Archive for the ‘Exports’ Category

Soybean Plantation Area Declines by 3.76% in 2010 Kharif Season

Soybean plantation during the 2010 kharif season in the country has declined by 3.76% to 93.075 lakh hectares from 96.709 lakh hectares in kharif 2009. Meanwhile, Madhya Pradesh, the largest soybean producing state of India, has reported a growth of 4.17% in area under soybean sowing to 55.193 lakh hectares from 52.985 lakh hectares for the year ago period.

.

During kharif 2010, there was about 9.2%, 7.15%, 6.9%, 2.5% and 2.3% increase in area under soybean plantation in Jabalpur, Gwalior, Bhopal, Indore, Sagar divisions of Madhya Pradesh, respectively as compared to kharif 2009, as per the data released by the Soybean Processors Association of India.

.

One of the major reasons behind year-on-year decline in total area under soybean sowing during kharif 2010 was almost 16% drop in plantation of the oilseed in the state of Maharashtra. The state that stands second in soybean production in the country, bought only 25.529 lakh hectares of land under soybean plantation this year as compared to 30.320 lakh hectares in kharif 2009.

.

Drop in plantation in the state can be attributed to late onset of monsoon. In Vidharbh region major parts of sowing area reduced due to effect of monsoon and good minimum support price (MSP) price of pulse crop.

.

OUR Websites:  http://www.smcindiaonline.com,http://www.smccapitals.com,
http://www.smctradeonline.comhttp://www.smcwealth.com

.

Share/Bookmark

NEWS ROUND UP

Economy

.


·IIP for the month of January grew 16.7% on year. The mining sector grew 14.6% in the month while the manufacturing sector grew 17.9%. The electricity sector witnessed a growth of 5.6% in the month.

.

India’s annual food price index increased 17.81% as on week ended February 27, slower than the 17.87% growth recorded last week. A year ago, food prices were up 7.54%.

.

Healthcare

.

·Fortis Healthcare announced the largest overseas acquisition by an Indian company in the healthcare space, buying the entire 23.9 per cent stake held by TPG Capital in Singapore’s Parkway Holding Ltd for $686 million (Rs 3,119 crore).

.

Capital Goods

.

·ABB Ltd. has bagged orders worth $22 million (nearly Rs 100 crore) from Haryana Vidyut Prasaran Nigam for the supply of four sub-stations. The company would deliver four sub-stations equipped with automation, protection and control systems to HVPNL.

.

·Areva T&D India has bagged a contract worth Rs 400 crore from Uttar Pradesh(UP) Power Transmission Corporation for building a substation. The company’s transmission and distribution division will build a 765 KV extra high voltage substation at Anpara thermal plant in UP.

.

·Thermax announced a JV with US-based Babcock & Wilcox Power Generation Group to manufacture super-critical boilers in the country. The total investment in the JV is estimated at Rs 700 crore.

.

·McNally Bharat Engineering Company has bagged an order worth Rs 245.42 crore from Steel Authority of India Ltd for infrastructure related works at Rourkela steel plant. The contract is for inter-plant transportation facilities at Rourkela steel plant.

.

Mining & Minerals

.

·State-owned miner NMDC is planning to invest around Rs 2,400 crore to lay a pipeline between its Chhattisgarh plant and Visakhapatnam in Andhra Pradesh.

.

Realty & Construction

.

·Gammon India has bagged an order worth Rs Rs 631.81 crore from Delhi Tourism and Transportation Development Corporation for construction of bridge. The company has received the project for construction of bridge and its approaches over river Yamuna, Delhi.

.

·Hindustan Construction Company (HCC) has plans to invest around Rs 50,000 crore in its township project in Lavasa, near here, over the next 10-12 years ·Hindustan Construction Company (HCC) along with its joint venture partner has bagged a contract worth Rs 197 crore from North Frontier Railway for
development of a tunnel in Imphal.The company has bagged the project along with its JV partner Coastal Projects Ltd for developing a railway tunnel between Jiribam and Tupur in Imphal.

.

·Nagarjuna Construction Company secured new contracts aggregating to Rs 1,221 crore. The first order is of two contracts valued at Rs 647 crore from Hyderabad Growth Corridor. In addition, it has secured three contracts worth Rs 358 crore from Maharashtra State Electricity Distribution.

·Construction firm Ahluwalia Contracts India is in acquisition talks for specialised construction firms, with a war-chest of up to Rs 100 crore, and hopes to sew up the deal by June. The New Delhi-based firm sees a 25-30 per cent organic growth for next five years and acquisitions of up to Rs 100 crore could be funded from its internal resources.

.


Banking & Finance

.

·Rural Electrification Corporation Ltd (REC) signed a memorandum of understanding (MoU) with NTPC Tamil Nadu Energy Company Ltd (NTECL), a joint venture company set up by NTPC and the Tamil Nadu Electricity Board (TNEB), to fund a power project in North Chennai. Of the total project cost, 30 per cent is being met by equity and balance through debt.

.

Distilleries

.

·The country’s largest liquor maker United Spirits is undertaking an aggressive promotion campaign for its recently launched energy drink ‘Romanov Red’.

.

The company will invest over Rs 5 crore in the next one year on promotions, as it aims to garner a 15 per cent share in the domestic energy drink market that stands at around 1.5 million cases (of 24 cans) per annum.

.

Stay Tuned for More updates 🙂

Farm Production likely to Go Down

Farm Production likely to Go Down

.

Due to decline in kharif production on account of drought and floods in several parts of India,the output from agriculture sector is expected to decrease by 0.2% in the current fiscal against 1.6% growth in the previous year stated the Central Statistical Organization (CSO).

.

However, late last month, the RBI in its Q3 review of the monetary policy had projected that the agricultural GDP growth in 2009-10 is likely to be near zero.

.

Production of foodgrains and oilseeds is likely to decline by 8% and 5% in the 2009-10 crop year compared with the previous year.

.

The sugarcane output is likely to dip by 11.8% and that could add up to pressure on the sugar prices.

.

Meanwhile, among the horticultural crops, production of fruits and vegetables is expected to increase by 2.5% and 4.8%, respectively, in 2009-10.

.

Rice production is estimated to be 71.65 million tonnes in the 2009-10 kharif season as compared to the actual production of 84.58 million tonnes in the previous season.

.

On the other hand, production of coarse cereals is also likely to fall to 22.76 million tonnes from the actual production of 28.34 million tonnes in the 2008-09 kharif season.

.

🙂

Weekly Update of The Market (08th-12th February)

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and  latest global business and industry updates.

.

Weekly Update of The Market (08th-12th February)

.

After starting the year on a good note & Indices making fresh highs within few weeks many Asian markets have corrected between 7 to 10%.

.

The global sell off over sovereign debt problems in Europe and an unexpected rise in jobless claims in US put investors on the defensive mode.

.

The anxiety about sovereign debt in Greece, Portugal and Spain sparked a sell-off in the Euro & has led strength to US dollar.

.

Foreign investors sell off is an outcome of dollar-carry-trade unwinding as when they borrowed the dollar was cheap & now it is recovering.

.

Investors viewed the markets in year 2010 with confidence in view of recovery gaining momentum is now shaken over the debt problems, nascent economic recovery & confidence of the governments that stand behind the euro.

.

Efforts of China to curb lending preventing overheating in economy also pose a risk to derail the global recovery.

.

Back at home, the effect of turmoil in the international market also made government to think its strategy on ambitious disinvestment programme.

.

🙂

.

Lukewarm response to the NTPC, the much awaited issue managed to get subscription of just 1.2 times on its closing day.

.

The maximum bid of 20.87 crore shares was put by Indian institution under the first time adopted French Auction route.

.

This has challenged the finance Ministry hopes on the proceeds from disinvestments to make up the sliding revenue & rising expenditure.

.

While it looks that PSU disinvestment may not yield desired results on market weakness, the 3G auction i.e. expected to garner Rs. 35,000 crore could be postponed to next fiscal year.

.

🙂

.

The fate of some of the IPO’s like NMDC, Satluj Jal Vidyut Nigam Ltd and Rural Electrification Corporation that are on the disinvestment agenda before March 31, looks tough to sail through, if the stock markets do not rise and big investors do not come back.

.

On the contrary, Banks like Bank of Baroda & Indian Bank that were expected to raise money overseas have put now their plans on hold.

.

🙂

.

The good news from the external sector continued as the data showed a 9.3% annual increase in exports in December to $14.6 billion, a second consecutive month rise.

.

While imports increased by 27.2% from a year earlier to $24.75 billion.

.

Food inflation remained at high levels & rose to 17.56% in the week ended 23 January 2010 from 17.40% in the previous week on the back of rising pulses & potato prices.

.

Markets are likely to take a closer view of the advance estimates on economic growth for the current fiscal ending March 2010 scheduled to be released on Monday.

.

🙂

.

In the days to come an activity in the sectors like railways, fertiliser, textiles, pharma, education, power and infrastructure may be seen on expected positive policy announcements and budgetary sops.

.

It was clearly mentioned last week that world markets are going in downtrend and one should be careful in such a scenario and that one should be moving in cash.

.

Now the markets have taken a very sharp fall last week due to rise in Dollar Index and fall in all asset classes.

.

🙂

.

The coming week might see some counter rally from lower levels.

Nifty faces resistance between 4900-5000 levels and Sensex between 16400-17000 levels.

.

🙂

.

If we talk about commodity markets then one can see that strengthening dollar and lack of firm global cues had pressurized commodities prices to move southward.

.

Investors are selling riskier assets and putting their money in dollar as a safe haven buying.

.

Debt concerns facing Greece, Portugal and Spain coupled with dollar index which is trading above the mark of 80 is most likely to compel commodities to trade lower.

.

French and euro zone GDP, USD advance retail sales, USD U. of Michigan Confidence will give further direction to commodities.

.

Investors should keep an eye on gold – silver ratio.

It was 58:1 few months back, now reached to 67:1 on MCX, heading towards the level of 70:1.

It is demonstrating more selling in silver.

.

🙂

.

Stay Tuned for More on weekly updates.

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Food Inflation Rose for the Second Week on the Trot

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

.

Food Inflation Rises for the Second Week

.

Food inflation rises for the second week

.

Annual food inflation rose for the second week on the trot, affirming RBI’s fears of a spill over into other commodities and services and mounting pressure on the government to take more measures to arrest prices.

.

Annual inflation in food articles rose to 17.56 per cent for the week ended January 23 from 17.4 per cent in the previous week, partly due to a poor harvest after the worst monsoon in nearly three decades, according to data released by the commerce ministry on Thursday.

.

While prices of wheat, pulses and vegetables have increased, cereals and rice have become cheaper.

.

Fuel price inflation, in tandem with global oil prices, increased to 5.88 per cent from 5.7 per cent in the previous week, spurred by a spike in light diesel oil and furnace oil prices.

.

The wider inflation, as measured by the wholesale price index (WPI), has already risen to 7.31 per cent for December, forcing RBI to raise its forecast to 8.5 per cent for the fiscal year-end.

.

🙂

In Other major Commodities Update, there is a news of Centre approving the largest quantity of wheat under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone and India’s corn exports could drop by 60 %in the year.

🙂

.

Nod for salve of 4.4 Lt wheat in North:

.

The Centre has approved the largest quantity of wheat amounting to 4.43 lakh tonne under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone.

.

Sources said, for bulk consumers in South zone around 2,01,000 tonne of wheat has been approved by the government for sale from Food Corporation of India (FCI) godowns till now.

.

While for East zone, largely comprising of states like West Bengal, Orrisa and Bihar, around 63,900 tonne of wheat has been approved.

.

Almost 1,07,000 tonne of wheat has been approved for sale in West zone of the country and 9,500 tonne has been approved for North-Eastern states.

.

Of the 8.4 lakh tonne of wheat, approved in total, almost 77% amounting to around 6.36 lakh tonne has been lifted by bulk consumers till Wednesday.

.

🙂

.

Corn exports likely to decline 60% this year:

.

India’s corn exports could drop by 60 % in the year to September due to a poor domestic crop, quality issues, lower global prices and good crop prospects overseas, traders and industry officials said on Thursday.

.

Likely exports are between 1.0-1.3 million tonne due to late harvests because of the drought and rising domestic demand, Amit Sachdev, India representative of the US Grains Council said.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Weekly Update of The Market (1st – 5th February) Part 1

Hello Friends, here, we bring you the weekly overview of the Indian as well as of the Global economy and along with the latest global business and industry updates.

.

Weekly Update of The Market (1st - 5th February) Part 1

.

A bout of volatility was witnessed in the domestic market throughout the week due to

.

1.  F&O expiry,

2.  unfavorable global cues because of gloomy earnings forecast,

3.  anxiety about China‘s monetary tightening,

4.  the deteriorating finances of countries ranging from Greece to Japan and

5.  India’s central bank‘s decision to raise the CRR to 5.75.

.

🙂

.

But on later days of the week, US Federal Reserve’s decision to keep interest rates unchanged boosted sentiments of global markets.

.

Closer home, investors also heaved a sigh of relief as the central bank kept key interest rates unchanged at the quarterly policy review indicating that it would maintain a balance between price stability and growth and raised its GDP growth projection for the current fiscal to 7.5 %.

.

The RBI at its quarterly monetary policy review raised CRR by 75 basis points to suck out excess liquidity from the banking system to the tune of Rs 36000 crore.

.

On the flip side, the challenges that RBI foresees for the economy is fiscal consolidation.

.

The central bank lifted its wholesale price index inflation forecast for the end of the fiscal year in March 2010 to 8.5% from its earlier forecast of 6.5%.

.

RBI also said it expected inflation to moderate starting in July 2010, assuming a normal monsoon and global oil prices holding at current levels.

.

Moreover, US Federal Reserve too maintained interest rates at near zero levels and vowed to do so for an extended period of time.

.

Additionally, it also signaled its intention of unwinding the massive monetary stimulus that it had undertaken during the peak of the crisis.

.

🙂

.

Stay Tuned for More on weekly updates.

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Rajasthan Exempts VAT on Sugar

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

.

Rajasthan exempts VAT on sugar

.

Rajasthan exempts VAT on Sugar:

.

Now sugar would be cheaper by Rs 2 in Rajasthan.

Rajasthan government has decided to exempt VAT on imported sugar in the state till June 30.

.

This will help in reining the spiralling sugar prices in a week’s time.

.

“The state imposes 4% VAT on sugar. With this exemption, the prices will go down by Rs 160 per quintal,’ says a government official.

.

According to Indian Sugar Mills Association, the world sugar economy is facing significant gap between world consumption and production for the second consecutive year.

.

The first revision of the world sugar balance for October 2009 to September 2010 puts world production at 159.887 million tonnes, raw value, up by 6.911 million tonnes or 4.5% from the last season.

.

The global use of sugar is expected to reach 167.134 mn tonnes.

.

Therefore, the world statistical deficit is expected to reach 7.247 million tonnes as against 8.404 million tonnes projected in September 2009.

.

Sugar Trade Association of Rajasthan secretary Ballabh Kabra said that this decision can make way for sugar mills to buy imported sugar. “This is the first step to cool down the prices.

We are waiting for government’s nod for importing sugar on our own.

.

Sugar prices in Rajasthan are hovering around Rs 41- 43 a kg.

Apart from 4% VAT, sugar attracts mandi tax of 1.6% and an entry tax of 0.25% in Rajasthan,” he said.

.

🙂

In Other major Commodities Update, we have news about the easing of food prices in coming days as signaled by the Food and Agriculture Minister Sharad Pawar.

🙂

.

Food prices to ease next fiscal: Pawar

.

Food prices are expected to decline in the next fiscal on the back of higher farm output and the only worry then for the government would be on storage, Food and Agriculture Minister Sharad Pawar has said.

.

He, however, said that the country would remain import dependent when it came to pulses and edible oils for the next 10 years.

.

On the possibility of prices coming down in the next financial year beginning April one, Pawar told in an interview to a news channel: “100 per cent”.

.

In 2011-12 the problem which the government of India will have to worry about (is) what to do and where to store”.

.

Food inflation touched 17.40 per cent for the week ended January 16 on account of high prices of vegetables and pulses.

On controlling prices of pulses, the minister said.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here