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WEEKLY MEDIA UPDATE 23 June, 2014 Monday Issue 144 WEEKLY MEDIA UPDATE 23 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.) Balmer Lawrie in News Mr. Viren Sinha, C&MD was interviewed by the News Channel ET NOW for the segment ‘PSU Corner’ on their show ‘Hot Stocks’. The interview was aired on 5th June, 2014 at around 10:40 am. Below is the link to the recorded interview: http://www.youtube.com/watch?v=Mn3QnfrGuoU&feature=em-upload_owner Buy tickets from airlines, authorized agents for LTC Employees should buy air tickets directly from airlines or through authorised travel agents for claiming Leave Travel Concession (LTC), the government said today. The employees can book tickets by utilizing the services of authorised travel agents-- M/s Balmer Lawrie & Company, M/s Ashok Travels & Tours, and IRCTC, it said. The directive came after it came to the notice of the government that in a number of cases these instructions were not being followed by the employees. CBI is probing fake travel bills scam (LTC scam) allegedly involving certain government employees and present and former Members of Parliament. "The most common reasons given by the employees are unawareness of the rules and non-availability of authorized travel agents viz M/s Ashok Travels, M/S Balmer Lawrie & Company at places where the tickets have been booked from. "Even in such cases, the option of booking directly from the airlines through their website is available. In no case is the booking of tickets through any other agency is permissible," the Department of Personnel and Training (DoPT) said in an office memorandum. All the ministries or departments of the government are advised to ensure that their employees are made aware of these guidelines to avoid breach of any of the LTC rules, it said Business Standard - 19.06.2014 http://www.business-standard.com/article/pti-stories/buy-tickets-from-airlines-authorized-agents-for- ltc-govt-to-114061901032_1.html Government clears investment hurdles, Sebi unveils slew of reforms; PSUs to gives go ahead to seven projects worth have 25% public holding Rs 21,000 crore Capital markets regulator Sebi today cleared a The Narendra Modi government has cleared seven slew of reforms including a proposal to hike big-ticket investment projects worth Rs 21,000 public holding in all PSUs to a minimum 25 per crore, some of whom have been held up for cent besides new norms for research analysts decades, because of hurdles ranging from and ESOPs given by listed firms. Besides, Offer environmental issues to financing problems. The for Sale mechanism will be revamped to allow oldest among them, which has been on the non-promoters to use this route for selling drawing board for over 30 years, is a 235 shares and a provision of 10 per cent kilometre railway line that is critical to tap reservation will be provided to retail investors. Chhattisgarh's second largest iron ore reserves The decisions were taken at a board meeting of and ensure the survival of the Bhilai Steel Plant Sebi here and included many reform measures whose current iron ore sources are expected to to boost primary markets. The Sebi board has run out in a few years. The Steel Authority of made it mandatory for all listed PSUs to have India (SAIL), which is partly funding the rail at least 25 per cent public shareholding within project along with NMDC, had first proposed three years. The move is expected to help the tapping the iron ore riches in Chhattisgarh's government raise close to Rs 60,000 crore Rowghat area in 1983. through sale of excess shares in 38 state-run Economic Times - 20.06.2014 firms. http://articles.economictimes.indiatimes.com/201 The Economic Times - 19.06.2014 4-06-20/news/50739067_1_iron-ore-rowghat- http://economictimes.indiatimes.com/markets/ area-sikkim regulation/sebi-unveils-slew-of-reforms-psus- to-have-25-public- holding/articleshow/36814902.cms Public sector companies lead the way on Finance Ministry looks to divest stakes earnings upgrades in 7 PSUs including Coal India, Sail, MMTC Public sector companies have driven the earnings charge in May 2014 after a dismal run for some The finance ministry is working on a road map time, with state-owned financial and energy to divest stake in seven big state-run companies boosting earnings growth for FY15. companies, which include Coal India, Sail, After being downgraded in the second half of the MMTC, NMDC, NHPC and Nalco. The last fiscal year, prominent PSU stocks such as government holds 80% or more stakes in these Bharat Petroleum Corporation, Canara Bank, Gas companies. "We will draw a road map and Authority of India, Steel Authority of India (SAIL), accordingly start consultations with the Power Finance Corporation (PFC) and State Bank respective administrative ministries," said a of India (SBI) have all registered an earnings senior finance ministry official. The Securities & upgrade of around 2-8 per cent during the last Exchange Board of India (Sebi) has proposed month. Backed by strong performance by PSU to bring public float in state-run firms at 75%, companies in May, the overall earnings growth for equal to that of private companies. The finance FY15 has clocked its first positive projection since ministry is of the view that Sebi will give at it was introduced in June last year. CLSA, in its least two to three years to meet the norms and recent note, highlighted that the PSU firms are it can accordingly work out a road map so that leading the upgrades. there is no glut of PSU stocks in the market. Economic Times - 23.06.2014 The Economic Times - 19.06.2014 http://economictimes.indiatimes.com/news/news- http://economictimes.indiatimes.com/news/eco by-company/earnings/earnings-analysis/public- nomy/finance/finance-ministry-looks-to-divest- sector-companies-lead-the-way-on-earnings- stakes-in-7-psus-including-coal-india-sail- upgrades/articleshow/36172792.cms mmtc/articleshow/36780492.cms Disinvest and transform India New shareholding norm: Govt in a PSU selloff can become a catalyst for reviving bind on diluting stake worth Rs 61,000 growth and creating wealth cr About 35 PSUs (25 CPSEs, nine public sector Public sector undertakings were established in the banks and one State-level public enterprise) 1950s to generate employment, create self- would need to dilute stake worth around Rs reliance and augment non-tax revenues. The 61,282 crore, according to a study by Prime financial investment in the initial five central PSUs Database, a firm tracking primary market data. was about R290 million. Today, there are nearly SEBI on Thursday said all listed PSUs will have 260 central PSUs, with an investment of R 7,292.3 to maintain 25 per cent minimum public billion (as on March 31, 2012), in addition to state shareholding as against 10 per cent currently. enterprises, banks and insurance companies. This will bring public shareholding in PSUs at The Financial Express - 18.06.2014 par with private sector companies. http://www.financialexpress.com/news/disinvest- The Hindu Business Line - 20.06.2014 and-transform-india/1261817 http://www.thehindubusinessline.com/markets /stock-markets/new-shareholding-norm-govt- in-a-bind-on-diluting-stake-worth-61000- cr/article6134120.ece Relief from binding provisions Column: Budget must revive investment As the chorus grows louder for a comprehensive review of the Companies Act 2013, the Expectations are riding high for the new department of public enterprises (DPE) has government’s maiden budget, given the myriad submitted its wish list of exemptions to the problems currently facing the economy. ministry of corporate affairs (MCA). A committee However, one needs to recognise that the headed by Deepti Gaur Mukherjee, joint secretary finance minister will need to play a balancing in the DPE, has finalised the set of desired act. While sluggish growth would normally call exemptions after wider consultations with the for some stimulus measures, a bigger threat is central public sector enterprises (CPSEs). The the ballooning fiscal deficit. Disappointing exercise was undertaken on the assessment that revenue collection along with rising expenses CPSEs might need new exemptions under the on subsidies had forced the last government to changed business environment while existing ones cut critical capital expenditure in order to keep could have become irrelevant. “We have the deficit under control. But these are likely to submitted the list of recommendations on the have further reinforced the slowdown, required exemptions to the MCA, which will take a particularly on the investment side. The need final call”, Mukherjee told FE. CPSEs enjoyed 62 of the hour is therefore to implement structural exemptions under the erstwhile Companies Act of reforms that will rejuvenate industrial growth 1956. without impacting the fiscal arithmetic. The Financial Express - 18.06.2014 The Financial Express - 19.06.2014 http://www.financialexpress.com/news/relief- http://www.financialexpress.com/news/column from-binding-provisions/1261815 -budget-must-revive- investment/1262132?rhheader Government to modify social welfare Govt tells oil cos to map out import spending norms of PSUs contingency plans Public sector companies will soon have to follow The Indian government has asked energy the social welfare spending norms as prescribed companies to prepare contingency plans for oil under the new companies law that will replace imports as the crisis in Iraq could put the existing guidelines in this regard. At present, country in a spot, while rising prices threaten Corporate Social Responsibility (CSR) spending by to raise subsidies, stoke inflation and upset central public sector undertakings is based on fiscal calculations.
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