroup.com/article-
share?article=24_05_2023_017_009_toikc_TOI
Strong domestic demand powers
growth: RBI, govt
There are downside risks to growth and upside
risks to inflation, through the external sector
and partly originating from weather
uncertainties, but a strong point going India’s
way is the strength of its domestic demand, a
finance ministry report said on Monday.
“Consumption has shown steady and broad-
based growth, while investment in capacity
creation and real estate is finding traction. April
is too early to forecast the economic outcomes
for the entire year. A good beginning, though,
is a harbinger of positive outcomes,” according
to the finance ministry’s monthly economic
report. It said that going forward, the expected
bumper harvest of food grains in FY23 and
brightened prospects for the kharif season in
FY24 are expected to keep food inflation low in
the upcoming months. The Reserve Bank of
India’s ‘State Of The Economy’ report for May
said, in the first quarter of 2023-24, growth is
expected to be driven by private consumption,
supported by reviving rural demand, and
renewed buoyancy in manufacturing on easing
input cost pressures. The report said that the
government could help bring down inflation by
selling buffer rice stocks.
The Times of India - 23.05.2023
https://epaper.timesgroup.com/article-
share?article=23_05_2023_013_009_toikc_TO
I
WEEKLY MEDIA UPDATE
Issue 604
29 May 2023
Monday
2. Economy grew faster at 5.1% in Q4:
Economists
India’s economy likely grew better than expected
in the March quarter of FY23, which could push full
fiscal year growth higher than January’s 7% first
advance estimate. An ET poll of 20 economists
pegged January-March growth in the 4.1-5.7%
range with the median at 5.1%, higher than the 4.
4% recorded in the preceding quarter. “In Q4
FY23, the strength in domestic consumption
demand is supporting the growth,” said Rajani
Sinha, chief economist, CareEdge. The fourth
quarter numbers and second advance estimate for
FY23 will be released on May 31. Reserve Bank of
India (RBI) governor Shaktikanta Das on
Wednesday indicated FY23 growth may have
exceeded the official estimate of 7% on the back
of strong growth momentum in the March quarter.
“Q4FY23 GDP growth is expected at 5. 1%,
supported by the service sector, in particular trade
hotel and transportation and government services
with a pickup in state government expenditure,”
said Gaura Sengupta, economist, IDFC First Bank.
The Economic Times - 26.05.2023
https://epaper.timesgroup.com/article-
share?article=26_05_2023_001_001_etkc_ET
GDP growth may cross 7% in 2022-23:
RBI Governor
India’s GDP growth in 2022-23 may well
surpass the 7% estimate, while retail inflation
is likely to go below the 4.7% mark this month,
and gross non-performing assets in the banking
system have likely dipped further in the January
to March 2023 quarter, Reserve Bank of India
(RBI) Governor Shaktikanta Das said on
Wednesday. “I will not be surprised if India’s
GDP growth last year turns out to be higher
than the 7% estimated earlier,” the Governor
said, noting that almost all of the 70 high
frequency indicators monitored by the central
bank have maintained growth momentum
through the last quarter of 2022-23. The
National Statistical Office will release the GDP
data for 2022-23 next week. The RBI’s growth
expectation of 6.5% for this year — which Mr.
Das noted is higher than the 5.9% projected by
the International Monetary Fund — is based on
the hope of agriculture doing well, a normal
monsoon and a sustained uptick in the services
sector, even though geopolitical risks, slowing
world trade and goods exports remain a risk.
The Hindu - 25.05.2023
https://www.thehindu.com/business/Economy/
gdp-growth-may-cross-7-in-2022-23-rbi-
governor/article66890046.ece
Services sector to drive GDP growth to
4.9 pc in Q4 FY23: Icra
Domestic rating agency Icra expects GDP growth
in January-March period of 2022-23 at 4.9 per
cent, a modest step-up from the 4.4 per cent
recorded in preceding quarters, driven by the
services sector. The National Statistical
Organisation (NSO) is scheduled to release the
provisional estimate for the GDP growth for the
fourth quarter as well for the fiscal 2022-23 on
May 31. Icra estimates the services gross value
added (GVA) year-on-year growth to have risen
mildly to about 6.4 per cent in Q4 FY23 from 6.2
per cent in Q3 FY23. The YoY performance of nine
of the 14 high frequency indicators of the services
sector improved in Q4 FY23 relative to Q3 FY23,
partly reflecting the robust demand for the
contact-intensive segment, as well as the low base
of Covid 3.0 for some sectors such as aviation, it
said in a release.
Financial Express - 26.05.2023
https://www.financialexpress.com/economy/servi
ces-sector-to-drive-gdp-growth-to-4-9-pc-in-q4-
fy23-icra/3103263/
India witnessing 'snowball effect'; set
to see exponential growth in coming
years: WEF President Borge Brende
India is expected to clock the highest growth
among the world's big economies this year and
the country's economy is witnessing the
"famous snowball effect" that will lead to more
investments and more jobs, according to World
Economic Forum (WEF) President Borge
Brende. "There have been reforms that have led
to less red tape, better climate for investments
and also the digital revolution is really
happening in India," Brende said and stressed
that he is "very bullish and optimistic" about the
country's growth trajectory but not so optimistic
about global growth. India, which currently
holds the G20 presidency, is one of the fastest
growing key economies in the world and WEF
has had close collaborations with the country for
the past many years.
PTI News - 26.05.2023
https://www.ptinews.com/news/national/india-
witnessing-snowball-effect-set-to-see-
exponential-growth-in-coming-years-wef-
president-borge-brende/577594.html
3. April rings in good times as GST
collections rise, inflation eases
April marks a ‘good beginning’ to FY24, the finance
ministry said, pointing to strong goods and
services tax (GST) collection and other high-
frequency data, but flagged downside risks to
growth and upside risks to inflation. Corporates
have started to invest in new capacity, rural
demand is gaining momentum, and consumption
has shown steady and broad-based growth, said
the Monthly Economic Review for April released
Monday. The domestic inflationary pressures have
eased, the report said but called for continuous
monitoring of prices of commodities sensitive to El
Niño effects, such as coffee, rice, palm oil, and
natural rubber. “April is too early to forecast the
economic outcomes for the entire year. A good
beginning, though, is a harbinger of positive
outcomes,” said the upbeat report even as it
flagged external risks. “There are downside risks
to growth and upside risks to inflation, partly
channelled through the external sector and partly
originating from weather uncertainties."
The Economic Times - 23.05.2023
https://epaper.timesgroup.com/article-
share?article=23_05_2023_009_016_etkc_ET
War on inflation not over, must remain
alert: RBI guv
RBI governor Shaktikanta Das said on
Wednesday that war on inflation is not over and
authorities need to keep a close watch although
there are signs of inflation moderating. “The
war on inflation is not over. We have to remain
alert and there is no cause for complacency. We
will have to see how El Nino plays out,” Das said
in his speech at the Confederation of Indian
Industry (CII) annual session 2023, as he
flagged risks emanating from the likely weather
phenomenon. Das said it won’t be a surprise if
last year’s GDP growth is above the estimated
7% as several indicators had shown robust
expansion. The RBI governor also said that the
next print for retail inflation, which is due later
next month, could be lower than the 4. 7%
recorded in April. Retail inflation moderated to
an 18-month low in April on the back of a
favourable base effect and softening in some
food prices, bringing much-needed relief from
stubborn price pressures.
The Times of India - 25.05.2023
https://epaper.timesgroup.com/article-
share?article=25_05_2023_015_007_toikc_TO
I
Services exports to overtake
merchandise trade by FY28: SEPC
India’s services exports are expected to overtake
merchandise exports in the next five years on the
back of above-par growth in emerging areas of
service economy, a senior official at the Service
Export Promotion Council said Thursday. “Our
projections show that by 2027-28 services exports
would touch $780 billion, a tad above goods
exports that year,” director general of the council
Abhay Sinha said. For the current financial year,
the council has set a target of $400 billion for
services exports, a 23% growth from FY23, when
the exports totalled $325 billion. Last year
services exports grew 27% while merchandise
exports were up 6.7% on year to $450 billion. The
Federation of Indian Export Organisations
estimates that merchandise exports will grow to
$500 billion this fiscal. Services exports will be
$100 billion less than goods export this year.
The Financial Express - 26.05.2023
https://www.financialexpress.com/economy/servi
ces-exports-to-overtake-merchandise-trade-by-
fy28-sepc/3102457/
First dip in decade: FDI inflows fall
16% in FY23
Foreign direct investment (FDI) inflows into the
country fell 16% to $71 billion (on a gross basis)
during 2022-23 on the back of a weak global
economic situation, marking the first decline in
a decade. Latest data released by RBI in the
monthly bulletin showed that during the
previous financial year, after adjusting for
repatriation and disinvestment by foreign
investors, direct inflows were 27% lower at $41.
6 billion. The declining trend was visible for
most part of the last financial year.
Significantly, India had bucked the trend even
during 2020, the year of Covid-induced
lockdown, when inflows surged on account of
massive investment by tech giants in Reliance
Jio and startups. But high inflation and weak
demand in the US and Europe has dried up flows
into startups, which were large recipients of
surplus money floating globally.
The Times of India - 24.05.2023
https://epaper.timesgroup.com/article-
share?article=24_05_2023_017_012_toikc_TO
I
Export profile revamp needed to meet
$1tn target by 2030
India needs to change its profile of exports
dramatically to achieve the target of $1 trillion
Domestic crude oil production falls
4%, natural gas declines 3% in April:
Oil ministry data
4. goods exports by 2030 and all attempts are being
made to do that. Santosh Kumar Sarangi, director
general foreign trade (DGFT), said here on
Tuesday that exports must grow at 14.5% hereon
to reach the target of $2 trillion in goods and
services amid geopolitical challenges like the
Russia-Ukraine war and China’s relation with
Taiwan on one hand and the US and the EU on the
other. “There are emerging challenges like
building supply chain resilience for critical
minerals, energy resources and high-end
technology. There are new non-tariff barriers like
sustainability and labour standards. Plus, the
return to industrial policy of some countries like
the CHIPS Act (in US and EU) and Inflation
Reduction Act of the US focus on promoting some
industries (basically a renewed push for
manufacturing from services),” he said at an event
organised by TPCI. However, India is well placed
to tackle the challenges and is on the way forward
to meet its targets.
The Times of India - 24.05.2023
https://epaper.timesgroup.com/article-
share?article=24_05_2023_017_003_toikc_TOI
Domestic crude oil production fell 4% and
natural gas output declined 3% in April from a
year earlier, the oil ministry data showed on
Monday. Oil and Natural Gas Corp’s (ONGC)
crude oil production fell 6% from a year earlier
while the output at Oil India Ltd and the private
sector producers remained nearly stable. For
years, India has found it hard to arrest the
decline in crude output as producing fields have
natured while new major discoveries have been
hard to make. ONGC’s natural gas production
also fell 6% in April over the year-ago period
while output at both Oil India and the private
players rose 3%. Domestic consumption of
natural gas rose 1% while imports rose 6.5% in
April. India imported $1.4 billion worth of
natural gas in April compared to $1.3 billion in
the year-ago period. Crude oil imports dropped
to $10.8 billion in April from $16.8 billion in the
same month last year on lower volumes as well
as prices.
The Economic Times - 22.05.2023
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/domestic-crude-oil-
production-falls-4-natural-gas-declines-3-in-
april-oil-ministry-
data/articleshow/100423356.cms
India to be green hydrogen hub by 2040:
Hardeep Singh Puri
India will become a major green hydrogen hub in
all aspects – production, consumption and exports
– by 2040, petroleum and natural gas minister
Hardeep Singh Puri on Wednesday said at a CII
event. “By 2040, India will be a major green
hydrogen hub with demand, production, and
consumption all in India, including major
exporting of green ammonia and others. I am very
bullish on these next 15 years,” the oil minister
said. The government, in its Budget for FY24,
announced Rs 19,700 crore under production
linked incentive (PLI) scheme to promote green
hydrogen. “The PLI amount is just a catalyst.
There is no dearth of resources. Money is coming
in green hydrogen. India will be in the forefront of
advancements in green hydrogen and not a
follower,” he said. Indian economy will grow
beyond $20 trillion and the per capita income will
grow by 10 times from now in the next 15 years,
he said.
The Financial Express - 25.05.2023
https://www.financialexpress.com/economy/india
-to-be-green-hydrogen-hub-by-2040-hardeep-
singh-puri/3100858/
Oil Min working on proposal to merge
MRPL with HPCL
The oil ministry is drawing up a proposal to
merge Mangalore Refinery and Petrochemicals
Ltd (MRPL) into Hindustan Petroleum Corp Ltd
(HPCL), the two listed subsidiaries of Oil and
Natural Gas Corp. (ONGC), according to people
familiar with the matter. The idea of the MRPL-
HPCL merger had been floated soon after ONGC
acquired the majority stake in HPCL from the
government five years ago but made little
progress. The ministry is now pushing for the
merger, which is likely to be a share-swap deal,
said the people cited above. HPCL will likely
issue fresh shares to MRPL shareholders as part
of the merger and there will be no cash outgo,
they said.
The Economic Times - 24.05.2023
https://epaper.timesgroup.com/article-
share?article=24_05_2023_001_015_etkc_ET
5. Govt insulated common man from hikes
in international fuel prices: Oil Min Puri
Union Minister for Petroleum & Natural Gas
Hardeep Singh Puri has stated that India has
successfully been able to modulate the effective
price of fuels to consumer, thus insulationg the
common man from price rise and volatility in
international prices. He said that while nations in
our neighbourhood and even developed countries
might have struggled with energy rationing, pump
dry-outs and spiralling fuel prices, among other
concerns, India’s policy successfully ensured a
sustained availability of fuel. This has led to the
lowest price inflation in the world. Puri was
speaking at a session titled ‘Powering Amrit Kaal
Through Energy Transition’ Wednesday at the CII
Annual Session 2023 which had the theme ‘Future
Frontiers: Competitiveness, Technology,
Sustainability, Internationalization’. Highlighting
the need to ensure stable, secure and affordable
energy supplies as India continues on its fast
trajectory of growth towards a USD 5-trillion
economy and then to a USD 10-trillion economy,
the minister said reforms in the energy sector in
general, and the oil and gas sector in particular,
demonstrate India’s commitment to energy
security, ease of doing business, and energy
transition.In a major policy reform recently, which
gave fresh impetus to the gas sector, the Cabinet
approved a series of critical gas pricing reforms.
The Economic Times - 26.05.2023
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/govt-insulated-common-man-
from-hikes-in-international-fuel-prices-union-
minister-puri/100515333
Dividends Payable to Indian Oil
Companies Stuck in Indian Bank in
Russia: Report
Hundreds of millions of dollars of dividends
payable to Indian oil companies from their
investments in Russian oil and gas projects are
stuck in an Indian bank in Russia, the Indian
Express reported. Oil India’s (OIL) chairman
and managing director Ranjit Rath told the
newspaper that the money was parked in bank
accounts in Russia and the companies are
earning interest on it but getting it to India
remains a challenge. The money is understood
to be parked in the Commercial Indo Bank
(CIBL) – which used to be a joint-venture of the
State Bank of India and Canara Bank, but the
latter recently sold its stake in the venture to
SBI, the report said. The oil companies whose
dividends are stuck in Russia are ONGC Videsh
(OVL), OIL, Indian Oil Corporation (IOC) and
Bharat PetroResources (BPRL). According to the
newspaper, the dividends are stuck due to
payment channel-related issues in the
aftermath of Russia’s February 2022 invasion of
Ukraine. These companies hold stakes in
various Russian oil and gas field projects such
as Sakhalin-1, Vankor and Taas-Yuryakh. OVL,
the overseas investment arm of Oil and Natural
Gas Corporation (ONGC), holds 20% stake in
the Sakhalin-1 and 26% in Vankor. These are
oil and gas fields in Russia. The consortium of
IOC, OIL, and Bharat Petroleum Corporation’s
upstream arm BPRL has 23.9% share in Vankor
and 29.9% in Taas-Yuryakh. Around $300
million in dividends belonging to the consortium
of IOC, OIL, and BPRL are parked in CIBL, a
senior official with one of the companies told the
daily.
The Wire - 26.05.2023
https://thewire.in/government/dividends-
payable-to-indian-oil-companies-stuck-in-
indian-bank-in-russia-report
Oil rises from average levels, short
positions surge ahead of OPEC+
meeting; what lies ahead?
Oil prices advanced on May 26, as conflicting
messages from Russia and Saudi Arabia on supply
cuts weighed on market sentiments, ahead of the
next OPEC+ policy meeting due for June 4. The
number of short positions in oil essentially betting
that prices will fall has risen ahead of the next
OPEC+ policy meeting, according to analysts,
hinting at a surprise decision by the oil producers.
Brent crude was up 54 cents at $76.80 a barrel,
while US West Texas Intermediate rose 67 cents
to $72.50 a barrel. Benchmarks had settled more
than $2 per barrel lower in the previous session,
after Russian Deputy Prime Minister Alexander
Domestic steel prices under stress as
China demand dips
Since the start of FY24, steel prices have
witnessed a continuous downward spiral,
primarily driven by the demand weakness in
China. As the largest consumer of commodities
worldwide, China’s steel prices serve as a
bellwether for the global steel industry. With
domestic demand falling, China has increased
its exports to international markets, including
India. According to ICICI Securities, the price of
domestic hot rolled coil (HRC) in the traders’
market fell by ₹500 per tonne week-on-week,
hitting a new low of ₹58,200 per tonne on 21
May. Analysts said dealers are apprehensive
about the substantial 20% decline ($115 per
6. Novak played down the prospect of further OPEC+
production cuts at its meeting in Vienna on June
4. Both indices still look poised to post a second
week of gains, upon OPEC+ supply uncertainty.
Livemint - 26.05.2023
https://www.livemint.com/market/commodities/o
il-rises-from-average-levels-short-positions-
surge-ahead-of-opc-meeting-what-lies-ahead-
11685106518833.html
tonne) in Chinese export prices over the past
month, alongside the underlying weaknesses in
domestic demand. Mounting import bookings
have contributed to the persistent price
downturn, the analysts added.
Livemint - 26.05.2023
https://www.livemint.com/news/india/chinas-
steel-industry-faces-demand-weakness-and-
falling-prices-as-exports-rise-to-india-and-
other-markets-11685124265499.html
Government unveils UDAN 5.1 to
enhance connectivity to remote areas
through helicopters
The Ministry of Civil Aviation on Wednesday
launched UDAN 5.1 to further enhance the
connectivity to remote areas of the country and
achieve last mile connectivity through helicopters.
For the first time under RCS-UDAN, this round is
designed specifically for helicopter routes. "UDAN
5.1 allows operators operations in routes where
one of the origin or destination locations is in a
priority area. Earlier both points had to be in
priority areas," the ministry said in a release.
Under the new scheme, airfare caps have been
reduced by as much as 25% to make flying in
helicopters more affordable for passengers, it said.
With Udan 5.1, the ministry has also substantially
increased Viability Gap Funding (VGF) caps for the
operators both single and twin-engine helicopters
to enhance financial viability for operating the
awarded routes.
The Economic Times - 25.05.2023
https://economictimes.indiatimes.com/industry/t
ransportation/airlines-/-aviation/government-
unveils-udan-5-1-to-enhance-connectivity-to-
remote-
areas/articleshow/100480332.cms?utm_source=
contentofinterest&utm_medium=text&utm_camp
aign=cppst
Global freight cycle likely to have
reached lowest point
Global freight volumes show signs of having
bottomed out in the first quarter, signalling the
industrial cycle may be near its trough, which
could provide some support to oil prices later in
2023. Global freight volumes fell 1. 1% during
the first three months of 2023 compared with a
year earlier, according to the Netherlands
Bureau of Economic Policy Analysis. But
volumes were up by 0. 2% in March compared
with the prior year, after declining 2. 5% in
February and 1. 2% in January, providing
tentative signs the cyclical trough may have
been reached. Singapore’s maritime container
throughput climbed to a record 3. 26 million
twenty-foot equivalent units (TEUs) in April and
was 7% higher than a year ago. At London’s
Heathrow airport, cargo was still down 7% in
the three months from February to April
compared with a year earlier, but that was a
much smaller decline than the 14% in October
to December.
The Economic Times - 26.05.2023
https://epaper.timesgroup.com/article-
share?article=26_05_2023_007_007_etkc_ET
Taranjit Singh becomes chairman of
ASSOCHAM Eastern Region Council
The Executive Board Members of the Associated
Chambers of Commerce and Industry of India
(ASSOCHAM) appointed Taranjit Singh, Managing
Director, JIS Group, as the chairman of
ASSOCHAM Eastern Region Council (ERC).
Taranjit Singh has played a key role in nurturing
and developing JIS Group. Taranjit Singh who
believes in leading by example and making
structured contributions towards industrial
development, said: “I am honoured to be
appointed as chairman for ASSOCHAM Eastern
Region Council. India has a critical role in the post-
pandemic global development and ASSOCHAM
national leadership is committed towards nation
building. I look forward to taking up the agenda of
Amit Raj recommended for Director
Technical of MECON Limited
Public enterprises selection board (PESB) on
May 19, recommended Amit Raj for the post of
Director (Technical) of MECON Limited, formerly
known as Metallurgical & Engineering
Consultants (India) Limited. Currently, he is
serving as the Senior General Manager in the
same company. PESB interviewed a total of
eight applicants from MECON Limited,
Engineers India Ltd., NTPC Limited and RINL.
PSU Connect - 23.05.2023
https://www.psuconnect.in/news/amit-raj-
recommended-for-director-technical-mecon-
limited/37755
7. growth and prosperity of industry and the mission
of ASSOCHAM in the eastern part of India.”
Millennium Post - 29.05.2023
https://www.millenniumpost.in/bengal/taranjit-
singh-becomes-chairman-of-assocham-eastern-
region-council-520251
TVS co’s Dinesh is new CII prez
The national council of the Confederation of Indian Industry (CII) elected new office-bearers for 2023-
24 with R Dinesh, executive vice chairman of TVS Supply Chain Solutions, assuming office as the
president. He takes over from Sanjiv Bajaj, chairman and MD, Bajaj Finserv. Dinesh is a fourth
generation TVS family member.
The Times of India - 26.05.2023
https://epaper.timesgroup.com/article-share?article=26_05_2023_013_010_toikc_TOI