Weekly Media Update_02_05_2023

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Balmer Lawrie in News
WEEKLY MEDIA UPDATE
Issue 600
02 May 2023
Tuesday
Business Standard –
25.04.2023
The Financial Express
– 28.04.2023

The Times of India –
01.05.2023
The Telegraph – 01.05.2023

• https://www.telegraphindia.com/my-kolkata/news/a-corporate-heritage-walk-was-a-peek-
into-nineteenth-century-kolkata/cid/1933537
• https://timesofindia.indiatimes.com/city/kolkata/heritage-walk-at-balmer-lawrie-
house/articleshow/99898423.cms?from=mdr
Ei Samay – 29.04.2023
Aajkaal – 29.04.2023

Indian economy to grow at around 6.5 pc
in FY24, says NITI Aayog member Arvind
Virmani
The Indian economy will grow at around 6.5 per
cent in the current fiscal, notwithstanding high oil
prices and increased geopolitical tensions, NITI
Aayog member Arvind Virmani has said. Virmani
further said that he does not see any impact of the
US and European banking crisis on the Indian
financial sector. “So, in the current fiscal year
because of all the changes which have happened
in the last year, I have reduced my India’s
economic growth forecast by 0.5 per cent. “So, it
is 6.5 per cent, again plus minus 0.5 per cent,” he
told PTI. Recently, the World Bank and the Asian
Development Bank projected moderation in Indian
economic growth between 6.3 per cent and 6.4 per
cent due to a slowdown in consumption and
challenging external conditions. The International
Monetary Fund (IMF) also lowered India’s
economic growth projection for the current fiscal
to 5.9 per cent from 6.1 per cent earlier. Yet, India
will continue to be the fastest-growing economy in
the world.
The Financial Express - 30.04.2023
https://www.financialexpress.com/economy/india
n-economy-to-grow-at-around-6-5-pc-in-fy24-
says-niti-aayog-member-arvind-
virmani/3069077/
Core growth hits 5-mth low of 3.6% in
Mar
The growth in eight core infrastructure
industries declined to a five-month low of 3.6%
in March, compared to 7.2% registered in the
previous month, as rainfall and high base
impacted output for some sectors. “Dampened
by a high base and heavy rainfall, the YoY
performance of most of the available high
frequency indicators weakened in March 2023,
relative to February 2023, similar to the trend
in the core sector,” said Aditi Nayar, chief
economist at ICRA. The Index of Eight Core
Industries measures the output of key
infrastructure sectors — coal, crude oil, natural
gas, refinery products, fertilisers, steel, cement
and electricity. These sectors have a 40%
weight in the Index of Industrial Production
(IIP), suggesting industrial growth may also
trend lower in March. Nayar expects the IIP
growth to dip to 3-4% in March 2023. “The
March numbers are disappointing. Towards the
end of the year, one expects things to speed
up,” said Madan Sabnavis, chief economist,
Bank of Baroda.
The Economic Times - 29.04.2023
https://epaper.timesgroup.com/article-
share?article=29_04_2023_007_013_etkc_ET
Fire on all cylinders, leave no sector
behind: India Inc
“Leave no sector behind” is the new philosophy of
India Inc. With enabling policies in place, Indian
industry is not seeking any more sops or
protection but a call to unleash its potential. The
need to “fire on all cylinders” was a recurring
theme among speakers at The Economic Times
Awards for Corporate Excellence 2022 held here.
“Services and manufacturing — it is not an ‘either
or’ story, it is an ‘and’ story. Manufacturing, which
contributes less than 20%, has to move to 24-
25%. We are talking about creating a massive
number of jobs and the collateral impact that
manufacturing brings,” said Hindustan Unilever
MD & CEO Sanjiv Mehta. India is HUL parent
Unilever’s largest unit in volume and Mehta
expects it to be the largest in value in some years.
Within manufacturing, too, there is no ‘either or’
between small and big businesses, according to
banker Uday Kotak. “We need to grow our MSMEs
and build middle India. Development of India
across sectors needs deepening of
entrepreneurship to improve ease of doing
business,” said Kotak. Setting the tone for the
discussion, Amitabh Kant, former Niti Aayog CEO
and India’s G20 Sherpa.
The Times of India - 01.05.2023
Diesel demand rises 6.7% in April,
petrol jumps 2.5%
The demand for diesel jumped 6.7 per cent in
April over the same month last year aided by
the harvesting season and overall economic
expansion. Diesel sales fared much better than
petrol, which rose 2.5 per cent year-on-year in
April, according to the provisional sales figures
of state-run oil marketing companies. About 93
per cent of diesel consumed in the country is
sold through petrol pumps while the balance 7
per cent is directly sold by oil companies to bulk
customers such as railways, shippers, miners,
and transport companies. Increased vehicle
sales and demand for consumer goods boost
sales of diesel, which is the primary fuel for
long-haul trucks needed to transport raw
materials to factories and transfer finished
products to warehouses and retail stores.
Diesel, which comprises about 40 per cent of
India’s oil demand, has fully recovered from the
Covid-led disruption.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/diesel-demand-rises-6-7-in-
april-petrol-jumps-2-5/99901822

share?article=01_05_2023_015_015_toikc_TOI
Russian oil slashes OPEC's share of
Indian market to 22-year low
OPEC's share of India's oil imports fell at the
fastest pace in 2022/23 to the lowest in at least
22 years, as intake of cheaper Russian oil surged,
data obtained from industry sources show, and the
major producers' share could shrink further this
year. Members of the Organization of the
Petroleum Exporting Countries (OPEC), mainly
from the Middle East and Africa, saw their share of
India's oil market slide to 59 per cent in the fiscal
year to March 2023, from about 72 per cent in
2021/22, a Reuters analysis of the data that dates
back to 2001/02 showed. Russia overtook Iraq for
the first time to emerge as the top oil supplier to
India, pushing Saudi Arabia down to No. 3 in the
last fiscal year, the data showed. OPEC's share
shrank as India, which in the past rarely bought
Russian oil due to high freight costs, is now the
top oil client for Russian seaborne oil, rejected by
Western nations following Moscow's invasion of
Ukraine in February 2022.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/russian-oil-slashes-opecs-share-
of-indian-market-to-22-year-low/99721676
Oil slips below $78, but reduction in
domestic pump prices unlikely soon
Oil prices tumbled to $78 per barrel on
Thursday, slipping below the near-$80 level it
was trading at the beginning of the month
before the OPEC+ producer club announced
production cuts that triggered price spike
warnings and inflationary worries. The drop-in
crude rates may not immediately translate into
a reduction in domestic pump prices for fuels
but will keep refiners in good financial health.
Deepening fears of a recession in the US, the
largest consumer of oil, have been weighing on
prices, overshadowing the OPEC+’s pro-duction
cut that will take effect next month. Strong
production and exports from Russia have kept
the global markets well supplied, with India and
China receiving record volumes of Russian oil.
“The fear of a demand slowdown is driving the
market. It seems OPEC+ will get it right again,”
said an industry executive. Oil has lost about
$10 per barrel in a fortnight from $87 on April
12. It had gained about $7 in the 10 days after
the OPEC+ announced an output cut of more
than a million barrels per day on April 2, citing
concerns about the global economy and the oil
demand.
Indian refiners' crude processing near
record peaks in March
Indian refiners' crude oil processing stayed near
record peaks in March, provisional government
data showed on Friday, catering to solid seasonal
demand in the world's third biggest oil consumer.
Refinery throughput gained 3 per cent to 5.44
million barrels per day (23 million tonnes) year-
on-year for March. Throughput stood at 5.46
million bpd (20.85 million tonnes) in February.
Crude oil processed in tonnes, was the highest
since Reuters records going back to 2009. Crude
processed in million bpd terms, taking into
account the fewer days in February, was also the
highest since Reuters records going back to 2009.
In March, India's fuel consumption hit a record
high. "In March, we generally see seasonal high
demand. Fuel demand is rising with heightened
industrial activity and also as it is harvesting
season," said Prashant Vasisht, vice president and
co-head, corporate ratings at ICRA.
India gorges on discounted Russian
crude, enjoys fuel export bonus
As Middle East crude exporters cut output and
raise prices, India's refiners are successfully
switching to Russian oil and enjoying the double
bonus of cheaper cargoes and higher margins
for exported refined products. India's crude
imports from Russia are expected to reach a
record high in April as Asia's second-biggest oil
buyer increasingly turns away from its
traditional suppliers in the Middle East. Refinitiv
Oil Research estimates that India will import
1.94 million barrels per day (bpd) from Russia
in April, while commodity analysts Kpler are
more bullish, forecasting arrivals of 2.39 million
bpd. India's total imports from the Middle East
are estimated by Refinitiv at 1.92 million bpd in
April, meaning that for the first-time arrivals
from Russia will exceed those from all Middle
East producers combined. Iraq remains India's
top supplier from the Middle East, with April
arrivals estimated at 840,000 bpd, with Saudi
Arabia in second place at 640,000 bpd.

ws/oil-and-gas/indian-refiners-crude-processing-
near-record-peaks-in-march/99718822
news/oil-and-gas/opinion-india-gorges-on-
discounted-russian-crude-enjoys-fuel-export-
bonus/99778396
‘Sin Industry’ tag to hurt oil & gas
funding in future: ONGC Chairman
Lenders may soon be reluctant to fund oil and gas
projects as it is considered a ‘sin industry’ and
ONGC will have to generate enough cash internally
to fund its businesses, its chairman Arun Singh
has said. The rising concern about climate change
has prompted some capital providers in the
developed world, including banks as well as debt
and equity funds, to avoid funding projects with
high emissions. In India, fossil fuel projects or oil
companies haven’t yet faced much funding
constraints, but the fear has been growing. “You
should be mindful that now if you don't generate
your own money, there is no bank money available
to you after three years. Your industry is a sin
industry,” Singh is learnt to have warned ONGC
employees in a town hall last week. “You have to
generate enough money from the existing
business to fund your own business. You don't
have a choice to get outside funds.” ONGC Videsh,
the state-run explorer’s overseas arm that has 32
projects in 15 countries, is already facing
increased green scrutiny.
Oil PSUs unable to repatriate dividends
from oil & gas projects in Russia:
Source
Since the beginning of the Ukraine war, oil PSUs
like Indian Oil, ONGC Videsh, Oil India and
Bharat Petroleum Corporation Ltd (BPCL) have
not been able to repatriate dividends from oil
and gas projects in Russia where they have a
participating interest, said a petroleum ministry
official. At least $300-400 million in dividends is
stuck since Russia’s invasion of Ukraine as
payment channels are unavailable due to
sanctions imposed by the western nations, said
the official. Oil PSUs have investments in
multiple oil and gas projects in Russia from
which they earn dividends periodically. While
payments for oil purchases from Russia are not
under sanctions, payments linked to oil and gas
assets in the country are, said the official. Oil
companies are considering using these
dividends to offset their purchase of Russian oil,
however, no decision has been made as yet, the
official said. The official added that oil PSUs are
facing any problem in making payments for
Russian oil. He said that India is still able to
avail Russian crude at substantially discounted
prices, despite China opening up and increasing
its oil imports from Russia.
PSU Watch - 30.04.2023
https://psuwatch.com/newsupdates/oil-psus-
unable-to-repatriate-dividends-from-oil-gas-
projects-in-russia-source
India is now Europe's largest supplier of
refined fuels: Kplr
India has become Europe's largest supplier of
refined fuels this month while simultaneously
buying record amounts of Russian crude,
according to data from analytics firm Kpler.
Europe's reliance on Indian crude oil products has
grown since the ban on Russian oil. Europe's
refined fuel imports from India are set to surge
above 360,000 barrels a day, edging just ahead of
those of Saudi Arabia, Kpler's data show. The
development is a double-edged sword for the
European Union. On the one hand, the EU needs
alternative sources of diesel now that it has cut off
direct flows from Russia, which was previously its
top supplier. However, it ultimately boosts
demand for Moscow's barrels, and means extra
freight costs. It also means that more competition
for Europe's oil refiners which can't access cheap
Russian crude, and it comes amid wider market
Price of domestic natural gas under
new formula revised for May
The price of domestic natural gas price has been
set at USD 8.27 per mmBtu for the month of
May, as against USD 7.92 in April, as per a
notification from Petroleum Planning and
Analysis Cell (PPAC). PPAC under the Ministry of
Petroleum and Natural Gas has, however, kept
unchanged the price for gas produced by ONGC
and OIL at USD 6.5 per mmBtu. The Union
cabinet approved the revised domestic natural
gas pricing guidelines in early April. The price of
such natural gas shall be 10 per cent of the
monthly average of Indian Crude Basket and
shall be notified on a monthly basis. Further,
gas produced from new wells or well
interventions in the nomination fields of ONGC
and OIL would be allowed a premium of 20 per
cent over the Administered Price Mechanism
price.

scrutiny about where the region's diesel imports
are coming from.
The Hindu - 01.05.2023
https://www.thehindu.com/news/national/india-
is-now-europes-largest-supplier-of-refined-fuels-
kplr/article66799582.ece
news/oil-and-gas/price-of-domestic-natural-
gas-under-new-formula-revised-for-
may/99907785
Extend deadline, says PSU rep on EPF
board
Atul Sobti, a representative of public sector
enterprises on the EPFO’s Central Board of
Trustees, has written to central provident fund
commissioner Neelam Shami Rao, asking the
pension fund manager to extend the last date of
submission of online joint option form for higher
pension “by at least a month”. Sobti, director
general of Standing Conference of Public
Enterprises (SCOPE), has pointed out that many
central PSUs have approached SCOPE regarding
the difficulties members and pensioners are facing
in the submission of the online forms. He has also
attached a 13-point annexure listing out the
problems, which range from the unified portal
delivering error messages of “no record is found
against this UAN” even though the Aadhaar details
fetch UAN in employer portal, to mismatches in
the employees’ name in UAN and Aadhaar, among
the many problems that need to be fixed
expediently. TOI had reported on Wednesday that
EPFO has not issued a clarification regarding the
controversial clause, nor dropped it from the
online form, even after the Kerala HC directed it
on April 12 to drop the clause within 10 days.
share?article=29_04_2023_024_005_toikc_TOI
K. S. Shetty takes over as Director
(Human Resources) of HPCL
K. S. Shetty has assumed the charge of Director
(Human Resources) of Hindustan Petroleum
Corporation Limited (HPCL) effective May 01,
2023. Prior to joining as Director (Human
Resources) of HPCL, K. S. Shetty was Executive
Director (Human Resources) with additional
charge of Executive Director (Employee
Relations) in HPCL. K. S. Shetty is a Gold
Medallist in Human Resource Management from
Andhra University and also a distinguished
alumnus of the Swedish Institute, Stockholm
from where he completed his Diploma in
Sustainable Development in 2012. He has also
completed his Advanced Management Program
from MDI, Gurgaon / ESCP Europe Business
School, Paris (2016). He is a SHRM, USA –
Senior Certified Professional and is currently on
the AIMA Core Committee on HR and also on
the National Council of the Indian Society for
Training and Development (ISTD).
Sarkaritel.com - 02.05.2023
https://www.sarkaritel.com/k-s-shetty-takes-
over-as-director-human-resourcesof-hpcl/
Raj Kumar Dubey takes over as BPCL's
Director HR
Raj Kumar Dubey has taken over as Director
(Human Resources) at state-run Bharat Petroleum
Corporation Ltd, the company said in a statement.
Dubey is an alumnus of NIT Allahabad, with a
degree in Mechanical Engineering and also holds
an MBA from the International Centre for
Promotion of Enterprises, Ljubljana, Slovenia.
BPCL said throughout his career, Dubey has
implemented several strategic organizational
development initiatives and change management
processes impacting more than 400 locations and
7,500 people and has worked closely with
international consultants in the areas of
organization restructuring, visioning, and HR
planning, and has successfully led several
leadership positions and concluded various critical
and challenging assignments across various
business verticals like aviation, operations, HR,
and retail in and across different regions.
M. Venkatachalam takes charge as
Director (Power) of NLC India Limited
M. Venkatachalam took charge as Director
(Power), NLC India Limited, on 26th April 2023.
Prior to joining NLC India Limited,
Venkatachalam was serving as Executive
Director at Nuclear Power Corporation of India
Limited (NPCIL) and possesses 35 years of rich
experience in Nuclear Station operations,
project construction & commissioning, versatile
site activities and corporate functions. He is a
Mechanical Engineer from University of Madras
and a distinguished scientist, an apex Scientific
Grade from Department of Atomic Energy. He
has specialisations in diverse fields and has
acquired several qualifications, notably in
project management and finance. He has also
undergone the Corporate Governance course
for Directors conducted by Indian Institute of
Corporate Affairs.
Sarkaritel.com - 27.04.2023

https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/raj-kumar-dubey-takes-over-as-
bpcls-director-hr/articleshow/99915149.cms
https://www.sarkaritel.com/m-venkatachalam-
takes-charge-as-director-power-of-nlc-india-
limited/
Vivek C Tongaonkar appointed as
Director (Finance) of MRPL
Vivek Chandrakant Tongaonkar has been
appointed as Director (Finance) of Mangalore
Refinery & Petrochemicals Limited (MRPL), a PSU
under the Ministry of Petroleum & Natural Gas
(MoPNG). The Appointments Committee of the
Cabinet (ACC) has approved the appointment of
Tongaonkar for the post of Director (Finance) in
MRPL on Friday. According to an order issued from
the Department of Personnel & Training (DoPT) on
April 28, Tongaonkar has been appointed to the
post for a period of five years with effect from the
date of his assumption of charge of the post, or till
the date of his superannuation, or until further
orders, whichever is the earlier. Presently, he is
serving as Executive Director of Oil & Natural Gas
Corporation Limited (ONGC). Earlier, PSU Watch
had reported when Tongaonkar was
recommended for the post of Director (Finance) of
MRPL from a list of eight candidates, who were
interviewed by the PESB panel in its selection
meeting held on January 25.
PSU Watch - 29.04.2023
https://psuwatch.com/psu-appointments/vivek-
c-tongaonkar-appointed-as-director-finance-of-
mrpl
Mohanty, LIC MD, named as co’s
chairman
The government on Friday appointed
Siddhartha Mohanty (currently MD) as the new
chairman of LIC. Former LIC MD B C Patnaik has
been appointed as the member (life) of Irdai.
Last month, the Financial Services Institutions
Bureau (FSIB), the headhunter for directors of
state-owned banks and financial institutions,
recommended Mohanty’s name as chairman of
LIC. Mohanty has been appointed as LIC head
till June 2025, when he attains the age of 62
years. The government appointed Patnaik as a
member (life) of Irdai till he becomes 62 too.
The notifications came after the nod of the
appointments committee of the Cabinet,
headed by PM Narendra Modi, the sources said.
share?article=29_04_2023_015_022_toikc_TO
I
Shivam Srivastava takes over as Director
(Fuel) of NTPC
State power giant NTPC on Monday announced the
appointment of Shivam Srivastava as Director
(Fuel). Srivastava assumed charge of the post on
Sunday, the company said. "Ministry of Power
...approval of the Competent Authority for
appointment of Shivam Srivastava, Chief General
Manager (CGM), NTPC to the post of Director
(Fuel), NTPC Ltd from the date of his assumption
of charge of the post or until further orders,
whichever is earlier," according to a regulatory
filing. Srivastava, a Mechanical Engineering
graduate from Kamala Nehru Institute of
Technology, Sultanpur (Avadh University) and
Postgraduate in Business Management from MDI
Gurgaon, had joined NTPC as 13th batch executive
trainee in 1988.
ws/power/shivam-srivastava-takes-over-as-
director-fuel-of-ntpc/99908237
Govt appoints Rajneesh Karnatak as
BoI MD, Chand to head BoB
The government on Saturday appointed
Rajneesh Karnatak as managing director of
Bank of India (BoI) while Debadatta Chand was
appointed as head of Bank of Baroda (BoB). The
central government appointed Karnatak,
Executive Director, Union Bank of India, as
managing director and CEO of Bank of India for
three years with effect from date of assumption
of office, Department of Financial Services said
in a notification. Karnatak replaces Atanu
Kumar Das who completed his three-year term
in January this year. In a separate notification,
DFS said Chand, currently ED of BoB, has been
appointed as managing director of the same
bank for a period of three years. However,
Chand would assume charge on July 1 after
incumbent Sanjiv Chadha superannuates on
June 30.
the Hindu - 30.04.2023
https://www.thehindu.com/business/govt-
appoints-rajneesh-karnatak-as-boi-md-chand-
to-head-bob/article66793570.ece

P Kannan set to be next Director (Operations) of CPCL
P Kannan is set to be next Director (Operations) of Chennai Petroleum Corporation Limited (CPCL), a
PSU under the Ministry of Petroleum & Natural Gas (MoPNG). He has been recommended for the post
by the Public Enterprises Selection Board (PESB) panel on Monday. Presently, he is serving as Chief
General Manager in the same organisation. Kannan has been recommended for the post of Director
(Operations) of CPCL from a list of seven candidates, who were interviewed by the PESB in its selection
meeting held on May 1. Out of seven candidates four candidates were from CPCL and one each from
Indian Oil Corporation Limited (IOCL), Oil & Natural Gas Corporation Limited (ONGC) and GAIL (India)
Limited.
PSU Watch - 01.05.2023
https://psuwatch.com/psu-appointments/p-kannan-set-to-be-next-director-operations-of-cpcl

Weekly Media Update_02_05_2023

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