Weekly media update 21 02_2022

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.)
Balmer Lawrie in News
Govt. staff can book LTC, other tickets on private airlines
Government staff will however have to make their bookings only through one of the three authorised
agencies — Balmer Lawrie, IRCTC and Ashok Travels, it said. Earlier, government officials could only
book their air travel through Air India and only when the airline did not fly to a particular destination
could a person choose a private airline, explained Adika Ratna Sekhar, chairman and managing
director, Balmer Lawrie.
The Hindu - 17.02.2022
https://www.thehindu.com/news/national/govt-staff-can-book-ltc-other-tickets-on-private-
airlines/article65055979.ece
Post AI divestment, govt staff can book pvt airlines
Clarifying its earlier memo regarding air travel by government employees, the Department of
Expenditure Wednesday noted that air travel on government account for both domestic and
international sectors can be made on private airlines. On December 31, the department had issued an
order regarding booking of air tickets on government account after disinvestment of Air India. It had
said that bookings could be made only through one of the three authorised agencies — Balmer &
Lawrie, IRCTC and Ashok Travels.
The Indian Express - 17.02.2022
https://indianexpress.com/article/business/post-ai-divestment-govt-staff-can-book-pvt-airlines-
7777304/
WEEKLY MEDIA UPDATE
Issue 541
21 February, 2022
Monday
Business Standard
– 18.02.2022

State Bank of India lowers growth
forecast to 8.8 per cent
The economic research wing of the State Bank of
India has projected a GDP growth rate of 8.8 per
cent for the fiscal, down from its earlier estimate
of 9.3 per cent. The National Statistics Office has
forecast a GDP growth of 9.2 per cent in its first
advance estimate on January 7. The NSO will
come out with its second advance estimate and
the third-quarter estimate for the fiscal on
February 28. The SBI report said they expected
GDP growth in the third quarter of Fiscal 2022 at
5.8 per cent with a downward bias. The economy
grew 8.4 per cent in the second quarter to cross
pre-pandemic levels. The second-quarter growth
was slower than the 20.1 per cent expansion in
the first quarter. The SBI team for their
projections use their Nowcasting Model — based
on 41 high frequency indicators associated with
industry activity, service activity and the global
economy. The real GDP will grow Rs 2.35 lakh
crore or 1.6 per cent higher than the real GDP of
Rs 145.69 lakh crore of the last fiscal, the report
said. Recovery in domestic economic activity is yet
to be broad-based as private consumption
remained below pre-pandemic levels.
The Telegraph - 19.02.2022
https://www.telegraphindia.com/business/state-
bank-of-india-lowers-growth-forecast-to-8-
8/cid/1852534
India economy to grow at quickest
pace among large nations: Finance
ministry report
The Indian economy is poised to grow at the
quickest pace among the league of large nations
on the back of various initiatives taken by the
government in Budget 2022-23, said the
finance ministry's monthly economic review.
"The current year may as well end with an
economic reset manifest of a post-Covid-19
world...Manufacturing and Construction will be
the 'growth drivers', triggered by the PLI
schemes and public capex in infrastructure," the
review report said. Agriculture, which continues
to see a constant increase in net sown area and
crop diversification, will strengthen food buffers
while benefiting farmers through generous
volumes of procurement at remunerative
minimum support prices and income transfers
through PM KISAN scheme, it added. Observing
that the IMF in its January 2022 update has
lowered its global growth estimate for 2022, it
said India is yet the only large and major
country listed by the IMF whose growth
projection has been revised upwards in 2022-
23.
The Times of India -16.02.2022
https://timesofindia.indiatimes.com/business/i
ndia-business/india-economy-to-grow-at-
quickest-pace-among-large-nations-finance-
ministry-report/articleshow/89612371.cms
Retail inflation at 7-mth high, double-
digit WPI for 10th mth
Retail inflation accelerated above the 6% mark to
a seven-month high in January on the back of
higher food and beverages prices, while wholesale
price inflation eased marginally during the month
but remained in double digits for 10th month in
arrow, data showed on Monday. RBI governor
Shaktikanta Das said 6% retail inflation should not
surprise or create any alarm as the central bank
had taken it into consideration. He said RBI had
taken into consideration all possible scenarios of
oil prices, while finalising inflation numbers. The
hardening of global crude oil prices due to the
situation in Ukraine has added an element of
uncertainty to price pressures. “So, at this point of
time our inflation projections are quite robust and
we stand by it. We have said the upside risk to
these projections are the crude prices,” Das said
at a press briefing after the central bank board
meeting. “Price stability is definitely uppermost in
mind and price stability basically means adhering
to the inflation target,” the RBI governor said, and
added that the deputy governor had explained
that the character and content of inflation in
advanced economies is different from character,
content and drivers of inflation in India.
Exports increase 25.28% to $35 b,
imports up 23.54% at $52 b in Jan
India’s merchandise exports rose 25. 28% on-
year to $34. 50 billion in January, buoyed by
higher outbound shipments of engineering
goods, petroleum products and gems and
jewellery, data released by the commerce and
industry ministry on Tuesday showed. Though
the trade deficit in the month widened to $17.
42 billion as against $14. 49 billion in January
2021, it was at a five-month low. Imports
increased 23. 54% to $51. 93 billion during the
month though gold imports shrank 40. 52% on-
year to $2. 4 billion. “The fall in mobility and the
demand for gold with the onset of the third
wave and the associated restrictions, helped to
pull back the merchandise trade deficit to a five
month low $17.4 billion in January 2022,” said
Aditi Nayar, chief economist at ICRA.
Chemicals, cotton yarn, handlooms and textiles
were the other top performing export sectors.
“Out of these, almost all of them were labour-
intensive sectors contributing majorly to the
exportsbasket, which itself is a good sign,
further helping job creation in the country,” said
A Sakthivel, president, Federation of Indian
Export Organisations (FIEO).

The Times of India - 15.02.2022
https://epaper.timesgroup.com/article-
share?article=15_02_2022_011_011_toikc_TOI
The Economic Times - 16.02.2022
share?article=16_02_2022_007_015_etkc_ET
Sebi’s rethink: Splitting CMD post made
voluntary
Markets regulator Sebi on Tuesday made
separation of the post of chairman and managing
director (CMD) voluntary, citing “unsatisfactory
level of compliance among top listed companies”.
Since March 2018, when the Sebi board had
changed the rules to separate the post of CMD and
said the chairman of a listed company should not
be related to the promoters, there has been a lot
of pushback from India Inc. After postponing the
compliance deadline once, from April 1, 2020, by
two years, finally on Tuesday Sebi backtracked on
its decision and said companies were at liberty to
decide if they wanted to split the post of CMD. The
Sebi decision came days after finance minister
Nirmala Sitharaman said that the regulator should
address concerns of Indian companies although
she had clearly added that she was not giving any
diktat to the markets regulator. ASebi release
after its board meeting noted that there was
“rather an unsatisfactory level of compliance
achieved so far” by listed companies in adhering
to Sebi’s mandate to split the CMD post. The FM
also addressed Sebi’s board.
Sebi may ease pricing rules for share
sales by listed PSUs
India’s capital markets regulator may ease rules
on pricing of share sales by the government in
listed public sector entities, two people with
direct knowledge of the matter said. This is
aimed at helping the government get better
valuations during stake sales in state-owned
companies. The issue was discussed recently by
a committee on primary markets appointed by
the Securities and Exchange Board of India
(Sebi), the people said. The deliberations are
still at an early stage, but the regulator may
consider feedback from market participants
before deciding on the final rules. Sebi and the
finance ministry did not respond to ET’s emails.
Currently, listed public sector undertakings
(PSUs) follow the same pricing rules in share
sales as any other private company. Secondary
market issuances include offerings such as
qualified institutional placements (QIPs) and
offer for sale (OFS). Each type of such share
offering comes with a pricing formula that is
linked to the latest share price movement.
The Economic Times – 18.02.2022
https://economictimes.indiatimes.com/market
s/stocks/news/sebi-may-ease-pricing-rules-
for-psu-share-sales/articleshow/89652835.cms
In Dec, EPFO added 14.6L subscribers, a
rise of 20%
Employees’ Provident Fund Organisation (EPFO)
added has added 14. 6 lakh net subscribers during
December last year, an increase of 19. 9% as
compared to November 2021, said the ministry of
labour and employment on Sunday. The ministry
informed that the provisional payroll data of EPFO
has been released on Sunday. The comparison
shows an increase of around 2 lakh in net payroll
additions in December 2021 as compared to 12. 5
lakh net subscribers added during the
corresponding month previous year. Of the total
14. 6 lakh net subscribers added, 9. 1 lakh new
members have been enrolled under EPF & MP Act,
1952 for the first time. Approximately 5. 5 lakh
net subscribers exited but rejoined EPFO by opting
to continue their membership with EPFO by
transferring their PF accumulations from previous
to present PF account instead of opting for final
withdrawal. Further, the number of members
exiting EPFO has been on a declining trend since
July, 2021. Age-wise comparison of payroll data
shows that the age group of 22-25 years has
State oil cos need to hike fuel rates by
₹5-6/L: analysts
State oil companies need to hike the rates of
petrol and diesel by ₹5-6 per litre to align them
with runaway international prices, as per
analysts. Prices of petrol and diesel are market-
determined in India and domestic refiners are
expected to revise fuel prices daily in line with
changes in the international rates. State-run
companies, which control about 90% of the fuel
retail market, have kept prices static for more
than 100 days in what is widely believed to be
an effort at keeping fuel rates stable ahead of
elections to five state assemblies. Rising global
demand for fuels have ensured a robust margin
for the companies’ refining business but a retail
price freeze has eroded margin from the
marketing segment. “Given the trend in fuel
prices since the beginning of November,
companies today may need to hike domestic
fuel prices by ₹5-6 per litre for a normal
marketing margin,” said Probal Sen, analyst,
ICICI Securities. If crude prices stay at current
levels until the conclusion of state polls early
next month, the necessary fuel price hikes may

registered highest number of net enrolments with
3. 8 lakh additions during December, 2021.
be higher than ₹5-6 per litre to make up for the
current losses.
share?article=16_02_2022_007_009_etkc_ET
Move to fill up crude oil storages
India has invited bids from oil companies to lease
out storage space equivalent to 1.05 million
tonnes (mt) of crude oil as global prices simmer
on account of the Russia-Ukraine conflict. The
West has threatened Russia, a top oil and gas
supplier, with new sanctions if it attacks Ukraine;
Russia denies planning any attacks. Indian
Strategic Petroleum Reserves Limited (ISPRL) has
issued tenders to fill up the reserves at
Visakhapatnam and Mangalore. The tender invited
bids to fill up the Visakhapatnam storage facility
— they are in the form of underground caverns —
up to 0.3mt with only Basrah light as the rest of
cavern holds the same grade. The Mangalore
cavern offers 0.75mt storage for leasing that can
be filled up with any grade. Analysts expect crude
prices to remain high, with the stand-off in Ukraine
heightened by low production by Opec nations and
rising demand following the gradual restoration of
normality from the pandemic. Prices ended the
week mixed on Friday as investors weighed a
potential supply disruption resulting from the
Russia-Ukraine crisis against the prospect of
increased Iranian oil exports.
https://www.telegraphindia.com/business/move-
to-fill-up-crude-oil-storages/cid/1852785
Indian refineries' profitability
dependent on cost recovery: Report
Indian refineries' profitability is dependent on
cost recovery via an increase in the retail prices,
said India Ratings and Research (Ind-Ra).
Notably, oil marketing companies have not
increased retail prices of petrol and diesel since
November 2021. However, the trend might
change as high Crude oil prices have kept prices
of key refinery-based products elevated in
Q4FY22. At present, the Brent-indexed Crude
oil is priced over $91 per barrel. Besides, Ind-
Ra cited that rise in gross refining margins
(GRMs) of Indian refiners in Q3FY22 came on
the back of an increase in the "crack spreads"
of key products as well as higher inventory
gains. Consequently, the Q3FY22 GRMs for
Indian refining companies averaged at $9.4 per
barrel Ain line with Singapore GRMs.
Furthermore, the agency attributed the trend to
the demand pickup
seen globally on account of the restoration of
transport activities, gas switching to oil due to
high LNG prices, relaxation of air travel
restrictions and a higher winter season heating
demand.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/indian-refineries-
profitability-dependent-on-cost-recovery-
report/89696666
India's January crude oil imports ease
from one-year highs
India's crude oil imports in January slipped from
one-year highs hit in the previous month, though
fuel demand is expected to recover as several
states ease coronavirus restrictions after a decline
in cases. Crude oil imports fell about 1.7% to
19.26 million tonnes last month from a year
earlier, government data showed on Friday. Lower
imports corresponded with the country's oil
demand falling 0.2% on an annual basis in
January. It's impossible to ignore the impact of the
Omicron variant of coronavirus and that along with
high oil prices hampered fuel demand in January,
said Craig Erlam, senior market analyst at OANDA.
"The price will continue to be a headwind as far as
demand is concerned in the near-term but with the
country emerging from another COVID wave, I'd
expect to see it continue to recover." January
crude imports decreased by about 2.6% from the
India's Feb first-half gas fuel sales pick
up as Covid curbs are eased
India's gasoil and gasoline sales rebounded in
the first fortnight of February from the previous
month, indicating a recovery in industrial and
consumer demand as states lifted most of the
COVID-19 induced restrictions. States in India
have opened schools and colleges, and eased
night-curfews among other curbs, after a sharp
decline in infections. Gasoil sales by the
country's state fuel retailers amounted to 2.65
million tonnes during Feb. 1-15, data compiled
by state-owned refiners showed, up 6.7% from
the same period last month, the data showed.
Gasoil sales were however down by 6.95% from
a year ago and by 14.7% from the same period
in 2020. "Cargo movement remains brisk with
5-10% more despatch from factory gates across
the country," said S.P. Singh, senior fellow at
Indian Foundation for Transport Research and

previous month but were 2.9% higher from pre-
pandemic levels of December 2019.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-january-crude-oil-imports-
ease-from-one-year-highs/89677550
Training. He said consumer spending and the
movement of various goods such as electronics,
cement and metals were bouyant due to
wedding season.
Business Standard - 16.02.2022
https://www.business-
standard.com/article/economy-policy/india-s-
feb-first-half-gasoil-gasoline-sales-pick-up-as-
covid-curbs-ease-122021600597_1.html
Indian imports of Iraqi oil rose to their
highest level in January
Data from oil and maritime sources showed that
Indian imports of Iraqi oil increased last January
to the highest level in 29 months of around 1.3
million barrels per day, which represents nearly a
third. of supplies to India, the third largest
economy in Asia. And in the period from April 2021
to January 2022, which are the first 10 months of
the fiscal year, India, the third largest importer
and consumer of oil in the world, imported 4.2
million barrels per day, an increase of 6 , 5%
compared to the corresponding period of the
previous year, with the increase in refineries
operating to meet the growing demand for fuel.
India buys medium and heavy crude oils from the
Middle East with annual agreements and official
selling prices and relies on the spot market for
most of its light and sulfur-free crude oil
requirements, mainly from West Africa. Data
showed that rising Indian imports from Iraq in
January, OPEC’s share of India’s oil imports
increased to 74% from 72.5% in December and
from 68.6% a year. ago, but on a fiscal year basis,
OPEC’s share fell to its lowest level.
Asume Tech - 17.02.2022
https://asumetech.com/indian-imports-of-iraqi-
oil-rose-to-their-highest-level-in-
january/?doing_wp_cron=1645440799.92552089
69116210937500
OPEC+ must fix its million-barrel
supply gap, IEA says
The International Energy Agency urged OPEC
and its allies to address a widening shortfall in
their oil production as a volatile market sends
crude prices rocketing toward $100 a barrel.
While fuel consumption is bouncing back from
the pandemic, the 23-nation alliance led by
Saudi Arabia and Russia is struggling to restore
output it halted. Members need to fix the issue
as the supply gap versus their target spirals
toward 1 million barrels a day, IEA executive
director Fatih Birol told a conference in Riyadh
via video-link. “There is a significant difference
between the targets that OPEC+ countries set
in terms of their production levels and what is
produced today,” Birol told the meeting hosted
by the International Energy Forum. “Therefore
it is important that OPEC+ countries narrow this
gap” and “hopefully provide more volumes to
the market in order to reduce volatility.”
jwnenergy.com - 17.02.2022
https://www.jwnenergy.com/article/2022/2/17
/opec-must-fix-its-million-barrel-supply-gap-
iea-sa/
IEA's Birol again urges OPEC+ to narrow
their oil production gap
The International Energy Agency's head Fatih Birol
said on Wednesday that the Organization of the
Petroleum Exporting Countries (OPEC) and their
allies, known as OPEC+, needed to narrow the gap
between their production targets and actual
output. "There is a significant difference between
the targets that OPEC+ countries set in terms of
their production levels, and what is produced
today," Birol told a conference in the Saudi
Arabian capital Riyadh. "It will be important for
OPEC+ to narrow this gap and hopefully provide
more volumes to the market," he said.
Saudi crude production exceeds 10
million bpd in Dec; exports dip
Saudi Arabia's crude oil production increased by
110,000 barrels per day month in December to
10.02 million bpd, official data showed on
Sunday. Exports fell slightly to 6.937 million
bpd from 6.949 million bpd in November,
according to monthly figures provided by Saudi
Arabia and other oil-exporting countries to the
Joint Organizations Data Initiative (JODI). Saudi
crude output in December was 1.04 million bpd
above year-ago levels and 428,000 above
December 2019 levels, according to the JODI
website. Along with other members of the
Organization of the Petroleum Exporting
Countries, Saudi Arabia is trying to ramp up
output every month as global oil demand rises

https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/ieas-birol-again-urges-opec-to-
narrow-their-oil-production-gap/89629497
on the back of a recovery from the COVID-19
pandemic. Total Saudi oil exports, including
crude oil and oil products, rose by 105,000 bpd
month-on-month to 8.61 million bpd in
December, according to JODI.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/saudi-crude-production-
exceeds-10-million-bpd-in-dec-exports-
dip/89713777
Unified logistics platform to cut cost,
boost ease of business
The Centre will soon roll out the Unified Logistics
Interface Platform (ULIP) to drastically reduce
logistics costs and make Indian goods competitive,
integrating about 24 logistics systems across six
ministries and departments to provide real-time
data and fill a critical gap for efficient movement
of goods through different modes. Finance
minister Nirmala Sitharaman, in her Budget
speech, referred to the ULIP platform, which she
said will reduce logistics cost and time, assisting
just-in-time inventory management, and in
eliminating tedious documentation. Most
importantly, this will provide real-time information
to all stakeholders, and improve international
competitiveness, the FM said. The platform aims
to break silos and is in line with the PM Gati Shakti
programme. It promotes integration among
various ministries such as ports & shipping,
railways, civil, aviation, road transport &
highways, finance ministry and other sources. This
will integrate information available with various
ministries and government agencies across the
entire value chain.
https://timesofindia.indiatimes.com/business/indi
a-business/unified-logistics-platform-to-cut-cost-
boost-ease-of-
business/articleshow/89629434.cms
With relaxation of Covid protocol,
overseas flights to start soon
Scheduled international commercial flights
could resume as early as next month with the
relaxation of Covid-19 protocols on
international passengers. The officials of the
aviation ministry are now in discussions with the
home and health ministry officials on a possible
resumption of flights. The present ban on
international flights is valid till the end of this
month. Sources said the move follows the
relaxation in Covid protocols for international
passengers by the health ministry. However, a
final decision has not been taken by the Centre,
the sources said. They said the airlines have
also been sounded off about the possible lifting
of the ban. The airlines have started working
out the schedule, which would have to be
approved by the sector regulator DGCA.
Domestic flight operations are heading towards
normal. The passenger load factor was over 85
per cent for all airlines except AirAsia, which
was about 83 per cent. SpiceJet is carrying the
most passengers with a passenger load factor
of 91 per cent.
https://www.telegraphindia.com/business/over
seas-flights-to-start-soon-after-relaxation-of-
covid-19-protocol/cid/1852235
Domestic air passenger traffic to surpass
pre-Covid levels in next two months:
Scindia
The domestic air passenger traffic will cross pre-
Covid levels in the next two months, said
Jyotiraditya Scindia, the civil aviation minister, on
Monday. "In November, December, we started
hitting numbers of 3.8 to 3.9 lakh passengers per
day. We were almost back to pre-Covid levels...
with Omicron, number of travellers tanked... we
fell to 1.6 lakh per day. So, we had a contraction
of about 65-70%," the minister said at an event
organised by the All India Management
Association (AIMA). “All things remaining equal, in
the next 2 months or so, you should see us
crossing pre-Covid levels in terms of daily
Deepak Gupta takes charge as director
for projects at GAIL
Deepak Gupta has assumed charge as the
director for projects) at GAIL (India) Ltd. Gupta
was working as Executive Director (Projects)
with Engineers India Limited (EIL) before
assuming charge at GAIL on February 12, 2022,
said a GAIL statement. In November 2021, the
Public Enterprises Selection Board (PESB) had
recommended Gupta's appointment as the
director for projects at the state-run company.
Gupta is an alumnus of the Delhi College of
Engineering alumnus with more than 31 years
of experience in oil and gas sector
encompassing project management,
construction management and business

passengers... that will herald new demand, new
capacity coming in, both at airports and airlines,"
added Scindia. Further, Scindia also urged states
to reduce the Value Added Tax (VAT) levied on Air
Turbine Fuel (ATF), which accounts for about 40
per cent of an airline's operational costs.
Mint - 21.02.2022
https://www.livemint.com/news/india/domestic-
air-passenger-traffic-to-surpass-pre-covid-levels-
in-next-two-months-scindia-
11645435075814.html
development functions. A certified project
management professional (PMP) from the
Project Management Institute, US, Gupta has
led the execution of several successful projects
in India in all modes of project implementation,
said the statement.
Mint - 15.02.2022
https://www.livemint.com/companies/news/de
epak-gupta-takes-charge-as-director-for-
projects-at-gail-11644849043651.html

Weekly media update 21 02_2022

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