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WEEKLY MEDIA UPDATE 25 June, 2012 Monday Issue 43 WEEKLY MEDIA UPDATE 25 June, 2012 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.) Govt to consult SEBI on investment of Disinvestment: 15 PSUs set for stake PSU surplus funds sale The government will soon consult the Securities The government is considering stake sale in as and Exchange Board of India (SEBI) to chalk out a many as 15 state-owned companies including road map for investment of surplus funds bluechips like BHEL, SAIL and Oil India in the available with cash-rich central public sector current fiscal with a view to garnering an enterprises (CPSEs). estimated Rs 20,000 crore. “Public Sector Units (PSUs) need to make gainful Apart from the major companies already on the investment, particularly in government projects, government radar, the department of as the country is facing high fiscal deficit. Also, disinvestment is also mulling 10 per cent stake the government is relying on surplus-cash sale in Engineers India, which could yield the available with PSUs to stimulate the economic exchequer about Rs 790 crore, Finance Ministry activity,” sources told PTI. sources said. In addition, the government is also planning 12.5 per cent stake sale of A committee of the Department of Public Rashtriya Chemicals Limited (RCF) which would Enterprises (DPE), headed by Department of help the exchequer garner Rs 380 crore. The Economic Affairs Additional Secretary Mr disinvestment of Andrew Yule, too, is on the Shaktikanta Das, has been constituted to review card and may yield an estimated Rs 65 crore, the guidelines on investment of excess cash sources said. available with state-owned units. According to the broad roadmap prepared by The panel is in the process of forming a consensus the Finance Ministry, 10 per cent stake sale is in this regard and we will soon consult SEBI as being considered in companies like NALCO, well, sources said. NHPC, NMDC, MOIL and Hindustan Aeronautics (HAL). The Hindu Business Line - 24.06.2012 The Financial Express - 18.06.2012 http://www.thehindubusinessline.com/markets/art http://www.financialexpress.com/news/disinve icle3565670.ece stment-15-psus-set-for-stake-sale/963440/ Govt to take steps to check rupee fall: Oil companies hike lubricant prices Pranab State-owned oil marketing companies have The government will take measures to check the hiked the prices of lubricants by as much as fall in rupee, the Finance Minister Mr Pranab Rs.15-18 a litre across all grades. Mukherjee today said. The move by the three companies earlier this “Yes, of course,” Mr Mukherjee told reporters month, which, between them, command close when asked if he was concerned about the rupee to 60 per cent of the Rs.15,000-crore lubricant depreciation. market, is attributed to rise in the price of base oil, the main raw material. “We will take some corrective steps,” he said outside his residence here in south Kolkata prior “Lubricant prices in one or other way are linked to his departure for Delhi. to international oil prices,” an official of Indian Oil Corporation (IOC) said, adding that On his yesterday’s comment on measures to weakening of the rupee against the dollar was improve the depressed market condition, he said, another reason. Additives, another key input, “I have spoken to the RBI Governor and the were proprietary products of a few companies Finance Secretary. Certain corrective measures globally, he explained. should be taken and the RBI is looking into it.” The prices (per litre across grades) of IOC Yesterday at New Delhi, Mr Mukherjee said, “The lubricants have gone up by Rs.18. While steps we have taken...And we will be able to take Hindustan Petroleum Corporation Ltd (HPCL) certain measures to be announced on Monday increased the prices by Rs.17, Bharat which will improve market condition.” Mr Petroleum Corporation Ltd (BPCL) hiked the Mukherjee had also expressed concern over prices by Rs.15, officials and distributors said. inflationary pressures. The Hindu - 20.06.2012 The Hindu Business Line - 24.06.2012 http://www.thehindu.com/business/Industry/ar http://www.thehindubusinessline.com/markets/for ticle3551215.ece ex/article3565818.ece RBI retains rates, US agency ranks India Fitch downgrades credit outlook of outlook negative NTPC, SAIL, 5 other PSUs The Reserve Bank of India kept its lending rates Global agency Fitch today lowered the rating unchanged on Monday, fearing a rate cut could outlook of public sector companies including knock up inflation. But a few hours later, US credit NTPC, SAIL and IOC to negative but said the rating agency Fitch Ratings came out with a downgrade of India's credit outlook to negative negative rating for India. The negative rating would not impact the rating of Reliance means a warning that growth could deteriorate if Industries. immediate measures weren’t initiated. And when the growth rate falls, it is usually expected that The global agency's downgrade of seven state- the central bank cut interest rates to boost run companies follows the lowering of India's demand and spending. credit outlook to negative from stable. The Hindustan Times - 18.06.2012 Economic Times - 18.06.2012 http://www.hindustantimes.com/business- http://articles.economictimes.indiatimes.com/2 news/WorldEconomy/RBI-retains-rates-US- 012-06-18/news/32299461_1_fitch-ratings- agency-ranks-India-outlook-negative/Article1- credit-outlook-rating-outlook 874187.aspx Peak domestic airfares set to fall as Government plans to set up two major DGCA cracks the whip ports in Andhra Pradesh and West Bengal The skyrocketing fares in the domestic skies are set to ease soon. At a recent meeting with the civil Anticipating higher demand for energy leading aviation regulator, airlines assured the Director- to increased import of coal and oil and General of Civil Aviation that domestic airfares at container volumes in the years to come, the highest level will fall 5-20 per cent across the Government proposes to set up two new major network in the next few days. ports, one each in Andhra Pradesh and West Bengal, Shipping Minister G K Vasan said “When a request is made in public interest by the today. DGCA, almost all airlines follow it. There will be a reduction in fares in the next few days. Watch the "During this financial year, the Ministry of airline Websites and the lower fares will be Shipping will initiate the process to get Union visible,” the D-G, Mr Bharat Bhushan, told Cabinet approval for establishing the two Business Line. ports," Vasan said, inaugurating the National Conclave on Shipping, organised by the At the meeting it was pointed out that although Federation of Indian Export Organisations price of aviation turbine fuel had gone up by about (FIEO). A target has been set for award of 16 per cent in June as compared to the same year projects for creation of 244 million tonnes of previously, the average increase in airfares had capacity spread across 42 projects at an been “phenomenal”. estimated cost of Rs 14,500 crore in 2012-13, The Hindustan Times - 18.06.2012 he said. http://www.thehindubusinessline.com/industry- The Economic Times - 18.06.2012 and- http://economictimes.indiatimes.com/news/eco economy/logistics/article3543772.ece?homepage= nomy/infrastructure/government-plans-to-set- true&ref=wl_home up-two-major-ports-in-andhra-pradesh-and- west-bengal/articleshow/14237140.cms Foreign cargo ships to be allowed on Concor plans nine logistics parks in local routes Odisha India is set to ease a key law by permitting Container Corporation of India (Concor), a foreign registered container ships to carry cargo blue-chip, mini-ratna Central PSU has unveiled between the country’s ports, as long as it is its big plans for Odisha. The logistics solutions shipped out or in through the international provider is keen on setting up multi-modal container trans-shipment terminal or ICTT at logistics parks in nine key industrial hubs of the Vallarpadam in Cochin port, marking a significant state. The new logistics parks are set to come change in the current policy. up at Jharsuguda, Angul, Paradeep, Dhamara, Kalinganagar, Gopalpur, Rayagada, Balasore India’s coastal trade (shipping cargo between and Rourkela. different local ports) is reserved for ships registered in India and foreign ships can be hired "Each of these logistics parks would need 30 only when Indian ships are not available, acres of land and the investment in the range according to the so-called cabotage law. of Rs 50-100 crore. Each park would generate indirect employment for around 3,000 people. A foreign shipping line currently cannot carry a The establishment of logistics parks would give container either to or from the Vallarpadam ICTT a big boost to the state's industrial to any other port in the country, hampering its competitiveness,” a top government official operations following the February 2011 start. told Business Standard. Mint - 21.06.2012 Business Standard - 25.06.2012 http://www.livemint.com/2012/06/21213919/Fore http://www.business- ign-cargo-ships-to-be-allo.html standard.com/india/news/concor-plans-nine- logistics-parks-in-odisha/478347/ Sebi notifies new shareholding, ONGC pips SBI to top payer slot governance norms for bourses Oil explorer ONGC has emerged as the No 1 Market regulator Sebi today notified new norms advance taxpayer for the June 15 instalment for ownership and governance of stock exchanges this year, dislodging banking behemoth State and other market infrastructure institutions -- a Bank of India.
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