Archive for January 8th, 2010

India’s Merchandise Exports Rise After 13 Months of Sliding

India’s Merchandise Exports Rise After 13 Months of Sliding

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The economy really got a cheerful start to the New Year.

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After 13 consecutive months of sliding, India’s merchandise exports — which contribute a fifth to GDP — rose 18.2% in November to $13.2 billion.

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Imports remained in the negative zone declining by 2.6% to $22.88 billion.

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This has led to a lower trade gap of $9.69 billion during the month under review against $12.32 billion in the same period a year ago.

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🙂

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For April-November, exports were lower by 22.3% at $104.2 billion from a year-ago period, much lower than the 26% gap seen up to October.

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But as an indicator to a pickup in the econmic activity, contraction in imports during November was much lower than 15% seen in October.

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🙂

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But industry and analysts alike cautioned against taking the year-on-year growth in exports as a sign of firm revival.

That is because part of the growth is due to the lower base of exports last year during this period.

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Notwithstanding the lower base, it is also a fact that there has been a revival in global demand too.

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Market analysts feel that 2010 could belong to exporters provided government continue with the stimulus, particularly interest subsidy.

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Exporters however feels that it would be difficult to sustain double-digit growth as the November rise is partly due to pre-Christmas orders from abroad.

So despite the positive growth, the country’s overseas shipments in the current fiscal will be much lower than the $185 billion notched last year.

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🙂

Indian Stock Traders To Contend With Fewer Holidays in 2010 !

Indian Stock Traders To Contend With Fewer Holidays in 2010

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Indian brokerages and traders would have to contend with fewer trading holidays in 2010, going by the list of weekdays on which the markets will remain closed in 2010.

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Moreover, they would have to put in longer hours this year owing to the decision of stock exchanges to increase the trading hours.

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In comparison to 2009, when there were 19 holidays throughout the year, the projected number of public holidays in 2010 has dropped to just 11, including the first day of the year.

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As per the official of Bombay Stock Exchange (BSE), this is certainly not by design.

Eight holidays this year — including Dussehra, Guru Nanak’s birthday, Christmas, Independence Day — fall either on a Saturday or Sunday,” he said.

“It’s only that we have mentioned them on our holiday list.”

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According to SMC Capital’s Jagannadham Thunuguntla, the Securities and Exchange Board of India was already contemplating a cut in the number of holidays to align the Indian markets with other peers, where trading holidays are restricted to six-seven a year.

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“This year, coincidentally, this has fallen in place. Many festivals and events are on weekends. That’s why, if you notice, today has been declared a holiday as a consolation to us,” Thunuguntla told.

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The authorities at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have not only increased the trading hours by 55 minutes but have also decided not to advance the opening bell this year .

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From Jan 4 onwards, trading will commence at 9 a.m., while the closing bell will ring at 3.30 p.m. in a move intended to woo foreign funds from other major Asian markets like Singapore and Hong Kong.

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Rice Procurement Tops 16 Million Tonne

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Rice Procurement Tops 16 Million Tonne

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Rice Procurement Tops 16 Million Tonne :

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Rice procurement by Food Corporation of India (FCI) and state agencies for 2009-10 crop marketing year has surpassed 16 million tonne and was estimated at 16.3 million tonne as on Tuesday.

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This year, as usual Punjab and Haryana have contributed bulk of the total procurement with around 9.25 million tonne and 1.80 million tonne to the central pool.

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The procurement in other key rice growing states such as Chhattisgarh (1.43 million tonne), Andhra Pradesh (1.10 million tonne) and Uttar Pradesh (1.53 million tonne) have also picked up pace in the last few weeks.

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🙂

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In Other major Commodities Updates, we have news about coffee exports globally dipping 7.8% and the retail prices of Jaggery getting costlier.

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Global coffee exports dip 7.8% in Oct-Nov:

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Coffee exports globally have fallen 7.8 per cent to 13.4 million bags (1 bag= 60 kg) in the first two months of the 2009-10 crop year.

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In India, exports have risen over 20 per cent to 516,000 bags in the same period, the International Coffee Organisation (ICO) has said.

The coffee year runs from October to September.

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Global coffee export figures remained bleak due to a sharp fall in shipments from Brazil, the world’s largest coffee producer.

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During the October-November period, overseas sale of coffee bean from Brazil dipped 11.11 per cent to 5.34 million bags from 6.01 million bags in the corresponding period last year.

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🙂

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Jaggery to get costlier on festive demand:

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Retail prices of jaggery, one of the key ingredients used by south Indians in their Pongal/Sankranthi celebrations is set to become costlier and are likely to touch Rs 40-44 per kg as against Rs 37-38 per kg at present.

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Jaggery prices in the key southern states of Andhra Pradesh and Karnataka have already gone up between 4% and 12% during the last one month.

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🙂

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