Weekly Media Update_17_05_2022.pdf

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(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
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Economists cut India’s growth estimates
for FY23
The spike in retail inflation and continued
geopolitical uncertainty have dented India’s
growth prospects, prompting independent
economists to revisit projections for FY23. Retail
inflation hardened to an eight-year high of 7. 79%
in April, strengthening the case for a further
increase in interest rates by the Reserve Bank of
India (RBI) at the June 6-8 policy review. Elevated
commodity prices, persistent supply bottlenecks,
tightening liquidity conditions and lingering Covid-
19 are also likely to pull down growth, they have
said. Morgan Stanley, citing a global slowdown,
surging oil prices and weak domestic demand,
lowered its forecast for India’s economic growth
for the next two fiscal years. "Building in higher oil
prices and slower global growth, we trim our GDP
growth forecasts to 7.6% for FY23 (from 7.9%)
and to 6.7% for FY24 (from 7%)," it said. "We
expect CPI (consumer price index) inflation to
remain above the 6% mark until later this year. In
a surprise review on May 4, the RBI raised the key
repo rate by 40 basis points to 4.4%, for the first
time in two years. The increase in April inflation
above its outer target rate of 6% was driven by an
acceleration in food inflation to 8.38% from 7.68%
in March.
The Economic Times - 16.05.2022
https://epaper.timesgroup.com/article-
share?article=16_05_2022_014_017_etkc_ET
Morgan Stanley cuts India's GDP
growth forecast for FY23 and FY24
Building in higher oil prices and slower global
growth, Morgan Stanley has trimmed India's
gross domestic product (GDP) growth forecasts
to 7.6% for F2023 and to 6.7% for F2024. Even
as the global brokerage expects the cyclical
recovery trend to continue, therefore expecting
it to be softer than previously projected. Slower
global growth, adverse terms of trade shock,
and impact on business confidence from
geopolitical tensions weigh on the near-term
outlook, as per the brokerage. “Our global
economics team expects global growth to
average 2.9% YoY in 2022 slowing from 6.2%
growth in CY21. Against this backdrop, we lower
our forecasts of India's GDP growth to 7.6% for
F2023(from 7.9%) and 6.7% for F2024 (from
7%)," the note stated. Morgan Stanley expects
support from the government's supply-side
response and the reopening vibrancy to help
counter the downside. It also expects reopening
vibrancy to help the informal sector, in turn
supporting consumption growth, which has
been a laggard.
Mint - 17.05.2022
https://www.livemint.com/economy/morgan-
stanley-cuts-india-s-gdp-growth-forecast-for-
fy23-and-fy24-11652254157873.html
Robust reforms can help counter
inflation, Global Headwinds: CII Prez
Global headwinds and inflation will have to be
countered with robust reforms, said Confederation
of Indian Industry’s (CII’s) newly elected
president, Sanjiv Bajaj. Speaking to reporters on
Monday, Bajaj also underlined a 10-point policy
agenda for the government to leapfrog Gross
Domestic Product to $9 trillion by financial year
2030-31. According to Bajaj, both domestic and
external sector reforms are needed to unlock the
growth potential of the economy. “Tailwinds that
are supportive of growth in the short-term include
government capital expenditure and private sector
investment, which are showing an uptick aided by
strong demand in some sectors and the
RBI, Govt actions can cut inflation
Span: MoF
Days after the surprise rate increase by the
central bank, the finance ministry on Thursday
said Reserve Bank's determination to combat
inflation will help sustain macroeconomic
stability and growth and that India was
relatively better placed than other nations to
weather the storm associated with monetary
tightening in advanced economies, the ongoing
geopolitical conflict, lockdowns in parts of China
and the supply-side disruptions. The ministry
said while the inflation is expected to be
elevated in 2022-23, mitigating action taken by
the government and RBI may reduce its
duration. "The RBI has signalled its
WEEKLY MEDIA UPDATE
Issue 553
17 May 2022
Tuesday

Performance Linked Incentive (PLI) push in the
others." Bajaj also listed the good agriculture
season on the back of the expectations of a good
monsoon and good export momentum as positive
impetuses. On inflation, he said the RBI decision
to raise benchmark interest rates and the
likelihood of a good monsoon will help in
containing inflationary forces.
determination to combat inflation and that too
will sustain macroeconomic stability and
growth," the ministry said. The ministry pointed
out that rising food and energy prices were a
global phenomenon and even several advanced
nations had higher inflation rates than India.
Retail inflation has been trending above RBI’s
upper tolerance level of 6% for the past three
months with the April print coming in at a eight-
year high of 7. 8% on Thursday.
Factory 0utput up 1.9% in March as
manufacturing activity slows
Industrial production in India grew 1. 9% in March
as manufacturing activity slowed, data released by
the National Statistics Office showed on Thursday.
The index of industrial production grew 24. 2% in
the year-ago period and 1. 46% in February. “The
growth rates over corresponding period of
previous year are to be interpreted considering the
unusual circumstances on account of Covid 19
pandemic since March 2020,” NSO said in a
statement. Factory output for the full fiscal 2022
grew 11. 3% compared to an 8. 4% contraction in
FY21. Barclays said that the pickup in industrial
growth comes on the back of the removal of
mobility restrictions and activity improving in
some sectors due to a revival in demand. “Overall
industrial output remains weak, however, with the
index only 1. 0% above its pre-pandemic level in
March 2019,” said Rahul Bajoria, Chief India
Economist, Barclays, adding that rising input costs
could hamper the economic recovery in the
coming months.
Retail inflation hits 8-year high of
7.8% in April
Retail inflation hardened more than expected to
an eight-year high of 7. 79% in April,
strengthening expectations that the central
bank will raise interest rates again in its policy
review early next month after the surprise
increase last week. Given runaway inflation and
the likelihood that it may become more broad-
based, the fiscal policy also now needs to
support monetary tightening in managing the
price rise, economists said. Separately released
data showed industrial growth remained
lacklustre at 1. 9% in March, up marginally from
1. 5% in February. In FY22, the overall
industrial growth was 11. 3%.
“The surge in the CPI (consumer price index)
inflation has clearly justified the off-cycle rate
hike last week, and significantly raised the
likelihood of a back-to-back rate increase in
June 2022,” said Aditi Nayar, chief economist
ICRA. Retail inflation hardened more than
expected to an eight-year high of 7.79% in
April, strengthening expectations that the
central bank will raise interest rates again in its
policy review early next month after the
surprise increase last week.
Exports jump 31% in April, trade deficit
still crosses $20 bn
Merchandise exports hit $40.2 billion in April,
which is a record for the first month of any fiscal,
having jumped 30.7% from a year before.
However, imports jumped at a faster pace of 31%
in April to $60.3 billion, driven by high commodity
prices, especially of energy products. This widened
trade deficit in April to $20.1 billion from $18.5
billion in the previous month. Without substantial
easing of international commodity prices, trade
deficit will likely exceed the crucial $20-billion
mark in most of the months in FY23, according to
60 CPSEs in non-strategic sector
identified for privatization or closure
As many as 60 central public sector enterprises
(CPSEs) under ministries of fertiliser, textiles,
chemicals and petrochemicals, pharmaceuticals
and commerce are likely to feature on the initial
list of firms for privatisation or closure, as the
government embarks on implementing the new
public sector enterprises (PSE) policy in the
‘non-strategic sectors’. There are about 175
CPSEs in the non-strategic sector, one-third of
which will ultimately be closed and of the rest,
viable units will be privatised while a handful of

an Icra estimate. Consequently, the CAD is
estimated to rise to $20-23 billion in the June
quarter, compared with $15.5-17.5 billion in the
previous three months, according to Icra. Of
course, senior government officials have assuaged
concerns about financing the CAD. Among high-
value segments, the rise in exports in April was led
by petroleum products (128%), followed by
electronics (72%), chemicals (28%). Even core
exports (excluding petroleum and gems and
jewellery) grew 19.9% on year in April to $28.5
billion, reflecting the impact of decent external
demand and elevated commodity prices.
The Financial Express - 15.05.2022
https://www.financialexpress.com/economy/expo
rts-jump-31-in-april-trade-deficit-still-crosses-
20-bn/2524113/
not-for-profit companies will be retained in the
public sector, sources told FE. A group of
officers from Niti Aayog, department of public
enterprises and administrative ministries are
identifying the companies which will be
privatised or closed as per the PSE policy. All
the nine CPSEs under the fertiliser ministry,
including Madras Fertilizers and National
Fertilizers are likely to be privatised over the
years, an official source said. Given the massive
fertiliser import by the country, the government
has been trying to scale up domestic
manufacturing in recent years and these
companies could be attractive for the private
sector given the captive market for the
products.
https://www.financialexpress.com/industry/60
-cpses-in-non-strategic-sector-identified-for-
privatization-or-closure/2525742/
Plan to Monetise IOCL, HPCL & GAIL
Pipelines Loses Steam
The plan to monetise oil and gas pipeline assets of
Indian Oil Corporation (IOCL), gas utility GAIL
(India) and Hindustan Petroleum Corporation
(HPCL) has lost steam due to lack of investor
interest and reluctance of the companies to part
stake, according to executives and investment
bankers. Finance minister Nirmala Sitharaman in
the 2021 Union Budget had announced the
monetisation of oil and gas pipeline assets of IOC,
GAIL and HPCL. Following the announcement, the
oil companies drafted a blueprint to monetise
stakes in their pipeline networks through
infrastructure investment trusts (InvITs). The
InvITs were to house pipelines totalling 5,000
kilometres, wherein the companies may have
offloaded 26-49% of their stakes in these projects.
InvITs act as investment vehicles housing
infrastructure projects of companies that allow
investors to make small investments and receive
regular income. InvITs, popular internationally,
are considered stable cash-generation assets, an
attribute foreign pension funds look for. “The plan
has not gone the way it was envisaged. The
investor community is not excited about oil and
gas pipeline assets as much as it is about green
energy,” said an investment banker aware of the
plan.
India's fuel sales moderate in April, fall
4 per cent
India's fuel consumption moderated and slipped
4 per cent in April from the previous month,
data showed on Tuesday, as elevated domestic
prices slowed activity in the world's third
biggest oil consumer. Consumption of fuel, a
proxy for oil demand, totalled 18.64 million
tonnes, data from the Petroleum Planning and
Analysis Cell (PPAC) of the oil ministry showed.
This was a slight retreat from the 19.41 million
tonnes in March, a three-year high, when petrol
sales hit an all-time peak, as the market
accumulated supplies foreseeing price spikes
while easing COVID-related curbs boosted
demand. But likely weighing on consumption
since then, domestic prices for petrol and diesel,
linked to international prices of the two fuels
that directionally follow increases in crude oil
prices, have remained elevated. Global
benchmark oil prices posted a monthly rise in
April, buoyed by concerns over lesser Russian
supply following its invasion of Ukraine.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/indias-fuel-sales-moderate-
in-april-fall-4-per-cent/91480348
India's fuel sales rebound in May
India's petrol and diesel consumption jumped in
May as pick up in the economic activity as well as
India's crude oil imports rise in March
on demand recovery

the start of the harvesting season aided the return
of demand, a preliminary industry data showed on
Monday. Petrol sales grew 14 per cent during the
first half of May when compared with the same
period in the preceding month, while diesel
demand rose 1.8 per cent. Cooking gas LPG, which
last month saw consumption declining because of
high prices, posted a 2.8 per cent rise in sales
during May 1-15. Petrol sales by state-owned fuel
retailers, which control roughly 90 per cent of the
market, at 1.28 million tonnes during May 1-15
were 59.7 per cent higher than the same period
last year and 16.3 per cent higher than the period
in 2019, preliminary industry data showed. The
consumption was 13.9 per cent more than the
1.12 million tonnes of sales in the first half of April
2022. Diesel, the most-used fuel in the country,
saw sales jumping 37.8 per cent year-on-year to
3.05 million tonnes in the first half of May. This
was, however, 1.5 per cent lower than sales in
April 2019.
Millennium Post - 17.05.2022
http://www.millenniumpost.in/business/indias-
fuel-sales-rebound-in-may-478402
India's crude imports rose about 4.2 per cent in
March to 19.03 million tonnes from a year
earlier, government data showed on Monday, as
consumption picked up in the world's third-
largest oil importer after COVID-19 curbs were
eased. Crude imports for the month were also
8.2 per cent higher from February, according to
data from the Petroleum Planning and Analysis
Cell. India's fuel demand had scaled a three-
year peak in March, with petrol sales hitting an
all-time high, as demand rose and the market
built up supplies ahead of expected price
increases. "The increase in imports can be
attributed to demand recovery; COVID curbs
have eased, there is pick-up in the industry and
economy with schools, colleges and all
opening," said Prashant Vasisht, vice president
and co-head, corporate ratings at ICRA. "Also,
Indian companies, both from the private and
public sector, are not shying away from buying
and utilizing cheaper crude available from
Russia."
news/oil-and-gas/indias-crude-oil-imports-
rise-in-march-on-demand-recovery/91459984
India’s April crude imports hit record
with Mideast & Russian grades: S&P
India’s April crude imports hit record with refiners
importing more Mideast and Russian grades.
Russian-origin crudes hit 5 per cent of India’s total
seaborne imports in April for the first time, rising
from under 1 per cent throughout 2021 and Q1
2022. According to commodities at Sea, S&P
global market intelligence, India’s seaborne crude
oil imports surpassed 4.8 million barrels per day
(b/d) in April, the highest on record, with higher
Mideast and Russian volumes displacing cargoes
from further afield, such as the US, Canada and
West Africa. Yen Ling Song, associate director at
S&P Global Market Intelligence said, “A rebound in
domestic demand as well as stronger oil product
exports likely spurred India’s crude import
volumes." Iraq remained the top supplier to India,
with flows stable at a combined 1.2 million b/d.
Strong Middle East arrivals offset volumes from
West Africa and the US. A strong Brent-Dubai
exchange-of-futures-for-swaps (EFS) at the start
of the year due to surging Brent prompted Indian
refiners to turn more towards Dubai-pegged
crudes from the Middle East.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-april-crude-imports-hit-
record-with-mideast-russian-grades-
sp/91537191
Russia jumps to fourth position as oil
supplier to India: tanker data
Russia became the fourth-largest oil supplier to
India in April, with volumes set to rise further in
coming months as low prices spur demand from
the world's No. 3 oil consumer and importer,
tanker tracking data showed. Russia's share in
India's oil purchases rose to a record 6 per cent,
about 277,000 barrels per day (bpd) in April, up
from about 66,000 bpd in March, when it was in
10th position, according to the data, which was
supplied by trade sources. Indian Oil Corp., the
country's top refiner, bought its first-ever
Russian Arco oil cargo last month. Western
sanctions against Russia for its invasion of
Ukraine has opened a rare arbitrage flow,
prompting Indian refiners to increase buying of
cheaper Russian oil shunned by many Western
countries and companies. "Prices of Russian
Urals crude fell sharply due to sanctions against
Russia while Kazakhstan's CPC blend crude
came under pressure as it is loaded from a
Russian port," said Ehsan Ul Haq, analyst with
Refinitiv.
news/oil-and-gas/russia-jumps-to-fourth-
position-as-oil-supplier-to-india-tanker-
data/91612193

OPEC cuts 2022 world oil demand
forecast again on Ukraine war
OPEC on Thursday cut its forecast for growth in
world oil demand in 2022 for a second straight
month, citing the impact of Russia's invasion of
Ukraine, rising inflation and the resurgence of the
Omicron coronavirus variant in China. In a
monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) said world demand
would rise by 3.36 million barrels per day (bpd) in
2022, down 310,000 bpd from its previous
forecast. The Ukraine war sent oil prices briefly
above $139 a barrel in March, the highest since
2008, worsening inflationary pressures. OPEC has
cited suggestions that China, with strict COVID
lockdowns, is facing its biggest demand shock
since 2020 when oil use plunged. "Demand in
2022 is expected to be impacted by ongoing
geopolitical developments in Eastern Europe, as
well as COVID-19 pandemic restrictions," OPEC
said in the report.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/opec-cuts-2022-world-oil-
demand-forecast-again-on-ukraine-
war/91529606
Steep Spike and Doublespeak
India has emerged among the more resilient
countries against the Covid pandemic, turning
the challenges posed by it into an opportunity.
GoI’s adherence to the ethos of responsible
governance and cooperative federalism is
reflected in the levels of financial support
provided to state governments, despite a 500%
increase in crude prices since the pandemic low
and the volatility due to the war in Ukraine.
These factors put considerable burden on India,
as it imports almost 85% of its petroleum
requirements. Even as India is rapidly
enhancing its renewable energy (RE)
capabilities, per-capita demand for energy will
be even higher in the medium term, until India
transitions to a green economy. On its part, GoI
has ensured that price rise in petrol has been as
minimal as possible. Between April 2021 and
April 2022, petrol price rise in India, at 16%,
was the lowest among the US (50. 6%), Canada
(50. 7%), Germany (50%), Britain (58. 9%)
and France (33%). Similar differences in price
rise are observed for diesel, with India
registering the lowest.
Indian Gas Exchange gets nod to trade in
domestic natural gas
The Indian Gas Exchange (IGX), the only gas
trading platform in the country, has received the
much-awaited regulatory nod to trade in domestic
natural gas. The domestic gas trading will be
launched on May 16, the company said. On August
19, 2021, the ministry of petroleum authorised
domestic gas producers to sell up to 500 million
standard cubic metres or 10% of annual
production from contract area, whichever is
higher, per year through gas exchanges. With this
approval, upstream gas production of marketing
and pricing freedom gas, such as from CBM, and
domestic small fields, as well as marketing
freedom ceiling gas (difficult fields) can now be
effectively managed through flexible contracts at
IGX. Rajesh K Mediratta, managing director &
CEO, IGX said, “Now, end consumers will be able
to buy HPHT gas at a current ceiling price of $9.92
per mmBtu through IGX. And, for other domestic
gas, where there is no ceiling price, the buyers
would receive gas at a much better price in spot
market.”
https://www.financialexpress.com/market/comm
odities/indian-gas-exchange-gets-nod-to-trade-
in-domestic-natural-gas/2522746/
Airfare caps to stay till biz remains
steady for quarter
Domestic fare caps will continue till air traffic
within the country holds steady for a quarter
and aviation turbine fuel (ATF/jet fuel) prices
fall from their current stratospheric levels.
Union aviation minister Jyotiraditya Scindia on
Wednesday said these caps — last remaining
special pandemic-time measures, apart from
face masks and enhanced hygiene — are being
continued to protect consumers from high spot
fares and airlines from predatory pricing.
Scindia said, “Air traffic has been reviving
steadily after we removed all capacity caps.
However, ATF prices are at all-time highs. I
have persuaded states to cut tax on jet fuel but
the same is yet to happen at big hubs of Delhi
and Mumbai. Cutting excise on ATF is under
finmin’s consideration. Till air traffic remains
steadily healthy for a quarter and fuel prices
fall, domestic fare caps will continue." The
minister was recently in the US and Canada,
where apart from aerospace majors like Boeing
and Airbus, he turned his focus on Electric
Vertical Take-off and Landing (eVTOL) craft for
urban mobility.
The Times of India - 12.05.2022
share?article=12_05_2022_011_018_toikc_TO
I

Govt working on comprehensive national
tourism policy, says Tourism Minister
Union Tourism and Culture Minister G Kishan
Reddy on Sunday said that the government is
working towards a comprehensive national
tourism policy to give an impetus to the industry.
Addressing the last day of the two-day India
International Cruise Conference here, Reddy also
urged the industry stakeholders to prepare a road
map for the development of the cruise tourism
industry and asked them to create an action plan
on cruise tourism in a mission mode. The
government is taking a slew of initiatives to
promote river cruise tourism, which include river
front development, increasing the number of
cruise ships to 1,000, infrastructure development
for water parks, among others, he said at the
event hosted by the ports, shipping and
waterways ministry in collaboration with industry
body Ficci. During the day, as many as eight
Memorandum of Understanding (MoUs) were
signed between Mumbai Port Trust, Inland
Waterways Authority of India (IWAI) and various
cruise services operators in the presence of Union
minister for ports, shipping and waterways
Sarbananda Sonowal as well as Reddy.
Millennium Post - 16.05.2022
http://www.millenniumpost.in/business/govt-
working-on-comprehensive-national-tourism-
policy-says-tourism-minister-478244
Push to raise air fares
Prices of jet fuel were hiked by a steep 5.3 per
cent — the 10th straight increase this year — to
an all-time high, in line with a surge in global
energy prices. Airlines could now put pressure
on the Modi government to review the cap on
fares as jet fuel constitutes 40 per cent of their
running cost. Analysts said the cap on fares
amidst a spike in jet fuel rates would have an
adverse impact on the financials of airlines. The
price of aviation turbine fuel (ATF) was hiked by
Rs 6,188.25 per kilolitre to Rs 1,23,039.71 per
kilo litre in the national capital on Monday,
according to a notification of state-owned fuel
retailers. In Mumbai, ATF now costs Rs
121,847.11 per kilolitre, while it is priced at Rs
1,27,854.60 per kilolitre in Calcutta and Rs
1,27,286.13 per kilolitre in Chennai. The price
of jet fuel has been rising since the beginning of
this year, moving up from Rs 72,062 per
kilolitre in January to Rs 1.23 lakh per kilolitre
now, a whopping 61.7 per cent hike.
The Telegraph - 17.05.2022
https://www.telegraphindia.com/business/pus
h-to-raise-air-fares/cid/1865440
Dr. Suresh Chandra Suman takes charge
as Director (Mines) of NLC India
Dr. Suresh Chandra Suman has assumed charge
as Director (Mines) of NLC India Limited on 11th
May, 2022. Prior to his appointment, he was
Executive Director/Mines, NLCIL. He was
instrumental in successfully awarding the work
order for Talabirall & III OCP in Sambalpur &
Jharsuguda District, Odisha under the MDO model.
He was successfully handled many challenges in
Land Acquisition, Rehabilitation and instrumental
in obtaining environmental clearances in record
time to commence coal production ahead of time.
Dr. Suresh Chandra Suman is a Mining Engineer
from the reputed Birsa Institute of Technology,
Sindri, Jharkhand, and holds a Doctorate in Coal
Mining Safety from IIT (Indian School of Mines),
Dhanbad.
PSU Connect - 13.05.2022
https://www.psuconnect.in/news/suresh-
chandra-suman-takes-charges-as-director-
mines-of-nlc/32532
Ram Baboo Prasad assumes charge as
Director (Technical) of CCL
Ram Baboo Prasad has assumed charge as
Director (Technical) of Central Coalfields
Limited (CCL) on Saturday. He was
recommended for the post by the PESB panel
on December 28, 2021. Prior to this, he was
working as General Manager in Northern
Coalfields Limited (NCL). Both companies CCL
and NCL are Miniratna PSU under the Ministry
of Coal. Prasad is an Engineering Graduate in
Mining Engineering from the premier mining
Institute IIT (ISM), Dhanbad. He has a rich
experience of over 35 years working in various
capacities in CIL companies.
PSU Watch - 15.05.2022
https://psuwatch.com/ram-baboo-prasad-
assumes-charge-as-director-technical-of-ccl/

RBI appoints two new executive directors
The Reserve Bank of India (RBI) on Friday announced the appointment of two new Executive Directors.
These are Dr. Rajiv Ranjan and Dr. Sitikantha Pattanaik. The new position has come into effect on May
1, 2022. Dr. Ranjan in his new position as Executive Director - will look after the Monetary Policy
Department (MPD). He will also serve as an ex-officio member of the Monetary Policy Committee.
Before being promoted as ED, Dr. Ranjan was serving as Adviser-in-Charge of the Monetary Policy
Department and Secretary to the Monetary Policy Committee. With more than three decades of
experience in macroeconomic policy and research including monetary policy, fiscal policy, real sector,
external sector, and international relations, Dr. Rajan has worked in various departments of RBI
including the Monetary Policy Department, Department of Economic Policy, and Research, Department
of External Investments and Operations and International Department. Dr Sitikantha Pattanaik - As
Executive Director, Dr. Pattanaik will look after the Department of Economic and Policy Research
(DEPR). Before being promoted to ED, Dr. Pattanaik was an Adviser in the Department of Economic
and Policy Research (DEPR). Over three decades, Dr. Pattanaik has worked in the areas of economic
research and monetary policy in RBI’s Monetary Policy Department and Department of Economic Policy
and Research. He was with the Central Bank of Oman on deputation from RBI for about five years.
Mint - 14.05.2022
https://www.livemint.com/news/india/rbi-appoints-two-new-executive-directors-who-are-they-find-
out-11652449492001.html

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