Weekly Media Update_10_10_2022.pdf

(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
WEEKLY MEDIA UPDATE
Issue 571
10 October 2022
Monday
The India Express
– 30.09.2022
The Telegraph –
28.09.2022
The Financial Express – 28.09.2022

Link to PTI coverage:
https://www.ptinews.com/news/business/balmer-lawrie-eyes-rs-3000-crore-revenue-in-two-to-
three-years/424657.html
Links to other online coverage:
• https://www.jagran.com/west-bengal/kolkata-balmer-lawrie-aims-to-achieve-rs-3000-crore-
revenue-in-next-three-years-23104039.html
• https://www.financialexpress.com/industry/balmer-lawrie-eyes-rs-3000-crore-revenue-in-
two-to-three-years/2692871/
• https://www.theweek.in/wire-updates/business/2022/09/27/ccm1-biz-balmerlawrie.html
https://theprint.in/economy/balmer-lawrie-eyes-rs-3000-crore-revenue-in-two-to-three-
years/1145004/
• https://inshorts.com/en/news/balmer-lawrie-aims-for-%E2%82%B93000-crore-revenue-in-
next-23-years-cmd-1664290133674
• https://indiaseatradenews.com/balmer-lawrie-eyes-rs-3000-crore-revenue-in-two-to-three-
years/
Prabhat Khabar
– 28.09.2022
Dainik Jagran –
28.09.2022

Dainik Jagran –
29.09.2022
Aajkaal – 29.09.2022
Samagya– 29.09.2022

S&P retains FY23 growth forecast at
7.3%, OECD at 6.9%
S&P Global Ratings on Monday retained India’s
economic growth projection at 7. 3% in the
current fiscal with downside risks and said inflation
is likely to remain above the Reserve Bank of
India’s upper tolerance threshold of 6% till the end
of 2022. The Organisation for Economic Co-
operation and Development (OECD) too stuck to
its projection of 6. 9% growth in India’s gross
domestic product (GDP) for FY23. S&P Global
Ratings Asia-Pacific chief economist Louis Kuijs
said a pronounced slowdown in China was offset
by a strong rebound in India as consumption,
especially of services, continued to recover and
investment grew rapidly. In its Economic Outlook
for Asia Pacific, S&P said that India’s growth next
year will get support from domestic demand
recovery after the Covid-19 pandemic. “We have
retained our India growth outlook at 7. 3%
(projected in June) for the fiscal year 2022-2023
and 6. 5% for the next fiscal year, although we
see the risks tilted to the downside,” it said.
The Economic Times - 27.09.2022
https://epaper.timesgroup.com/article-
share?article=27_09_2022_003_011_etkc_ET
Goldman cuts 2023 oil price forecast
due to weakening demand outlook
Goldman Sachs on Tuesday cut its 2023 oil price
forecast due to expectations of weaker demand
and a stronger U.S. dollar but said the ongoing
global supply disappointments only reinforced
its long-term bullish outlook. Goldman's
commodities research division lowered the
forecast for next year by $17.5 per barrel on
average, even as it saw a seasonally adjusted
global oil market deficit in the fourth quarter of
2022 and in 2023. It revised its oil price forecast
lower by $19 per barrel on average for the
period stretching from the fourth quarter of
2022 to the fourth quarter of 2023 and sees
global oil demand growing in 2023 by 2.0
million barrels per day (bpd) at current prices,
versus a previous forecast of 2.5 million bpd,
according to a research note issued by the
investment bank. The short-term path for oil
prices is likely to remain volatile, Goldman said,
adding that a sharply appreciating dollar and
lower demand expectations will continue to put
downward pressure on oil for the rest of this
year.
Reuters - 28.09.2022
reuters.com/markets/europe/goldman-cuts-
2023-oil-price-forecast-due-weakening-
demand-outlook-2022-09-27/
Morning India –
28.09.2022

World Bank slashes India's economic
growth forecast to 6.5% for FY23
The World Bank on Thursday slashed its growth
estimate for India by one percentage point to 6.5
per cent for FY23, citing the blowback of the
Russia-Ukraine war and ongoing global monetary
policy tightening. This is the lowest growth
estimate by any multilateral agency for FY23. The
International Monetary Fund, which projected
India’s economy to grow at 7.4 per cent, is
expected to revise its estimate next week. In its
latest South Asia Economic Update, the
multilateral lending agency said economic growth
in India would slow in FY23 because the country
was coming off a strong recovery in FY22. “The
spill overs from the Russia-Ukraine war and global
monetary policy tightening will continue to weigh
on India’s economic outlook: elevated inflation on
the back of higher prices of key commodities and
rising borrowing costs will affect domestic
demand, particularly private consumption in
FY2023/24, while slowing global growth will inhibit
growth in demand for India’s exports,” the World
Bank said.
Business Standard - 07.10.2022
https://www.business-
standard.com/article/economy-policy/world-
bank-slashes-india-s-economic-growth-forecast-
to-6-5-for-fy23-122100601103_1.html
RBI cuts FY23 GDP growth forecast to
7% from 7.2%
The Reserve Bank of India (RBI) on Friday cut
its GDP growth forecast for 2022-23 to 7% from
the earlier 7. 2%, citing the impact of the
geopolitical tensions, tightening global financial
conditions and slowing external demand, but
retained the inflation projection at 6. 7%. In its
monetary policy statement, RBI governor
Shaktikanta Das cautioned that there are upside
risks to food prices and the risks to food inflation
could have an adverse impact on inflation
expectations. “Acute imported inflation
pressures felt at the beginning of the financial
year have eased but remain elevated across
food and energy items…. Cereal price pressure
is spreading from wheat to rice due to the likely
lower kharif paddy production. The lower
sowing for kharif pulses could also cause some
pressures. The delayed withdrawal of monsoon
and intense rain spells in various regions have
already started to impact vegetable prices,
especially tomatoes,” said Das. Several
multilateral agencies & economists have
slashed India’s GDP growth forecasts due to the
impact of the Ukraine war, soaring inflation &
rising interest rates.
The Times of India - 01.10.2022
share?article=01_10_2022_019_021_toikc_TO
I
FY24 optimism not justified: Nomura
Japanese brokerage Nomura has projected a
sharp moderation in India’s growth rate for FY24
to 5. 2% as compared to FY23, saying Indian
policymakers are “misplaced” about their
optimism on growth prospects. After week-long
meetings with policymakers, corporates, banks
and political experts, its economists said its FY23
GDP growth estimate is at 7%, on par with the
RBI’s revised down forecast, but it expects a
“sharp moderation” to 5. 2% in FY24. “While we
broadly agree with our interlocutors on the growth
prospects in FY23, we believe the optimism in
FY24 may be misplaced and that the spill over
effects from the global slowdown are being
underestimated,” its economists Sonal Verma and
Aurodeep Nandi said in a note. The brokerage said
the mood in the country is “relatively positive”
with risks seen emanating from weaker global
demand and added that domestic recovery is
getting broad-based as seen through pickup in
investments and higher credit growth.
Bain Capital’s David Gross-Loh
believes India has the potential to
show highest GDP growth in the years
ahead
The private equity executive who led some of
the largest buyouts for Bain Capital, such as the
$20-billion buyout of Toshiba’s memory chip
business, rebranded later as Kioxia, believes
India has the potential to show the highest
growth in GDP in the next 12 months, anywhere
in the world. “Despite some headwinds on trade
imbalance and current account deficit, India’s
macro-economic situation is improving and is
poised to structurally improve further with the
‘China plus one’ strategy and the manufacturing
push via PLI type programmes,” says David
Gross-Loh, managing partner, Bain Capital for
Asia. That gives a firm like Bain an opportunity
to deploy capital across asset classes – private
equity, real estate, credit, special situations,
structured financing, distressed debt and even
venture or early-stage investing. “If we have
invested $2 billion in last 12 months, then $10
billion deployment in the next 5 years not
ambitious,” he told ET in an exclusive
interaction.

FY23’s 7% growth to stand out: EAC
Amid fears of the world slipping into recession,
India will perhaps emerge as the strongest major
economy with 7% growth rate in FY23, Economic
Advisory Council to the Prime Minister (EAC-PM)
member Sanjeev Sanyal said on Sunday. He
observed that India can grow at 9% in an
externally conducive environment like in early
2000s when the global economy was growing. “We
are clearly entering an environment where many
countries around the world will be facing much
slower growth or even slipping into recession. This
is due to a combination of factors ranging from
tighter monetary policy to higher energy costs, as
well as disruptions caused by the Ukraine war,” he
said. The World Bank on October 6 projected 6.
5% growth rate for the Indian economy for 2022-
23, a drop of one percentage point from its June
projections, citing deteriorating international
environment. “Under those circumstances, India’s
performance will stand out as being perhaps the
strongest of any major economy in the world with
around 7% GDP growth rate in current fiscal year
nonetheless,” Sanyal said.
share?article=10_10_2022_013_005_toikc_TOI
IMF warns of higher recession risk and
darker global outlook in 2023
The International Monetary Fund will next week
downgrade its forecast for 2.9% global growth
in 2023, Managing Director Kristalina Georgieva
said on Thursday, citing rising risks of recession
and financial instability. Georgieva said the
outlook for the global economy was "darkening"
given the shocks caused by the COVID-19
pandemic, Russia's invasion of Ukraine and
climate disasters on all continents, and it could
well get worse. "We are experiencing a
fundamental shift in the global economy, from
a world of relative predictability ... to a world
with more fragility - greater uncertainty, higher
economic volatility, geopolitical confrontations,
and more frequent and devastating natural
disasters," she said in a speech at Georgetown
University. Georgieva said the old order,
characterized by adherence to global rules, low
interest rates and low inflation, was giving way
to one in which "any country can be thrown off
course more easily and more often."
standard.com/article/international/imf-warns-
of-higher-recession-risk-and-darker-global-
outlook-in-2023-122100601026_1.html
CAD Surges to Decadal High in June Qtr
India's quarterly current account deficit (CAD)
widened to its highest in a decade in the three
months to June but was still below estimates, as a
surge in costlier crude oil imports and repatriation
of income by foreign investors caused an increase
in the gap. The shortfall in the current account —
the broadest measure of trade in goods and
services — was $23. 9 billion, or 2. 8% of gross
domestic product (GDP) during the quarter ended
June 30, compared with a surplus in the same
period a year ago, the Reserve Bank of India (RBI)
said in a statement Thursday. That compares with
a median estimate for a gap of $30. 8 billion in a
Bloomberg survey. The gap was at $13. 4 billion,
or 1. 5% of the GDP, in the quarter ended March
and touched a high of $31. 86 billion in the quarter
ended December 2012, according to data on
Bloomberg. “Underlying the current account deficit
was the widening of the merchandise trade deficit
to $68. 6 billion and an increase in net outgo of
investment income payments,” the RBI said in a
statement. The external sector is under strain due
to a drawdown of reserves.
Core Sector growth slips to 9-mnth low
of 3.3% in Aug
India’s core sector growth slumped to a nine-
month low of 3.3% in August, weighed down by
contraction in crude oil and natural gas
production and the adverse base effect of year-
ago high growth. The core sector grew 4.5% in
July and 12.2% in August 2021. The index of
eight core industries, which measures output of
key ones that support infrastructure, is down
0.9% in August from the month before but up
7.9% from the pre-pandemic level of August
2019. The eight industries included in the index
are coal, crude, natural gas, refinery products,
fertilisers, steel, cement and electricity. The
industrial recovery is still weak as core sector
output even now is only 3.5% higher than the
pre-Covid level (February 2020), said Sunil
Kumar Sinha, principal economist at India
Ratings and Research. “Worryingly, core sector
output has declined sequentially for four
consecutive months,” he said. Care Ratings
chief economist Rajani Sinha said core sector
growth decelerated mainly due to the base
effect.

India's service sector activity falls to 6-
month low in Sep amid inflation,
competition: PMI
The Indian services sector activity fell to a six-
month low in September, as new business inflows
rose at the slowest rates since March, amid
inflationary pressures and competitive conditions,
a monthly survey said. The seasonally adjusted
S&P Global India Services PMI Business Activity
Index fell to 54.3 in September, from 57.2 in
August, highlighting the weakest rate of expansion
since March. For the fourteenth straight month,
the services sector witnessed an expansion in
output. In Purchasing Managers' Index (PMI)
parlance, a print above 50 means expansion, while
a score below 50 denotes contraction. "The Indian
service sector has overcome many adversities in
recent months, with the latest PMI data continuing
to show a strong performance despite some loss
of growth momentum in September," said
Pollyanna De Lima, Economics Associate Director
at S&P Global Market Intelligence. The upturn was
reportedly restricted by price pressures, an
increasingly competitive environment and
unfavourable public policies, the survey said.
Business Insider - 07.10.2022
https://www.businessinsider.in/business/news/in
dias-service-sector-activity-falls-to-6-month-low-
in-sep-amid-inflation-competition-
pmi/articleshow/94675187.cms
Trade growth forecast dims to 1%
The World Trade Organization has forecast a
slowdown of global trade growth next year, as
sharply higher energy and food prices and rising
interest rates curb import demand and warned
of a possible contraction if the war in Ukraine
worsens. The Geneva-based trade body said on
Wednesday that merchandise trade would
increase by 3.5 per cent this year, up from its
April estimate of 3 per cent. However, for 2023,
it sees trade growth of just 1 per cent,
compared with a previous forecast of 3.5 per
cent. The WTO said there was high uncertainty
over its forecasts. It provided a band of trade
growth expansion of 2 per cent to 4.9 per cent
for this year and of -2.8 per cent to 4.6 per cent
for 2023. “The picture for 2023 has darkened
considerably,” World Trade Organization
director-general Ngozi Okonjo-Iweala told a
news conference, adding that risks for next
year’s forecast were more on the downside.
The Telegraph - 06.10.2022
https://www.telegraphindia.com/business/trad
e-growth-forecast-dims-to-1/cid/1890362
WTO pares ’23 trade, GDP growth
forecast on Ukraine War, inflation
The World Trade Organization (WTO) on
Wednesday estimated the global merchandise
trade volumes to grow by 3. 5% in 2022 — slightly
better than the 3% forecast in April. However, it
lowered the forecast to 1% for 2023, from the
previous estimate of 3. 4% as spiralling energy
prices, rising interest rates and higher bills for food
and fertiliser curb import demand. “World trade is
expected to lose momentum in the second half of
2022 and remain subdued in 2023 as multiple
shocks weigh on the global economy,” the
Geneva-based organisation said. It said world GDP
at market exchange rates will increase by 2. 8%
in 2022 and lowered the forecast for 2023 to 2.
3% from 3. 2% earlier. “Trade and output will be
weighed down by several related shocks, including
the war in Ukraine, high energy prices, inflation,
and monetary tightening,” it said. Highlighting the
high degree of uncertainty associated with the
forecast due to shifting monetary policy in
advanced economies and the unpredictable nature
of the Russia-Ukraine war, the WTO said that trade
Fiscal deficit at 32.6% of full-year
target
The Centre’s fiscal situation remained
comfortable, with robust tax revenues taking
care of the additional expenditure on account of
increased subsidy payouts, data released on
Friday showed. The government’s fiscal deficit
at the end of August was 32.6% of the full year
estimate, in line with 31.1% deficit last year
during the same period. In absolute terms the
fiscal deficit for April-August was Rs 5.41 lakh
crore. The government Thursday cut its market
borrowing for FY23 by Rs 10,000 crore despite
a three-month extension to the free food grain
scheme, which will cost the exchequer an
additional Rs 44,762 crore, indicating a
comfortable fiscal situation. The fiscal deficit,
the gap between revenues and spending, is met
with borrowing. The centre has pegged its fiscal
deficit for FY23 at Rs 16.6 lakh crore, or 6.4%
of GDP. As per the data released by the
Controller General of Accounts (CGA), the
government's total receipts, including taxes,

growth in 2022 could end up between 2% and 4.
9% if current assumptions hold.
stood at Rs 8.48 lakh crore or 37.2 % of the
FY23 estimates, a growth of 12.8%.
H2 – Prudent spending to be norm
As the finance ministry prepares to hold
consultations with various ministries from Monday
to firm up revised estimates of the Budget for
FY23, it will step up focus on the prudent use of
funds by departments to ensure that an
anticipated growth slowdown in the second half of
this fiscal is not hampered further by undue fiscal
stinginess. In the first half of this fiscal, given the
strong external headwinds, the government laid
emphasis on keeping a lid on wasteful revenue
spending, generating savings wherever feasible
and nudging states to release funds to agencies
implementing several schemes. Now, the focus is
being shifted from saving for a rainy day to
ensuring more prudent and effective spending, an
official source told FE. “When resources are
limited, they must be used for more productive
purposes and at a more opportune time, and that
will be the focus,” he said. He was responding to
a query on the possibility of a slowdown in tax
mop-up in the second half. “So, there will be even
stricter monitoring of expenditure, especially
revenue expenditure now.”
The Financial Express - 09.10.2022
https://www.financialexpress.com/economy/finm
in-strategy-h2-prudent-spending-to-be-
norm/2704573/
Govt eyes ‘PSUs with land but little biz’
for selloff
The government is identifying public sector
companies that are sitting on land banks, with
little or no business, that can be privatised or
sold off. The government has set up a special
purpose vehicle — National Land Monetisation
Corporation (NLMC), a wholly owned outfit,
which will aggregate land from all PSUs that are
either being wound up or being sold, but there
are state-run players which have not
transferred the surplus land with them. For
instance, Hemisphere Properties, the listed
company set up to take over the land of the
erstwhile VSNL (now Tata Communications), is
seen to be one of the entities which is sitting on
a large land bank. In fact, the PSU, which is
under the administrative control of the housing
and urban affairs ministry, had even advertised
to sell farmhouses in South Delhi, each costing
upwards of Rs 25 crore. While a final decision
on the fate of the company has not been taken
due to reservations by certain ministries,
sources said, there are several such companies
that are sitting on land, and they are seen to be
fit candidates to be taken up for privatisation or
sale after transferring the land to the newly set
up SPV.
I
New CSR disclosure rules let cos omit
key details
A notification by the Ministry of Corporate Affairs
(MCA) has limited the information companies must
disclose on expenditures toward corporate social
responsibility (CSR) in their annual reports.
Among other things, the Companies (Corporate
Social Responsibility Policy) Amendment Rules,
2022, issued on September 20, has revised
Annexure II the format in which CSR activities are
disclosed in the annual report. The revised
Annexure II excludes details concerning the
companies’ expenditure toward ongoing and other
CSR projects. The details omitted include the
name, location and duration of the company’s CSR
project, the amount allocated for the project,
amount spent in the current financial year on the
project, mode of implementation, the name of the
Govt gets Rs 1,203-cr dividend from 5
CPSEs
The government has received Rs 1,203 crore as
dividend tranches from five CPSEs, including
SAIL, HUDCO and IRCTC. With this, the total
dividend receipts of the government from public
sector enterprises stood at Rs 14,778 crore so
far, this fiscal. "Government has respectively
received about Rs 604 crore, Rs 450 crore and
Rs 37 crore from SAIL, HUDCO and IREL as
dividend tranches," Department of Investment
and Public Asset Management (DIPAM)
Secretary Tuhin Kanta Pandey tweeted.
Besides, IRCTC has paid about Rs 81 crore and
Bhartiya Rail Bijlee Co Ltd Rs 31 crore as
dividend tranches, Pandey added.
standard.com/article/economy-policy/govt-

implementing agency along with their CSR
registration number and amount transferred to the
unspent CSR account. This omission has been an
important, yet not so-known change made to
Annexure II.
receives-dividend-tranches-from-5-companies-
including-sail-irctc-122100600737_1.html
Indian refiners unlikely to pass on gains
from oil price fall
A 30 per cent decline in oil prices since early June
has brought relief to refiners, which had sold fuels
at a loss to domestic customers for months, but is
unlikely to lower consumer prices, said analysts
and executives. Crude oil prices have fallen to $86
a barrel, from $124 on June 8, as fear of a
recession in the developed world is swaying
investors amid interest rate tightening by central
banks. "India may not get the full benefit of falling
oil prices," said Sunil Kumar Sinha, principal
economist at India Ratings and Research, pointing
to depreciation in the rupee that offsets the gain
from lower oil prices and the likelihood of
consumer fuel prices not falling. The government
will allow refiners to absorb the gains from lower
prices to make up for the losses they incurred for
months by selling transportation fuels at below-
market rates, said Sinha.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indian-refiners-unlikely-to-pass-
on-gains-from-oil-price-fall/94529232
OMC Losses Likely to Widen on Lower
Margins, Frozen Prices
Losses at Indian Oil, Bharat Petroleum and
Hindustan Petroleum are expected to widen to
₹21,300 crore in the July September quarter
from ₹18,500 crore in the previous quarter as
refining margins shrank and retail prices
remained frozen, ICICI Securities said. “The
three oil marketing companies — IOCL, BPCL
and HPCL — remain trapped in the quagmire of
weak marketing losses and there is not enough
traction in gross refining margins (GRMs),” the
brokerage said in a note on Thursday. “Q2 may
see the trend worsen, with a $5. 6-15. 9 per
barrel quarter-on-quarter dip in GRMs, which is
compensated only partly by improvement in
blended retail fuel losses. “The combined losses
on retail sales for diesel and petrol narrowed to
9. 8 per litre in the second quarter from 14. 4
per litre in the first quarter of the current fiscal
year, as per the brokerage. The margin on
petrol was minus 1. 2 per litre in the second
quarter compared to minus 10. 2 in the first.
But in the case of diesel, however, the margins
worsened from a negative 12.
Narrowing refining margins crimp gains
from declining crude prices
The decline in crude oil prices may offer some
respite to state-run fuel retailers and help them
narrow their marketing losses in the September
quarter. Brent Crude, which was at over $120 a
barrel in June, is trading at $90 per barrel now—
levels last seen before Russia invaded Ukraine in
February. The state-run fuel retailers—Hindustan
Petroleum Corp. Ltd (HPCL), Indian Oil Corp. Ltd
(IOCL), and Bharat Petroleum Corp. Ltd (BPCL)—
are likely to see some respite on their marketing
margins in the three months ended 30 September.
While retail prices of auto fuels had remained
range-bound despite higher crude prices, it led to
a rise in under-recoveries, analysts said. Under-
recoveries are losses incurred by fuel retailers for
selling products below market price. “Our
calculations suggest the OMCs (oil marketing
OPEC+ output cut may be smaller in
effect; no impact seen on pump prices
The oil price spike triggered by the OPEC+
decision to cut supplies will be short-lived as
recession fears are real and the effective
production cuts could be much smaller than
announced, industry executives and analysts
said, adding that pump prices in the country are
unlikely to show any effect. “The supply cut
decision appears more like a signal by the
OPEC+ that they are in control, or they want to
stay in control of the market,” said MK Surana,
CEO of Ratnagiri Refinery & Petrochemicals and
former chairman of HPCL. “This would motivate
the unwinding of short positions, pushing up
prices in the short run. However, fears of a
recession in advanced economies are likely to
keep prices under check in the medium term."
Oil has gained $4 to touch $93. 5 per barrel

companies) have incurred auto fuel under-
recoveries of ₹65,000-70,000 crore in the first half
of FY23 (under-recovery of around ₹11.5 a litre on
diesel and ₹6.5 a litre on petrol, or ₹10 a litre on
weighted average basis; volumes of 45 billion
litres of diesel and 20 billion litres of petrol),"
analysts at JM Financial Institutional Securities Ltd
said.
Mint - 08.10.2022
https://www.livemint.com/industry/energy/narro
wing-refining-margins-crimp-gains-from-
declining-crude-prices-11665084483288.html
since the OPEC+ decision on Wednesday to cut
supply by 2 million barrels per day, equal to
2%of global supplies, from November. Some
analysts do expect the curbs to send oil back to
above $100 quickly, many others are sceptical
about any durable impact on prices as the
effective supply cut is expected to be much
smaller.
share?article=07_10_2022_022_002_etkc_E
India will Continue to Buy Oil from Any
Country: Puri
India, the world’s third-biggest oil importer and
consumer, will continue to buy oil from any
country that it has to, oil minister Hardeep Singh
Puri said asserting that no country has told New
Delhi to stop buying oil from Russia. India, which
has not publicly condemned Moscow for its ‘special
military action’ in Ukraine, has become Russia’s
No. 2 oil buyer after China as Western buyers
stopped trading with that country and its oil prices
fell. Puri, who is here for talks with the US
authorities on clean energy, said the government
has a moral duty to provide energy at affordable
rates to consumers. “India will buy oil from
wherever it has to for the simple reason that this
kind of a discussion cannot be taken to the
consuming population of India,” he told a group of
Indian reporters here. “Have I been told by anyone
to stop buying Russian oil? The answer is a
categorical ‘no’." He also expressed confidence
that India would be able to mitigate a two million
barrels per day cut in production by oil producers'
cartel OPEC and its allies, known as OPEC+.
Oil price rise in India is way 'below'
global price hikes: Petroleum Minister
Hardeep Singh Puri
Union Petroleum and Natural Gas minister
Hardeep Singh Puri said that compared to fuel
price hikes globally, India only raised prices by
2 per cent, which is way below that of other
countries. "In terms of petrol and diesel, if the
increases in North America are 43-46 per cent,
in India we allow prices to go up by only 2 per
cent or so. In terms of gas, global benchmarks
went up by 260-280 per cent and our own
ability to contain gas price increases was
something around 70 per cent," Puri told
reporters in Washington DC. Puri on Thursday
held bilateral meetings with US energy
secretary Jennifer Granholm and other top
officials of the Biden Administration. The
minister also highlighted India's commitment to
accelerating a just and sustainable energy
transition at the ministerial dialogue on India-
US strategic clean energy.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/oil-price-rise-in-india-is-way-
below-global-price-hikes-says-hardeep-singh-
puri/articleshow/94717270.cms
PSU oil cos sell more fuel in September
State-run oil companies sold 13.2% more petrol
and 22.6% more diesel in September compared to
the same month last year as their retail outlets
stepped up to serve bulk buyers as well as
customers, who buy from private fuel retailers.
Compared to August this year, sales of petrol fell
1.9% and that of diesel rose 1.3% in September,
according to the preliminary sales data obtained
from state-run oil companies. Sales of jet fuel
went up 41.7% from September last year and 3.
9% from August this year, indicating a solid
recovery in the aviation sector. The consumption
is still 12% below the September 2019 level.
Cooking gas consumption was 5.4% more than in
September last year and 4.3% higher than in
Global gas markets to remain tight
next year amid supply squeeze: IEA
Global gas markets are expected to remain tight
next year as Russian pipeline gas supplies
dwindle and gas demand falls in Europe in
response to energy saving measures and high
prices, the International Energy Agency (IEA)
said on Monday. Natural gas markets worldwide
have been tightening since 2021 and global gas
consumption is expected to decline by 0.8 per
cent this year as result of a record 10 per cent
contraction in Europe and flat demand in the
Asia Pacific region, the IEA said in its quarterly
gas market report. Meanwhile, global gas
consumption is forecast to inch up by just 0.4
per cent next year. In Europe, gas consumption

August. State oil companies keep revising jet fuel
prices every fortnight in line with international
rates while the variance in the rates of petrol,
diesel and cooking gas follow no specific pattern.
has fallen by 10 per cent in the first eight
months of this year compared with the same
period in 2021, driven by a 15 per cent drop in
the industrial sector as businesses curtailed
production due to soaring prices.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/global-gas-markets-to-
remain-tight-next-year-amid-supply-squeeze-
iea/94615538
Natural Gas Demand Comes Down By 10
-12% In Current Fiscal: Crisil
According to the report of rating agency Crisil,
industrial consumers are shifting to other cheaper
fuels, due to which the demand of natural gas has
come down by 10 to 12 per cent in the current
financial year. Natural gas prices have so far
jumped 150 per cent during the current financial
year. Due to this, the increase in the demand of
LPG can be reduced to 8 to 10 per cent instead of
20 to 25 per cent. The Ministry of Petroleum has
increased the prices of natural gas by a record 40
per cent on 30 September, in line with the jump in
energy prices globally. Earlier, during April-
September, the price of gas was increased by 110
per cent. According to an order issued by the
Petroleum Planning and Analysis Cell (PPAC) of the
Ministry of Petroleum, the rate to be paid for gas
produced from old gas fields has been increased
from the current USD 6.1 per million British
thermal unit (MBtu) to USD 8.57 per MBtu.
Business World - 06.10.2022
https://www.businessworld.in/article/Natural-
Gas-Demand-Comes-Down-By-10-12-In-Current-
Fiscal-Crisil/05-10-2022-449382/
OPEC+ announces biggest cut in oil
production since Covid-19 pandemic
OPEC+ said on Wednesday that it will slash oil
production by 2 million barrels per day, the
biggest cut since the start of the Covid-19
pandemic, media reports said. The group of
major oil producers, which includes Saudi
Arabia and Russia, announced the production
cut following its first meeting in person since
March 2020. The reduction is equivalent to
about 2 per cent of global oil demand, CNN
reported. The price of Brent crude oil rose more
than 1 per cent to nearly $93 a barrel on the
news, adding to gains this week ahead of the
gathering of oil ministers. US oil was up 1.5 per
cent to $87.75, the report said. US President
Joe Biden said on Wednesday that he is
concerned about a major cut to oil production
from OPEC+. "I need to see what the detail is.
I am concerned, it is unnecessary," he said. The
production cuts will start in November, and the
Organization of Petroleum Exporting Countries
(OPEC) and its allies will meet again in
December.
news/oil-and-gas/opec-announces-biggest-cut-
in-oil-production-since-covid-19-
pandemic/94669520
BPCL, FuelEnt start-ups collaborates to
launch DDD diesel delivery bowsers in
Chennai
BPCL collaborates with five Fuel Entrepreneurs
(FuelEnt) start-ups to launch Door-to-Door (DDD)
diesel delivery bowsers in Chennai. P S Ravi,
Executive Director I/C (Retail), and Pushp Nayar,
Head Retail (South), flagged off five bowsers from
our Company Owned Company Operated Fuel
Station BP MM Nagar. Across the country, BPCL
operates 213 such bowsers through Fuel
Entrepreneurs and 670 FuelKarts, which is a BPCL
initiative. FuelEnt is a flagship initiative by the
government of India, intended to build a strong
ecosystem for entrepreneurs looking to drive
sustainable growth in fuel supplies. The existing
Fuel Stations network cannot cater to remotely
TotalEnergies says it could trim its
stake in Adani Green
TotalEnergies said it could sell a small part of its
20 per cent stake in Adani Green Energy Ltd. to
cash in on the jump in the valuation of the
Indian renewable energy producer. The French
energy giant bought 20 per cent of Adani Green
in 2021 for $2 billion, building on a series of
previous deals with Indian billionaire Gautam
Adani. That stake was worth about $10 billion
at the end of August, according to
TotalEnergies. Patrick Pouyanne, the chief
executive officer of TotalEnergies, said in
response to a question during an investor
presentation on Wednesday that the
appreciation in value is “a source of potential
cash.” In an interview in New York, Pouyanne

located industries and other bulk diesel
consumers, that’s where FuelEnts come into play
to bridge the supply and demand gap and tap into
customers which couldn’t be accessed before.
PSU Connect - 07.10.2022
https://www.psuconnect.in/news/bpcl-
collaborates-with-fuelent-start-ups/34622
said his company has no plan right now to cut
its holding, and if it did so, any reduction would
be small and only to recoup some of its initial
investment. “We are committed to Adani
Green,” he said in the interview.
news/renewable/totalenergies-says-it-could-
trim-its-stake-in-adani-green/94529575
Tour operators body seeks PM help to
restore e-Visas to push tourist arrivals
The Indian Association of Tour Operators (IATO)
said on Friday it has written to Prime Minister
Narendra Modi, seeking his intervention for
immediate restoration of e-visas for the UK,
Canada and other countries from where the
highest number of tourists visit India. At stake is
the immediate tourist season, and if the
government does not act quickly, the period will
be a washout, said the IATO, which represents
over 1,700 inbound tour operators. The
association said while the Covid pandemic broke
the back of the entire hospitality sector, the worst
hit has been the inbound tourism industry as
foreign tourist arrivals have reduced to a trickle.
IATO said it has made numerous representations
and sent letters to the ministries of tourism, home
affairs and external affairs, re-questing them for
restoration of visas for the UK, Canada and other
key source markets. “Having failed to evoke any
response from these ministries, we have written
to the prime minister, hoping for a quick
resolution,” said IATO president Rajiv Mehra.
India’s steel output up 2.5% at 30 MT
in Q2
India's crude steel output rose by 2.56 per cent
to 30.06 million tonnes (MT) during Q2 FY23. As
per research firm, SteelMint, the top six steel
makers -- SAIL, Tata Steel, JSW Steel, JSPL,
AMNS India, and RINL -- produced 18.29 MT
steel, the rest 11.77 MT came in from the
secondary sector. The country had produced
29.31 MT of steel during Q2 FY22, according to
the data shared by SteelMint. During the said
quarter last fiscal, large producers had jointly
manufactured 18.39 MT of steel, while the
secondary industry produced 10.92 MT, it said.
During Q2 FY23, steel exports fell to 1.41 MT
from 4.20 MT in the year ago period, registering
a year-on-year (y-o-y) fall of 66.43 per cent.
The domestic consumption was 11.33 per cent
higher at 27.52 MT, as against 24.72 MT in July-
September 2021. On May 21, the Government
hiked the duty on exports of iron ore by up to
50 per cent and for a few steel intermediaries
to 15 per cent.
The Hindu Business Line - 10.10.2022
https://www.thehindubusinessline.com/econo
my/indias-steel-output-up-25-at-30-mt-in-
q2/article65987816.ece
Sandeep Kumar Gupta assumes charge
as Chairman & Managing Director, GAIL
Sandeep Kumar Gupta assumed charge as
Chairman and Managing Director, GAIL (India)
Limited today. After joining the position of C&MD
GAIL, he addressed the employees of the
Company and recognized the balanced business
portfolio of the company built over time and
overall contribution to development of natural gas
sector in the country, the contributions of his
predecessors and support of stakeholders
including Ministry of Petroleum & Natural Gas and
employees, which have played a key role in the
growth witnessed by GAIL over the years. He
mentioned that the Company is aligned with
Government’s vision of having a gas-based
economy wherein the share of natural gas in the
energy mix is to be taken to 15% by year 2030.
Sarkaritel.com - 07.10.2022
Indian Oil Corporation appoints Sanjay
Kaushal as CFO
The state-run fuel retailer Indian Oil
Corporation Limited has appointed Sanjay
Kaushal as the new Chief Financial Officer (CFO)
of the Company, effective October 3. Kaushal
has been assigned the charge of the CFO role
after Sandeep Kumar Gupta, Director Finance at
Indian oil, took charge as Chairman & Managing
Director (CMD) at GAIL Limited. "It is hereby
informed that Shri Sandeep Kumar Gupta,
Director (Finance) (DIN-07570165) has ceased
to be Director (Finance) of the Company w.e.f.
3 October 2022 (Afternoon) consequent upon
his appointment as Chairman & Managing
Director (CMD) on the Board of GAIL (India)
Limited", Indian oil informed exchanges in a
regulatory filing.

https://www.sarkaritel.com/sandeep-kumar-
gupta-assumes-charge-as-chairman-managing-
director-gail/
https://cfo.economictimes.indiatimes.com/new
s/indian-oil-corporation-appoints-sanjay-
kaushal-as-cfo/94677034

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