Weekly Media Update_Dec 13, 2021

1. 670
(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.)
Fitch Cuts Growth Forecast to 8.4% on
Covid 2nd Wave, Omicron Fears
Global ratings agency Fitch on Wednesday cut
India’s economic growth forecast for this fiscal to
8.4% from 8.7%, citing a subdued rebound after
the second wave of Covid-19 and fresh risks posed
by new coronavirus variant Omicron. Fitch raised
India’s gross domestic product (GDP) growth
projection for 2022-23 to 10.3% from 10.1% it
had forecast earlier. “GDP growth momentum
should peak in FY23, at 10.3%, boosted by a
consumer-led recovery and the easing of supply
disruptions,” it said in its Global Economic Outlook
(GEO). The agency said there were risks to the
recovery in the near term given that less than one-
third of the population is fully vaccinated. Omicron
has added to risks, it said. The economy had
contracted 7.3% in 2020-21 as restrictions
imposed to curb spread of coronavirus pummelled
business activity. “India's economy staged a
strong rebound in 3Q21 (July-September 2021)
from the Delta variant-induced sharp contraction,”
Fitch said. The GDP rose a sharp 11.4% in the
third quarter when compared to the preceding
April-June quarter when it had slumped 12.4%.
“However, the bounce was more subdued than we
expected in our September GEO,” Fitch said. “The
rebound in the services sector was weaker than
hoped for.”
The Economic Times - 09.12.2021
https://epaper.timesgroup.com/olive/odn/theeco
nomictimes/shared/ShowArticle.aspx?doc=ETKM
%2F2021%2F12%2F09&entity=Ar01106&sk=E6
72666F&mode=text
Growth cycle not durable, will peak in
H1: Nomura
The current growth cycle being witnessed in the
country is not durable and will peak by the first
half of 2022, a Japanese brokerage said on
Friday. Higher inflation and wider current
account deficit, which are the side effects of the
loose policies adopted to push growth during
the pandemic, will come into play, forcing the
RBI to act even as the “scarring effects cast
doubt on growth's durability”, Nomura said. It
said the recovery has been uneven, hurting
consumption of lower-income households, and
a sustained capital expenditure upcycle is also
not in sight. “Overall, we do not see the current
growth cycle as durable. With mixed growth,
high inflation and wider twin deficits, we expect
India's risk premium to rise and the RBI to catch
up as it falls behind the curve,” its analysts said.
The brokerage said growth stood at 2
percentage points after the damage caused by
the second wave of the COVID virus in mid-
2021 but remains below the pre-pandemic
trend. A further recovery has been hampered by
supply-side bottlenecks, like the energy crunch
and chip shortages, evidenced by the weak
economic normalisation in the December
quarter.
The Economic Times - 11.12.2021
https://epaper.timesgroup.com/olive/odn/thee
conomictimes/shared/ShowArticle.aspx?doc=E
TKM%2F2021%2F12%2F11&entity=Ar00701&
sk=EB642E25&mode=text
High frequency indicators point to robust
eco recovery, says govt
Most of the high frequency economic indicators in
India have surpassed the pre-pandemic levels,
barring three — steel consumption, air traffic and
domestic auto sales (excluding commercial
vehicles) — government sources said. They added
that it is in line with the second-quarter GDP
estimates, pointing to economic activity being
higher than the corresponding period in 2019.
High frequency indicators (HFIs) are being
monitored to track the progress of economic
recovery in India since the first Covid case was
Indian economy likely to grow 9%
next fiscal: Credit Suisse
Swiss brokerage Credit Suisse expects the
economy to continue to show positive surprises
and record up to 9 per cent growth in the next
fiscal. For the current financial year too, the
brokerage anticipates growth to be higher than
the consensus forecast of 8.4-9.5 per cent, and
printing in at around 10.5 per cent. As a policy,
Credit Suisse does not provide absolute growth
numbers in its forecast. However, an
extrapolation of data available and projections
indicate that economic growth could clip 9 per
WEEKLY MEDIA UPDATE
Issue 531
13 December, 2021
Monday

2. reported in the country in January 2020. Latest
information indicates that among 22 HFIs, full
recovery has been achieved in respect of 19, as
their latest levels in the months of September,
October and November, 2021 are higher than their
pre-pandemic levels in the corresponding months
of 2019, official sources said. Among the 19 HFIs,
there are some indicators where the recovery is
way beyond 100%, such as e-way bill by volume,
merchandise exports, coal production and rail
freight traffic. This suggests that not only the
recovery is complete, the economic growth is now
gathering momentum over the pre-pandemic
levels of output, they added.
The Times of India - 07.12.2021
https://epaper.timesgroup.com/olive/odn/timeso
findia/shared/ShowArticle.aspx?doc=TOIKM%2F2
021%2F12%2F07&entity=Ar01308&sk=082C223
5&mode=text
cent in 2022-23 period, which according to the
brokerage is up to 400 basis points (bps) over
the consensus numbers. Neelkanth Mishra, the
co-head of equity strategy for Asia Pacific and
India equity strategist at Credit Suisse, told PTI
that he expects meaningful upgrades to the
GDP forecast as the economic recovery has
surprised positively. “We expect GDP getting an
upgrade of 4 percentage points over the
consensus for FY23 as output should get closer
to the pre-pandemic trend than what is
currently forecast.
The Financial Express - 09.12.2021
https://www.financialexpress.com/economy/in
dian-economy-likely-to-grow-9-next-fiscal-
credit-suisse/2385543/
Recovery may Strengthen Further in H2,
says Finmin
India’s economic recovery is expected to
strengthen in the remaining quarters of the
current fiscal year with the investment cycle
kicking off, the finance ministry said, projecting
7% annual growth until the end of the decade. The
recovery theme is backed by upbeat market
sentiment, vaccination coverage, strong external
demand and policy support from the government
and central bank, the ministry said in its monthly
economic review for November. It cautioned that
the Omicron Covid variant could derail the global
revival and poses a threat to India’s services
sector. “India’s economic recovery is expected to
gain further strength in the remaining quarters of
the financial year, as evident from 19 among 22
high-frequency indicators (HFIs) in September,
October and November of 2021 crossing their pre-
pandemic levels in the corresponding months of
2019,” the review said. “The recovery suggests
kickstarting of the investment cycle,” it said,
pointing to the strength in the housing market.
“This uptick augurs well for corporate investments
to pick up pace and complement the capex push
on infrastructure by government.” This would feed
into the backward linkages of cement and steel
industries that were already doing well, it said.
The Economic Times - 12.12.2021
https://epaper.timesgroup.com/olive/odn/theeco
nomictimes/shared/ShowArticle.aspx?doc=ETKM
%2F2021%2F12%2F12&entity=Ar00106&sk=DD
59B2F5&mode=text
Reserve Bank retains GDP growth
forecast for current fiscal year at 9.5%
The Reserve Bank on Wednesday retained the
GDP growth forecast at 9.5 per cent for the
current fiscal but cautioned that the economic
recovery is not yet strong enough to be self-
sustaining and durable. In an address after the
three-day meeting of the Monetary Policy
Committee (MPC), RBI Governor Shaktikanta
Das said managing a durable, strong and
inclusive recovery is the central bank's mission.
"We need to be persevering, patient and
persistent in our efforts. We also need to be
aware, alert and agile to the new realities
confronting us. Our efforts over the past one
year and nine months have given us the
confidence and a head start to face the
challenges that lie ahead," he said. Das, whose
tenure as the Governor was extended by three
years recently, further said the Indian economy
is relatively well-positioned on the path of
recovery but it cannot be immune to global spill
overs or to possible surges of infections from
new mutations, including the Omicron variant.
According to him, incoming information
indicates that consumption demand has been
improving, with pent-up demand getting
reinforced by the festive season.
Business Standard - 09.12.2021
https://www.business-
standard.com/article/finance/reserve-bank-
retains-gdp-growth-forecast-for-current-fiscal-
year-at-9-5-121120800378_1.html
Impact of new strain on India to be
contained, says S&P
Global rating agency S&P said the impact of the
new coronavirus variant on India's economic
Capex to see sharp hike again in FY23
The Centre is planning to raise its capital
expenditure substantially for a third straight
year in the upcoming Budget for FY23, as it

3. outlook would be contained. It expects India's
economy to grow 9.5% in FY22 and 7.8% in FY23.
"We are seeing a healthy recovery," Andrew
Wood, director, sovereign ratings, S&P said in a
virtual conference on Tuesday. He said it was too
early to say what the impact would be, but its
impact on the economic outlook would be
contained. India has so far seen 22 cases of the
new Omicron variant. There are concerns that the
variant may be more virulent, and the existing
vaccines may not be as effective. Wood said it was
unlikely that large-scale restrictions would be
imposed in the country to contain the virus and,
therefore, there would be a limited impact. Wood
said the central government had been "materially
boosting" and improving the quality of the budget.
He said the rating outlook remained stable as the
agency expected the economy to recover.
The Economic Times - 08.12.2021
https://economictimes.indiatimes.com/news/eco
nomy/indicators/impact-of-new-strain-on-india-
to-be-contained-says-
sp/articleshow/88154807.cms
believes a sustained push to productive
spending will stimulate growth and spur asset
creation, a senior official told FE. “The sharp
(budgetary) capex increase in the current fiscal
was not a one-off thing. The government is
convinced of its high multiplier effect and job
creation potential. So, the pace of rise in the
Centre’s capex would be substantially higher
than that of its revenue spending again,” said
the official. A precise estimate of the FY23
outlay will be firmed up in the coming weeks.
The government undertook a massive
budgetary capex drive last fiscal, especially in
the second half after a pan-India lockdown and
other localised curbs were substantially eased,
to bring back the Covid-ravaged economy back
on its feet fast. Its capex jumped 27% from a
year before to Rs 4.25 lakh crore in FY21. The
Centre again budgeted a 30% year-on-year
increase in budgetary capex for the current
fiscal to Rs 5.54 lakh crore.
The Financial Express - 10.12.2021
https://www.financialexpress.com/economy/ca
pex-to-see-sharp-hike-again-in-fy23/2385762/
Govt shouldn’t rush to rein in fiscal
deficit: Niti Aayog
Niti Aayog has suggested that the government
should not rush to lower fiscal deficit during the
next financial year as stepping up capital
expenditure will help boost demand for critical raw
materials and inputs such as steel and cement, in
addition to creating jobs and strengthen the
economic recovery. The inputs ahead of the
Budget, expected to be presented on February 1,
come as the finance ministry is pushing
government departments to step up spending,
sources told TOI. While the Centre has budgeted
for a fiscal deficit of 6.8% of GDP for the current
financial year, the plan is to gradually lower it to
4.5% of GDP by 2025-26 as part of overall fiscal
consolidation effort. Government sources said Niti
Aayog has suggested that it may be useful to
rework the fiscal consolidation plan and budget for
higher spending and deficit during the next
financial year too. “The economy is not out of the
woods yet and there is a constant threat from
Covid variants. So, it may help to go for higher
capex next year too,” said a source, adding that
efforts to lower the fiscal deficit at this juncture
may not be desirable.
The Times of India - 10.12.2021
https://epaper.timesgroup.com/olive/odn/timeso
findia/shared/ShowArticle.aspx?doc=TOIKM%2F2
021%2F12%2F10&entity=Ar01304&sk=F623BBF
A&mode=text
Factory output growth slows in Oct as
mfg moderates
Industrial output growth slowed down to 3.2%
in October due to a sharp moderation in
manufacturing activity, raising concerns that
the economic revival was losing steam as was
also seen in some of the other indicators. While
the increase in the index of industrial production
(IIP) hovered around September 2021 level of
3.3%, it had slowed from the 4.5% reading in
October 2020. Apart from manufacturing, which
grew 2%, electricity too witnessed a 3.1%
expansion with mining being the sole sector
posting a strong growth. The numbers threw up
a few other worrying trends as the capital goods
segment witnessed a contraction of 1.1% in
October, while consumer durables output fell
over 6%, the second straight month of decline,
largely due to chip shortage impacting
automobile deliveries. Consumer nondurables
just about managed to stay in the black with
0.5% increase in output. “Even as the ongoing
supply challenges in the auto sector persisted,
the YoY performance of several other high
frequency indicators deteriorated in November
2021, including electricity demand, GST e-way
bills, port cargo traffic, etc, suggesting that
economic activity lost steam after the festive
season ended, with a satiation of pent-up
demand,” said Aditi Nayar, chief economist at
ratings agency ICRA.
The Times of India - 11.12.2021
https://epaper.timesgroup.com/olive/odn/time
sofindia/shared/ShowArticle.aspx?doc=TOIKM
%2F2021%2F12%2F11&entity=Ar01704&sk=
273883B9&mode=text

4. Retail inflation expected to ease to 5% in
next fiscal
Retail inflation is likely to ease to around 5 per
cent next fiscal on the back of government
measures to ease supplies, reduction in fuel prices
and prospects of good crops, the Reserve Bank of
India said on Wednesday. For the current fiscal
year to be ending on March 31, 2022, retail
inflation is expected to be around 5.3 per cent, the
RBI said. "The inflation trajectory is likely to be in
line with our earlier projections, and price
pressures may persist in the immediate term.
Vegetable prices are expected to see a seasonal
correction with winter arrivals in view of bright
prospects for the rabi crop. Cost-push pressures
continue to impinge on core inflation, though their
pass-through may remain muted due to the slack
in the economy," Das said. Taking into
consideration all these factors, CPI inflation is
projected at 5.3 per cent for 2021-22; 5.1 per cent
in Q3; 5.7 per cent in Q4 of 2021-22, with risks
broadly balanced, the RBI Governor said in his
policy statement.
Millennium Post - 09.12.2021
http://www.millenniumpost.in/business/rupee-
trades-in-narrow-range-in-early-trade-against-
us-dollar-461214?infinitescroll=1
PSUs Advised Against Taking Over
Private Stressed Assets
The government has advised PSUs against
taking over private stressed assets or other
brownfield projects, saying such buyouts are in
contravention to the Rs 6 lakh crore asset
monetisation programme. A senior government
official said the PSUs can bid and take over good
projects through competitive bidding processes
but the proposals will have to be cleared by the
disinvestment department. “Under the asset
monetisation plan, some of the assets that
public sector enterprises have can be bundled
through various instruments and offered to
private sector,” the official said. “Companies
like Power Grid Corp and NHAI have done that
to raise money upfront and use it for capex to
be invested in greenfield projects. By this, we
are doing more privatisation by leasing long-
term concessions to the private sector.
However, PSUs can’t be reversing the policy and
doing more of publicization.” He said the
investments in greenfield projects are required
to trigger capex cycle in the economy, which is
the need of the hour. He also said PSUs are
under obligation to their shareholders to meet
their capex targets.
The Economic Times - 07.12.2021
https://epaper.timesgroup.com/olive/odn/thee
conomictimes/shared/ShowArticle.aspx?doc=E
TKM%2F2021%2F12%2F07&entity=Ar01316&
sk=CA2D8A7E&mode=text
CSR spends plunge 64% in FY21
The Covid pandemic and its impact on India Inc’s
profitability has affected overall giving under
corporate social responsibility (CSR).
Contributions plunged 64% year-on-year to Rs
8,828 crore in fiscal 2021 under CSR, making it
the lowest in recent years. In fiscals 2020 and
2019, CSR expenditure was Rs 24,689 crore and
Rs 20,150 crore. In 2014, India had mandated
companies to spend 2% of their average net
profits clocked in the preceding three fiscals on
social causes. But the pandemic that set in
towards the fag end of fiscal 2020 forced
companies to balance their business goals,
employee well-being programmes and social
obligations. A significant part of their CSR
contribution was directed towards fighting the
public health crisis, leaving little for other social
causes. Companies set up medical infrastructure,
established oxygen plants and contributed to
Centre & state governments’ Covid relief
programmes to counter the pandemic. “Given the
expectations of a third Covid wave, the probability
of (companies) diverting more funds during this
India's fuel demand eases in
November after festival boost
India's fuel consumption fell in November after
scaling a seven-month peak last month,
government data showed on Thursday, as
demand eased in the world's third biggest oil
consumer after festival season. Fuel
consumption, a proxy for oil demand, totalled
17.13 million tonnes, down 4% from October
and was 11.4% lower than a year before, data
from the oil ministry's Petroleum Planning and
Analysis Cell showed. Fuel demand rose in
October to a seven-month peak, while gasoline
sales surged to an all-time high, as festivals
boosted mobility and economic activity. "Drop-
off in demand points to seasonal factors," said
Ed Moya, senior market analyst at brokerage
OANDA. "However, fuel demand outlook
remains upbeat going into 2022 as COVID is not
really impacting the country and good growth
outlook on continued reopening momentum."
India's festival season ended in early November
with the celebration of Diwali, a festival of
lights. Consumption of diesel, which accounts

5. fiscal seems imminent,” Crisil Foundation COO
Maya Vengurlekar had said in August.
The Economic Times - 08.12.2021
https://epaper.timesgroup.com/olive/odn/timeso
findia/shared/ShowArticle.aspx?doc=TOIKM%2F2
021%2F12%2F08&entity=Ar01519&sk=7E26CFE
6&mode=text
for about 40% of India's refined fuel sales, also
eased 1.7% month-on-month to 6.51 million
tonnes and was down 14% compared with
November 2019.
The Economic Times - 13.12.2021
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/indias-fuel-demand-eases-
in-november-after-festival-boost/88198483
Stepping up ethanol production may help
reduce crude oil import: PM Modi
Prime Minister Narendra Modi said stepping up
ethanol production can help reduce the import of
crude oil and prove to be an extra means of
earning for sugarcane farmers. He claimed that
before the BJP came to power, only 20 crore litres
of ethanol was being sent to oil companies from
Uttar Pradesh, which now increased to around 100
crore litres. Addressing a public meeting here after
dedicating to the nation three mega projects, Modi
said, "Every year, India spends around Rs 5-7 lakh
crore on crude oil for petrol and diesel. We can
reduce this import by giving emphasis on ethanol
and biofuel." "Purvanchal has been a bastion of
sugarcane farmers. Ethanol can prove to be an
extra means of earning for sugarcane farmers,
apart from sugar," he said. "Biofuel is being
produced in different factories of UP. Before our
government, only 20 crore litres of ethanol was
sent to oil companies from UP. Today, around 100
crore litres of ethanol is being sent from Uttar
Pradesh alone,” he said.
The Economic Times - 09.12.2021
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/stepping-up-ethanol-production-
may-help-reduce-crude-oil-import-pm-
modi/88159642
OMCs’ prospects improve on strong
marketing and better refining margins
Among the state-run oil marketing companies
(OMCs), Bharat Petroleum Corp. Ltd’s (BPCL)
shares have lagged those of its peers,
Hindustan Petroleum Corp. Ltd (HPCL) and
Indian Oil Corp. Ltd (IOCL). While the BPCL
stock has risen about 5% so far this calendar
year, HPCL and IOCL’s shares have increased in
the range of 32-37% during the same time
span. This divergence is not surprising.
Sentiments for the BPCL stock are governed by
the developments in the ongoing privatisation
process where progress has been painfully slow.
This reflects in the comparatively weaker show
in the performance of the BPCL stock. As such,
the earnings prospects of the OMC’s have
continued to strengthen with the improvement
in auto fuel demand post easing of the lockdown
led restrictions. Plus, firm marketing margins
have added to the comfort. Meanwhile, the
gradual recovery in refining margins has also
provided a trigger for improvement in earnings
prospects. Analysts point out that OMC’s have
displayed their strength on the marketing front
as they have been able to protect their
marketing margin.
Mint - 09.12.2021
https://www.livemint.com/market/mark-to-
market/omcs-prospects-improve-on-strong-
marketing-and-better-refining-margins-
11639025745609.html
BPCL, Bina Refinery merger plan gets
DIPAM go-ahead
After divestment-bound Bharat Petroleum
Corporation (BPCL) acquired Oman’s state-owned
petroleum investment company OQ’s entire stake
in the Bina Refinery project in June this year, the
company has now got clearance from the
Department of Investment and Public Asset
Management (DIPAM) for the merger of the
refinery with BPCL. BPCL also acquired Madhya
Pradesh government’s stake in Bharat Oman
Refineries (BORL) or Bina Refinery in the form of
convertible share warrants for Rs 72.63 crore two
months ago.
Energy Infra Post - 09.12.2021
Oil will continue to be in focus for a few
more decades
We have a long way to go before EVs can make
a substantial dent in the overall fuel demand.
However, it can help in meeting a part of the
rapidly- growing energy requirement in the
country. There are many factors like availability
of electric vehicles, charging eco system,
affordability, awareness among consumers,
convenience , life cycle economic benefits, etc.
for EV sales to pick up. We have set up charging
facilities at around 322 retail outlets and will
add another 5,000 in the next three years. Oil
will continue to be in focus for a few more
decades, but things will evolve as new forms of
energy start making inroads. It is not only about

6. https://www.energyinfrapost.com/bpcl-bina-
refinery-merger-plan-gets-dipam-go-ahead/
changing the fuel, but the way we make fuel is
also changing, towards more environment-
friendly and less carbon-intensive refineries.
Fortune India - 09.12.2021
https://www.fortuneindia.com/enterprise/fortu
ne-500-india-oil-will-continue-to-be-in-focus-
for-a-few-more-decades/106331
Govt has advised ONGC to get partners in
Mumbai High, Bassein fields: Minister
The government has from time to time advised
ONGC to have partnerships in its major fields
including Mumbai High and Bassein & Satellite
assets off the west coast with a view to raising
output and technology infusion, Parliament was
informed on Thursday. In a written reply to a
question in the Lok Sabha, Minister of State for
Petrol and Natural Gas Rameswar Teli said
national oil companies are free to choose field-
specific models including farm out (giving stake)
and joint venture/technical service model for
enhancing production from their matured and
aging fields. The government, he said, is keen that
the domestic production of oil and gas should
increase exponentially. "ONGC being the leading
organisation has to play an important role," he
said. "The government from time to time advises
ONGC to increase exploration and production by
having partnerships for its major fields including
Mumbai High and Bassein & Satellite asset with
the scope of enhancing recovery and technology
infusion."
The Economic Times - 09.12.2021
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/govt-has-advised-ongc-to-get-
partners-in-mumbai-high-bassein-fields-
minister/88187238
Domestic air traffic rises 67% y-o-y in
Oct
Domestic air passenger traffic rose about 67%
year-on-year and 24% sequentially to about 8.8
million passengers in October following a revival
in travel sentiment during the festival season
and a steady fall in freshcovid-19 cases, credit
rating agency Icra said on Tuesday. Capacity
deployed by airlines during October was 46%
higher on year, with 72,000 departures
registered last month compared with 49,150
departures in the year-ago period, said Icra,
adding that sequentially departures in October
rose about 18%. Domestic air passenger traffic
had grown 5.45% in September, with around
7.07 million passengers taking to the skies
during the month compared to 6.7 million in
August, according to latest data from the
Directorate General of Civil Aviation (DGCA).
“For October 2021, the average daily
departures were at about 2,400, significantly
higher than the average daily departures of
1,585 in October 2020, and higher than about
2,100 in September 2021. The average number
of passengers per flight during October 2021
was 122, against an average of 117 passengers
per flight in September 2021," said Suprio
Banerjee, Vice president and sector head, at
Icra.
Mint - 10.12.2021
https://www.livemint.com/news/india/domesti
c-air-passenger-traffic-rises-67-yoy-to-8-8-
million-passengers-in-oct-
11636458577936.html
Govt rejects steel cos’ offer to lower
prices
The government has rejected the steel industry’s
proposal to lower prices on several products by Rs
1,500 a tonne for small businesses and exporters
and has instead asked it to improve the offer. At a
meeting of commerce and industry minister Piyush
Goyal, steel minister R C P Singh and MSME
minister Narayan Rane on Thursday, user
industries such as auto components players,
engineering goods makers and exporters
demanded that prices be lowered by Rs 4,000 a
tonne. But the offer from the steel companies was
for a lower reduction, sources familiar with the
deliberations told TOI. One of the ministers is
IOC chief S M Vaidya 2nd Indian to
head world LPG body
IndianOil chairman Shrikant Madhav Vaidya has
develop into the second Indian to go the World
LPG Affiliation, indicating India’s rising clout on
the again of increasing consumption due to the
Modi authorities’ clear power entry drive.
“Borrowing from India’s wealthy on-ground
expertise, I can confidently say that the World
LPG Affiliation may have a defining position to
play to make sure a sustainable and greener
power future for the whole world,” an
organization assertion quoted Vaidya as saying.
The Paris-based physique represents the
worldwide LPG community of over 300

7. learnt to have told industry players that the offer
was unacceptable as the extent of reduction was
too low and suggested that it should be improved
as an announcement will be made by the
government soon. An industry source indicated
that the price cut may be to the tune of Rs 2,500-
3,000 a tonne. According to industry sources, in
December, the rate of cold-rolled strips is
estimated at Rs 77,000-80,000 per tonne, while
for hot-rolled coil it is in the range of Rs 67,000-
70,000 a tonne.
The Times of India - 11.12.2021
https://epaper.timesgroup.com/olive/odn/timeso
findia/shared/ShowArticle.aspx?doc=TOIKM%2F2
021%2F12%2F11&entity=Ar01714&sk=9125B26
8&mode=text
members working in additional than 125
international locations. Sarthak Behuria,
additionally a former IOC chairman, turned the
primary Indian to go the physique in 2008. As
the most important gas advertising firm,
IndianOil has been on the vanguard of
implementing the federal government’s Ujjwala
scheme for giving poor households entry to the
clear gas. With the most important LPG client
base within the nation, IOC maintained
uninterrupted LPG provide by means of the
world’s harshest lockdown final 12 months.
Energy Infra Post - 08.12.2021
https://www.energyinfrapost.com/ioc-chief-s-
m-vaidya-2nd-indian-to-head-world-lpg-body/
Ajith Kumar takes over as BPCL-Kochi Refinery Head
Ajith Kumar K has taken over as the head of BPCL Kochi Refinery. As Chief General Manager I/C (Kochi
Refinery), he would lead the largest public sector refinery in the country. A Mechanical Engineer from
the Government College of Engineering, Thrissur, and MBA from Indira Gandhi National Open
University, Ajith Kumar began his career at the erstwhile Cochin Refineries Ltd in 1989. He has worked
in Inspection, Safety, Projects and Maintenance departments of the Kochi Refinery. He also had a brief
stint in Bharat Oman Refineries Ltd., Bina, Madhya Pradesh, and Kuwait National Petroleum
Corporation, Kuwait. Prior to taking over the present position as Chief General Manager I/C (Kochi
Refinery), he was holding the post of Chief General Manager (Projects) of Kochi Refinery. He was
responsible for implementation of Integrated Refinery Expansion Project (IREP) and Motor Spirit Block
Project (MSBP) of Kochi Refinery, a release said.
The Hindu Business Line - 07.12.2021
https://www.thehindubusinessline.com/companies/ajith-kumar-takes-over-as-bpcl-kochi-refinery-
head/article37866756.ece