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WEEKLY MEDIA UPDATE 09 June, 2014 Monday Issue 142 WEEKLY MEDIA UPDATE 09 June, 2014 Monday (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 e-mailed on every Monday.) Six-point reform agenda for governance Appraisal system for Modi mantris? There are six key issues facing the public sector The work of ministers in the Narendra Modi enterprises (PSEs) that require immediate reform, government will be annually appraised in a and incidentally, all are linked to governance. 'corporate style' evaluation, according to media These are (i) ownership policy; (ii) autonomy of reports. TOI could not independently verify the board; (iii) succession planning; (iv) capacity reports. Former PM Manmohan Singh had building; (v) minimizing/relinquishing control of started Results Framework Document (RFD) for the administrative ministries; and (vi) community all ministries in UPA-2. relations. The micro issues are project clearances, environment and forest clearances, size of the However, the exercise took place only once and board, risk management and the overall decision- was junked after fierce resistance from some making process, which are again linked to senior Congress ministers. However, the governance. mechanism has now apparently been revived after PM Modi was briefed about it and liked the In the more than six decades of its existence, concept. It is understood that performance public sectors in India have witnessed two distinct targets will be set for ministries, based on phases: (i) Pre-; and (ii) Post-1991. The inputs received from respective departments. “commanding heights” in pre-1991 became An RFD is basically a record of understanding “demanding height”, and “temples of India” between a minister and the secretary of a became ‘Samples of India.' In the post-1991 department. It includes not only agreed period, PSEs proved their mettle by increasing objectives and projects but also success their profitability by over 50 times and turnover indicators and targets. by more than 16 times. Times of India - 03.06.2014 The Financial Express - 04.06.2014 http://timesofindia.indiatimes.com/india/Apprai http://www.financialexpress.com/news/sixpoint- sal-system-for-Modi- reform-agenda-for-governance/1256985 mantris/articleshow/35977746.cms Narendra Modi seeks to give govt PSUs may have to hike public float to secretaries greater role in policy issues 25%: Sinha In a first, Prime Minister Narendra Modi on Public shareholding norms for public sector Wednesday met secretaries of all the government companies would be brought on a par with departments collectively and asked them to their private sector peers, said Sebi chairman directly get in touch with him to resolve policy UK Sinha, which would unlock sizeable funds issues and expedite decision-making. Modi held a for the government with estimates suggesting three-hour-long marathon meeting here with them the cache could be in the order of Rs 50,000 with intent of giving the bureaucracy a greater crore. “We are talking to the government that role in decision-making with thrust on the minimum public shareholding guidelines transparency and speedy and effective should not depend on who the owner is,” said governance. To ensure that implementation of Sinha on the sidelines of a capital market decisions and programmes are not stuck in “red- summit organised by industry chamber CII in tape”, he asked secretaries to call him or e-mail Mumbai. Under current rules, while the private him directly for suggestions or intervention sector companies have to maintain minimum required in resolving issues or expending public shareholding of 25 per cent, government decisions, sources said. owned companies are required to have only 10 Live Mint - 04.06.2014 per cent public shareholding. http://www.livemint.com/Politics/17P14qxBjGUk3 The Indian Express - 05.06.2014 eWN4J1i9J/Narendra-Modi-meets-government- http://indianexpress.com/article/business/com secretaries-to-outline-his-po.html panies/psus-may-have-to-hike-public-float-to- 25-sinha/ Public sector companies lead the way on Dalal Street expects PSU, power earnings upgrades companies to rally on government steps Public sector companies have driven the earnings charge in May 2014 after a dismal run for some Dalal Street investors are pinning their hopes time, with state-owned financial and energy on a strong revival in non-banking PSU companies boosting earnings growth for FY15. companies as they believe that the new After being downgraded in the second half of the government will take bold decisions — and at a last fiscal year, prominent PSU stocks such as greater pace — that will help these companies Bharat Petroleum Corporation (BPCL), Canara become more competitive. A section of the Bank, Gas Authority of India (GAIL), Steel market is also expecting that after these Authority of India (SAIL), Power Finance companies are put on a strong pedestal, the Corporation (PFC) and State Bank of India (SBI) government is most likely to start their have all registered an earnings upgrade of around divestment process. 2-8 per cent during the last month. Along with PSUs, power companies too are Backed by strong performance by PSU companies attracting strong investor interest as they in May, the overall earnings growth for FY15 has believe that the new government will address clocked its first positive projection since it was the issue of fuel — coal and gas — for the introduced in June last year. CLSA, in its recent power generators and also the environmental note, highlighted that the PSU firms are leading issues weighing on hydro-power producers. the upgrades. "After the consistent trend of Already there are strong signs of investor earnings downgrades, May saw consensus preference for these companies. Consider this: upgrading estimates for domestic plays for FY15 Companies like HPCL and BPCL, which have by a small 0.3 per cent and for FY16 by 1.3 per been burdened for long to share heavy cent. PSU financials have witnessed the highest subsidies on behalf of the government, have upgrades for FY15 and FY16 of 4 per cent and 9 given returns of 88% and 77% respectively per cent, respectively, over the last three months. this year. The Economic Times - 07.06.2014 The Times of India - 06.06.2014 http://economictimes.indiatimes.com/news/news- http://timesofindia.indiatimes.com/Business/In by-company/earnings/earnings-analysis/public- dia-Business/Dalal-Street-expects-PSU-power- sector-companies-lead-the-way-on-earnings- companies-to-rally-on-government- upgrades/articleshow/36172792.cms steps/articleshow/36120576.cms Sebi seeks parity for pension funds; SEBI Proposal Can Help Govt Get 50k- wants PSU cash in MFs Cr Via PSU Stake Sale To help channelise more funds for long-term The government can rake in more than 50,000 investment purposes, capital market regulator crore through stake sales in about 30 PSUs, if a Sebi has suggested to the government that it new SEBI proposal requiring minimum 25 allow all PSUs to park their surplus cash in mutual percent public holding in all listed firms passes funds, and has sought a uniform tax treatment for muster with the Finance Ministry. While private all pension funds. Besides making available large sector listed companies are already required to amounts of funds for long-term investments and maintain minimum 25 percent public helping revive the economy, the proposals are shareholding, this limit for state-run listed also aimed at bringing down the Indian markets' entities currently stands at 10 percent. over-reliance on foreign money. Capital markets regulator SEBI has now According to senior officials, the proposals are proposed that the 25 percent limit be applied being actively considered by the government and to the listed PSUs as well and has written to a final decision can be announced in the Union Finance Ministry regarding the same. As per an Budget next month. It has been suggested that analysis of stakes held by the government in there is a need for uniform tax treatment of listed PSUs, there are close to 30 such retirement related investments irrespective of the companies where the public holding in less investment routes - pension products launched by than 25 percent and SEBI has proposed that mutual funds or the retirement funds managed by the government pares its stake in these the government's EPFO (Employees' Provident companies to 75 percent or below over the Fund Office). next three years. The Financial Express - 08.06.2014 Silicon India - 02.06.2014 http://www.financialexpress.com/news/sebi- http://www.siliconindia.com/finance/news/SEB seeks-parity-for-pension-funds-wants-psu-cash- I-Proposal-Can-Help-Govt-Get-Rs50kCr-Via- in-mfs/1258391 PSU-Stake-Sale-nid-167249.html India ranks 10th among global business India ahead on real-time plane travel markets in 2013: GBTA tracking India has worked its way up the rankings of major While the International Air Travel Association global business travel markets from number 24 in (IATA), a global air travel community, works on 2000 to number ten in the world in 2013, recommendation to better track aircraft, India according the first GBTA BTI Outlook – India already has systems in place that keep a close report. The GBTA Foundation, the education and watch on its carriers. IATA and the research arm of Global Business Travel Association International Civil Aviation Organisation are (GBTA), has come up with Indian business travel conducting a survey of vendors to identify estimations for the next year in the report. GBTA tracking options which can be developed expects India will continue to move up the through an assessment of available products rankings and should pass Italy to become the and services used for tracking commercial ninth largest market in the next five years, as per aircraft against specific criteria, including a release.
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