Discrepancy Monsoon May Support Sugar Prices - June 30, 2009

On Monday trading, sugar stocks witnessed firm trading on the back of prospect of a downward revision in sugar output the next season, October 2009-September 2010. Discrepancy in monsoon could trigger a fresh rally in the commodity. However, the downward revision in output is not entirely good news for all the players.

The monsoon is playing truant in key producing states such as Maharashtra and Uttar Pradesh. Consequently, industry sources have now indicated that the output for the next year may stand at about 175 lakh tonnes, instead of 200 lakh tonnes originally estimated. However, the annual consumption is about 220 lakh tonnes.

Spot Rubber Remains Negative - June 30, 2009

Kottayam: On Minday, the physical rubber prices remained weak. The market fell on buyer resistance, as the reports from the futures markets were not so promising. According to observers, major manufacturers continued to stay back and sheet rubber declined to Rs 99 from Rs 100 a kg amidst dull volumes.

The July futures for RSS 4 ended lower at Rs 97.60 (97.63), August at Rs 94.54 (94.63), September at Rs 92 (92.27) and October at Rs 91.30 (91.10) a kg on National Multi Commodity Exchange (NMCE).

The July futures for RSS 3 dropped to Yen 151.5 (Yen 153.5) (Rs 76.42), August to Yen 152.2 (Yen 154.9), September to Yen 153.6 (Yen 155.8), October to Yen 154.3 (Yen 156.5), November to Yen 155.8 (Yen 157.9) and December to Yen 157.4 (Yen 159.6) a kg during the day session on TOCOM.

The grade closed consecutively at Yen 151.5, Yen 153.5, Yen 154.6, Yen 155.4, Yen 156.8 and Yen 158.7 a kg during the night session.

RSS 3 closed at Rs 80.74 (80.59) a kg on Singapore Commodity Exchange (SICOM). It improved marginally to Rs 80.85 (80.72) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 99 (100); RSS-5: 96.50 (97.50); ungraded: 93.50 (95); ISNR 20: 90.50 (90.50) and latex 60 per cent: 86.50 (86.50).

Pepper Futures Relieve On Selling Pressure - June 30, 2009

Kochi: On Monday, the pepper futures market was easier due to selling pressure caused by fears that imported pepper was flooding the market. Trading sources suspected that imported pepper was being sold at discount as Wayanadan pepper. The latter is sold at Rs 130 a kg while the imported stuff sold at Rs 115 - 125 a kg.

Besides, farmers were liquidating stocks in order to meet the college admission expenses. Apart from this, the strict vigil on the borders by the Kerala Sales Tax department to arrest smuggling of pepper into Tamil Nadu expected to generate positive results.

Coonoor Tea Sale At 50 Per Cent Extraction - June 29, 2009

Coonoor: Around 50 per cent of the 12.48 lakh kg of leaf and 25 per cent of the 4.74 lakh kg of dust teas offered for Sale No: 26 of the auctions of Coonoor Tea Trade Association (CTTA) have remained unsold. Main reason behind unsold tea is insufficient demand the to absorb the teas at the base price fixed in the e-auctions.

"The huge volume, general drop in quality and the disproportionately high base price fixed discouraged us from bidding high.

There had been delay in buyers getting the samples on time. Also, due to the scorching heat in North India, tea consumption has fallen and orders from our principals in the North have reduced", a buyer said.

Pepper Market Remains Lethargic During The Week - June 29, 2009

Kochi: The pepper market remained sluggish during the week as the buyers were on a wait-and-watch mode. Activities were limited due to the reasonably higher prices at almost all the origins and the economic slowdown in major buying countries on the other. Availability also likely to be tight with reported drop in Indonesian and Brazilian crop.

The unpredictable monsoon in India is also believed to have a negative impact on its next crop. The July, August and September contracts went up by Rs 22, Rs 37 and Rs 35 a quintal respectively and closed at Rs12,870, Rs13,040 and Rs13,170 a quintal respectively on Saturday.

Total turn over dropped by 3,091 tonnes to close at 12,369 tonnes. Open interest during the week moved up only by 348 tonnes to close at 6,660 tonnes.

Open interest for July fell by 229 tonnes while that of August and September moved up by 505 tonnes and 69 tonnes respectively at the weekend close.

Spot prices however, dropped by Rs 100 a quintal to close at Rs 12,300 (un-garbled) and Rs 12,800 (MG 1).

Cashew Exports Go On Through Decrease - June 26, 2009

Kochi: Cashew exports have shown a fall during the first two months of the current fiscal due to economic recession in major consuming countries. Exports in May 2009 was lower to 8,696 tonnes valued at Rs 234.68 crore from 10,516 tonnes valued at Rs 259.86 crore during the corresponding month last year.

Indian shipments in April and May stood at 17,035 tonnes, valued at Rs 456.23 crore, as against 20,008 tonnes, valued at Rs 487.32 crore, in the corresponding period of the previous financial year.

Spot Rubber Observes Development - June 26, 2009

Kottayam: In Thursday, the physical rubber prices witnessed development. A positive closing in the domestic and international rubber futures boosted the domestic sentiments as sellers stayed back to firm up the prices on covering purchases. Sheet rubber went up to Rs 100 from Rs 99 a kg on reasonably better demand.

The July futures for RSS 4 ended at Rs 98.05 (97.75), August at Rs 95.25 (95.14), September at Rs 92.98 (92.45) and October at Rs 91.65 (91.55) a kg on National Multi Commodity Exchange (NMCE).

The July futures for RSS 3 improved to Yen 151 (146) (Rs 76.25), August to Yen 153.6 (148.2), September to Yen 154.3 (149.4), October to Yen 155 (150.5), November to Yen 155.8 (151.9) and December to Yen 157.3 (154.5) a kg during the day session on TOCOM.

The grade closed at Yen 152.5, Yen 153.6, Yen 154.8, Yen 155.1, Yen 156.6 and Yen 157.9 a kg consecutively during the night session.

Spot prices were (Rs/kg): RSS-4: 100 (99); RSS-5: 97.50 (96); ungraded: 95 (93.25); ISNR 20: 90.50 (90) and latex 60 per cent: 86.50 (85).

Truant Monsoon Adds To Tea Production Worries - June 26, 2009

Kochi: Major shortfalls are expected in the country's tea production. "The rains in May have been far below expectations and it is expected to add up to the production deficit. Tea production witnessed a shortfall of 25 million kg (mkg) during January-April this year. This deficit could widen substantially when the May figures are out," said sources in the United Planters' Association of Southern India (Upasi).

Pepper Futures Recover On Buying Support - June 25, 2009

Kochi: On Wednesday, pepper futures market recovered and closed higher on good buying support. July contract went up by Rs 109 on NCDEX to close at Rs 12,848 a quintal. August and September went up by Rs 125 and Rs 77 respectively to close at Rs 13,020 and Rs 13,150 a quintal.

On Wednesday, total turnover on Wednesday declined by 11 tonnes to close at 2,258 tonne. Total open interest moved up by 157 tonnes to close at 6,485 tonnes.

July open interest moved up by 12 tonnes, while that of August and September went up by 138 tonnes and 7 tonnes respectively. New position was seen created with fresh buying in August.

Spot Rubber Remains Steady - June 25, 2009

Kottayam: On Wednesday, spot rubber remained steady. The sentiments were neutral as there were no active participants in the main marketing centres to set the trend. According to observers, the absence of real buyers and the gap between the domestic and international prices took the steam out of the market though it seemed to be suffering from short supply.

Sheet rubber remained unchanged at Rs 99 a kg. The July futures for RSS 4 closed at Rs 97.61 (97.66), August at Rs 95.10 (95.12) , September at Rs 92.45 (92.70) and October at Rs 91.55 (91.39) a kg on National Multi Commodity Exchange (NMCE).

The June futures for RSS 3 expired at Yen 148.1 (146) (Rs 75.15) a kg while its July futures closed at Yen 146 (Yen 146), August at Yen 148.1 (Yen 148), September at Yen 149.4 (Yen 150.1), October at Yen 150.5 (Yen 151.2) and November at Yen 152.1 (Yen 152.9) a kg during the day session on TOCOM.

The grade closed at Yen 146, Yen 149.1, Yen 150.5, Yen 151.3 and Yen 152.5 per kg consecutively from its July to November futures on late trades.

RSS 3 was steady at Rs 79.37 a kg on Singapore Commodity Exchange (SICOM). It (spot) improved to Rs 81.39 (80.79) a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 99 (99); RSS-5: 96 (96); ungraded: 93.25 (93.25); ISNR 20: 90 (90) and latex 60 per cent: 85 (85).

Indian Coffee Export Likely To Hit 10 Years Low - June 25, 2009

Less demand all over the world led by economic meltdown along with low coffee output in country have had their joint effect on Indian coffee exports. For the coffee year ending September 2009, exports are likely to register a 10-year low. According to industry estimates, the current coffee year would conclude with exports in the range of 180,000 - 190,000 tonnes, which would be 14 - 18 per cent lower compared with the previous coffee year (Oct 2007 - Sept 2008).

Exports stood at 136,163 tonnes for Oct 2008 to June 2009 period, whereas 169,966 tonnes were shipped out of India during the corresponding period of the previous year.

"Exports are still reeling under impact of global recession. The coming 2-3 months are more or less flat for India and by September we will end up exporting in the range of 180,000 - 190,000 tonnes.

With this, coffee exports will be at 10-year low," said Ramesh Raja, president, Coffee Exporters Association of India.

Visa Steel Information Net Not A Success - June 24, 2009

Visa Steel reported net loss of Rs 110.68 crore in the Part ended March 2009 as against net profit of Rs 20.98 crore during the previous Part ended March 2008. Sales rose 9.24% to Rs 286.13 crore in the Part ended March 2009 as against Rs 261.93 crore during the previous Part ended March 2008.

For the full year, net loss reported to Rs 66.81 crore in the year ended March 2009 as against net profit of Rs 43.15 crore during the previous year ended March 2008.

Sales rose 52.04% to Rs 1035.01 crore in the year ended March 2009 as against Rs 680.76 crore during the previous year ended March 2008.

Spot Rubber In Mixed Trend - June 24, 2009

Kottayam: On Tuesday, physical rubber prices showed a mixed trend. Sheet rubber closed unchanged at Rs 99 a kg with scattered transactions. Latex 60 per cent improved further on acute short supply while the remaining grades except RSS 5 lost ground slightly on buyer resistance.

The July futures for RSS 4 closed at Rs 97.51 (97.46), August at Rs 95.00 (95.15) , September at Rs 92.70 (92.56) and October at Rs 91.39 (91.50) a kg on National Multi Commodity Exchange (NMCE).

The June futures for RSS 3 weakened to Yen 146 (Yen 148) (Rs 74.35), July to Yen 146.2 (Yen 150), August to Yen 148 (Yen 151.6), September to Yen 150.2 (Yen 153.9), October to Yen 151.5 (Yen 155.9) and November to Yen 153.2 (Yen 157.7) a kg during the day session on TOCOM.

The grade concluded at Yen 146, Yen 146, Yen 148, Yen 149.8, Yen 150.8 and Yen 152.4 a kg consecutively during the night session.

RSS 3 dropped to Rs 79.37 (80.10) a kg on Singapore Commodity Exchange (SICOM). The grade (spot) declined to Rs 80.79 (81.60) a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 99 (99); RSS-5: 96 (96); ungraded: 93.25 (93.50); ISNR 20: 90 (90.50) and latex 60 per cent: 85 (84).

Pepper Futures End Lower On Weak Demand - June 24, 2009

Kochi: On Tuesday, the pepper futures market was easier on limited activities and for desire of buying support. There was low volume, low off-take and limited demand that all together pushed the market down, according to the market sources.

July contract dropped by Rs 158 a quintal to close on NCDEX at Rs 12,722. August and September fell by Rs 151 and Rs 219 respectively to close at Rs 12,880 and Rs 13,050 a quintal.

Total turnover plunged by 929 tonnes to close at 2,269 tonnes. Total open interest also fell by 108 tonnes to close at 6,328 tonnes.

July open interest dropped by 160 tonnes to 4,989 tonnes. August and September went higher by 45 tonnes and 6 tonnes to 1,256 tonnes and 57 tonnes respectively.

Spot prices also reduced by Rs 100 a quintal in tandem with the futures market trend to close at Rs 12,300 (un-garbled) and Rs 12,800 (MG 1).

Terai Tea Co Reports Net Loss Of 0.86 Crore In The March - June 23, 2009

Terai Tea Corporation reported net loss of Rs 0.86 crore in the quarter ended March 2009 as against net loss of Rs 0.48 crore during the previous quarter ended March 2008. Sales rose 93.60% to Rs 9.99 crore in the quarter ended March 2009 as against Rs 5.16 crore during the previous quarter ended March 2008.

For the full year, net profit rose 57.69% to Rs 0.41 crore in the year ended March 2009 as against Rs 0.26 crore during the previous year ended March 2008.

Sales rose 45.64% to Rs 44.26 crore in the year ended March 2009 as against Rs 30.39 crore during the previous year ended March 2008.

Spot Rubber And Domestic Rubber Prices Turns Weak - June 23, 2009

Kottayam: On Monday, the domestic rubber prices turned weak. In spot the market slipped following the bearish reports from its futures on NMCE. Sheet rubber surrendered to Rs 99 from Rs 99.50 a kg on buyer resistance. The July futures for RSS 4 moved down Rs 97.50 (98.29), August at Rs 95.15 (96.27) , September at Rs 92.56 (93.50) and October at Rs 91.50 (92.45) a kg on National Multi Commodity Exchange (NMCE).

RSS 3 declined at its June futures to Yen 148 (150.9) (Rs 74.92), July to Yen 150 (151.5), August to Yen 151.7 (153.6), September to Yen 153.9 (155.7), October to Yen 155.9 (157.5) and November to Yen 157.5 (159.5) a kg during the day session on TOCOM.

The grade concluded at Yen 154 (Rs 77.96), Yen 147.1, Yen 150.5, Yen 152.1, Yen 153.5 and Yen 155.4 a kg consecutively during the night session.

RSS 3 fell to Rs 80.10 (81.33) a kg on Singapore Commodity Exchange (SICOM). The grade dropped to Rs 81.60 (81.89) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 99 (99.50); RSS-5: 96 (96.50); Ungraded: 93.50 (94); ISNR 20: 90.50 (90.50) and latex 60 per cent: 84 (83.50).

Pepper Futures Go Positive Marginally - June 23, 2009

On Monday, the pepper futures market went up slightly after witnessing high volatility. Prices moved up sharply in the morning and dropped later for want of buying support but closed at slightly higher from the previous levels. July contract moved up by Rs 17 to close at Rs 12,865 a quintal.

August and Sept went up by Rs 22 and 75 respectively to close at Rs 13,025 and Rs 13,210 a quintal.

Total turnover went up by 2,024 tonnes to close at 3,198 tonnes. Total open interest also moved up by 124 tonnes to 6,436 tonnes.

July open interest dropped by 84 tonnes to 5,149 tonnes while August and Sep went up by 187 tonnes and 22 tonnes respectively.

Dharani Sugars And Chemicals Net Profit Declines 65.03 Per Cent - June 22, 2009

Dharani Sugars & Chemicals net profit of declined 65.03% to Rs 2.28 crore in the quarter ended March 2009 as against Rs 6.52 crore during the previous quarter ended March 2008. Sales rose 113.66% to Rs 85.06 crore in the quarter ended March 2009 as against Rs 39.81 crore during the previous quarter ended March 2008.

For the full year, net profit reported to Rs 10.06 crore in the year ended March 2009 as against net loss of Rs 7.87 crore during the previous year ended March 2008.

Sales rose 11.88% to Rs 222.61 crore in the year ended March 2009 as against Rs 198.97 crore during the previous year ended March 2008.

Indian Bright Steel Company Net Loss In The March - June 22, 2009

Indian Bright Steel Company reported net loss of Rs 0.03 crore in the quarter ended March 2009 as against net loss of Rs 0.01 crore during the previous quarter ended March 2008. There were no sales reported in the quarter ended March 2009 and during the previous quarter ended March 2008.

For the full year, net loss reported to Rs 0.04 crore in the year ended March 2009 as against net loss of Rs 0.03 crore during the previous year ended March 2008.

There were no sales reported in the year ended March 2009 and during the previous year ended March 2008.

Coffee Consumption Up 5 Per Cent In 2008 - June 22, 2009

Bangalore: In 2008, domestic coffee consumption increased five per cent to 85,800 tonnes. The rise is previous to the global market where the off-take was largely unaffected by the existing economic crisis. According to the latest preliminary estimates by the International Coffee Organization (ICO), global coffee consumption increased by 1.3 per cent to 128.32 million bags of 60-kg each in 2008, over previous year's 126.67 million bags.

"Despite the economic crisis, no significant changes in world consumption patterns have been observed," the ICO Executive Director, Mr Nestor Osorio, said.

IMCE Seeks Trading Hours Extension - June 18, 2009

International Multi Commodity Exchange (IMCX), the new commodity bourse, has asked the regulator Forward Markets Commission (FMC) to consider the extension of trading hours for products such as gold, silver, crude oil, etc and allow the copper delivery. The local commodity exchange in summer close at 11:30 PM while at 11:55 PM in winter.

However, on the other hand the electronic trading in precious metal and energy in bourses such as Nymex and its division Comex, continues round-the-clock.

This gave the trader in India a disadvantage to his overseas counterpart, as he misses out the opportunity in the event of volatility in the international markets after close of local bourses.

On the other hand, the delivery of base metals like copper on local commexes is precluded as the input credit (Cenvat) cannot be passed beyond two levels.

Sagar Cements Net Profit Rises 14.50 Per Cent - June 17, 2009

Sagar Cements net profit of rose 14.50% to Rs 6.87 crore in the Sector ended March 2009 as against Rs 6.00 crore during the previous Sector ended March 2008. Sales rose 80.42% to Rs 126.15 crore in the Sector ended March 2009 as against Rs 69.92 crore during the previous Sector ended March 2008.

For the full year, net profit declined 46.83% to Rs 16.46 crore in the year ended March 2009 as against Rs 30.96 crore during the previous year ended March 2008.

Sales rose 20.99% to Rs 306.55 crore in the year ended March 2009 as against Rs 253.37 crore during the previous year ended March 2008.

Steel Majors Raised Insist For Dumping Duty - June 15, 2009

After China’s recent enhancing of incentives for the steel exports, the steel companies have raised their pitch for the imposition of anti-dumping duty. In order to support the domestic steel mills, China now offers a rebate of 9 per cent value-added tax (VAT) on exports of several high-end steel products.

The world’s biggest steelmaker will refund tax on flat-rolled steel products as well as hot-rolled ferro-alloy products with effect from June 1, according to its government’s Web site.

The steel imports into India in May grew 21 per cent to 5.28 lakh tonnes as against 4.35 lakh tonnes in the same period last year.

The shipments from Commonwealth of Independent States (CIS) countries accounts for 28 per cent of the total imports, according to Steel Ministry data.

Essar Steel and Ispat Industries, along with SAIL and JSW Steel, have moved the Centre for imposition of safeguard duty.

The Directorate General of Safeguards, in its recent recommendation to the Inter-Ministerial Board (on Safeguards) has suggested safeguard duty of 25 per cent on the imports of hot-rolled coils, sheets and strips that priced below $500 a tonne.

Palm Oil Imports Harming Coconut Oil Require - June 12, 2009

Palm oil imports in the Indian market have harmed the demand for coconut oil mainly from bulk buyers. In turn dumping cheap palm oil has pushed down coconut oil prices to their lowest levels, according to the Chairperson, Coconut Development Board. India is the second largest edible oil market in the world after China.

Overproduction of palm oil in Indonesia and Malaysia has brought down its price and India, which has become an easy dumping place as there is no import duty on this product.

Global recession has led sharp drop in the international palm oil prices. Hoteliers and other industrial users, the bulk buyers, have replaced coconut oil with cheap palm oil and palm kernel oil, Ms Minnie Mathew, IAS, Chairperson of the Board, said.

Spot Rubber Prices Continue Compact - June 12, 2009

Kottayam: On Wednesday, spot rubber continued to remain unchanged. Sheet rubber ended flat at Rs 100 a kg consecutively for the fifth day even amidst import fears. The June futures for RSS 4 went up marginally to Rs 100.20 (99.80), July to Rs 98.50 (98.15), August to Rs 96.25 (95.94) and September to Rs 93.50 (93.14) a kg on National Multi Commodity Exchange (NMCE).

RSS 3 improved at its June futures to Yen 158 (156) (Rs 76.27), July to Yen 161 (158.3), August to Yen 163.8 (162), September to Yen 166.4 (164.9), October to Yen 169.1 (167.3) and November to Yen 171.4 (169.8) a kg on early trades while the grade closed at Yen 158, Yen 160.8, Yen 164, Yen 167.4, Yen 170 and Yen 172.4 a kg consecutively during the night session on TOCOM.

RSS 3 closed firm at Rs 81.19 (80.64) a kg on Singapore Commodity Exchange (SICOM). The grade (spot) moved up to Rs 83.11 from Rs 82.56 a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 100 (100); RSS-5: 98 (98); ungraded: 94.50 (94.50); ISNR 20: 93 (93) and latex 60 per cent: 80 (80).

Exports Of Spice Bad-Tempered 5,000 Crore In 2008-09 - June 11, 2009

Despite global economic recession, the spice exports from India clocked $11.68 bn in 2008-09, which is an all time high. About 4,70,520 tonnes were exported and the value in US Dollar fetched was $11.68 billion (Rs 5,300.25 crore), Spices Board Chairman V J Kurien told reporters. However, during the previous fiscal, 444,250 tonnes valued at USD 11.01 billion (Rs 4,435.50 crore) were exported.

The export had shown a growth of 19 per cent in rupee value and six per cent in quantity compared to last year. In dollar terms, the growth is six per cent, he said. Moreover, the export had also crossed the target in terms of volume, rupee value and dollar terms of value. The export target was 4,25,000 tonnes, which is valued at Rs 4,350 crore for the year 2008-09, he said.

Kurien also said that the board was projecting exports worth Rs 4,500 crore only in 2009-10. He said adding the 6-7 months inventory level has been reduced to one month now.

Steel Spending Boost Due To Rising Demand From Auto - June 09, 2009

India's steel consumption grew by six per cent to 8.22 million tonnes in the April-May period as against 7.76 million tonnes in April-May 2008, according to figures of the Steel Ministry. The domestic steel production shot up by 2.4 per cent to 9.24 million tonnes as compared to 9.02 million tonnes.

Barring RINL, SAIL and Tata Steel reported a growth in saleable steel output. The imports during the months under review grew by 6 per cent to 10.57 lakh tonnes as against 9.97 lakh tonnes, while on the other hand, the exports fell by 40 per cent to 0.4 million tonnes as against 0.7 million tonnes.

Out of the total imports, the contribution of hot-rolled coils, a key steel item, was 28 per cent at 3.5 lakh tonnes as compared to 2.74 lakh tonnes.

Steel Secretary P K Rastogi said that the spurt in consumption of steel along with the surge in imports, are indicators that there is demand for the commodity in the Indian market.

World Steel Association has forecast the demand for steel in India to grow by about two per cent in 2009-10, while for rest of the countries its projection is a negative growth of 15 per cent.

Slowdown Hits Exports Of Guar Gum - June 05, 2009

The prices of guar seeds and guar gum had been impacted by the global downturn. The export of guar gum dipped by around 30%, which has resulted in a fall in the spot prices of the gaur seeds as well as guar gum in India. Moreover, the area under the guar is expected to fall by 5-10% this year. Currently, the prices of guar seeds are prevailing around Rs 1,860 per quintal as compared to Rs 2,150 per quintal last year.

Similarly, the guar gum prices have slipped to Rs 3,725 per quintal this year, which were around Rs 5,000 per quintal in the corresponding period last year.

Against the last year's export of 2.25 lakh tonnes, only 1.60 lakh tonnes of export has been reported this year says Jodhpur-based Guar Gum Association president Purshottam Kumar Hisaria.

The total production of guar seeds this year has touched 9-lakh tonnes, which is lower by 1-lakh tonne than last year's production. Out of the total production, Rajasthan contributes around 50% while Haryana 25%.

While the remaining 25% comes from Gujarat as well as Punjab, Madhya Pradesh and Uttar Pradesh. The acreage of guar has been reduced in Rajasthan.

The area under cultivation for guar in 2007 was 29.10 lakh acres, which had been fallen to 28.08 acres in 2008.

The sowing of the three-month crop (guar) will commence in July. However, the forecast of good rains have raised the hopes of good yield, negating the impact of low acreage.

Onion Exports Fall In May - June 05, 2009

The onion exports of India is seemed to have dropped by 18% to about 1.50 lakh tonne in May over the same month last year due to the high prices domestically. The onion exports in April 2009 stood at 2.25 lakh tonne as against 1.31 lakh tonne in the same month last year. During the first two months of the current fiscal, India has exported a total of 3.71 lakh tonne of onion as compared to 3.08 lakh tonne in the corresponding period of last year. In 2008-09 fiscal, the exports of onion stood at 17.6 lakh tonne as compared to 11.02 lakh tonne in the previous year.

The onion from the Country's southern part is exported mainly to Sri Lanka as well as Malaysia and Singapore, while the onion from Nashik is sent mostly to Gulf countries. The shipments are channelised through co-operative major Nafed, which decides the minimum export price for every month in consultation with 12 other state trading agencies.

Divestment Sops Expected In Favor Of Steel Division - June 05, 2009

New Delhi: The new UPA government is eyeing for disinvestment of some PSUs and for this the steel ministry seems to have even sorted out few names and besides this some other sops for the steel industry may also be on offing. One of the priority for the government is the raising of money for various initiatives and the steel sector could lend a helping hand to start with the entire disinvestment process.

The Steel ministry is renewing efforts to sell the stake in two of the state owned companies. The past attempts to disinvest stake in Rashtriya Ispat did not take off due to various performance reasons. But now, the company is being seen as a cash cow.

For comparison, take Ispat industries into consideration, which is in the listed space that has a market cap of Rs 3000 crore. The present capacity of RINL of about 3 million tonnes is similar to Ispat's and will be doubled by 2011.

Even performance wise, RINL's profits of about Rs 1900 crore seems to be much better than Ispat Industries' Rs 35 crore. Similarly, Manganese Ore India Ltd has cash reserves of about Rs 1200 crore and big mines of the company are attractive enough for investors.

CII Recommend Habit Duty Decline To Save Copper Trade - June 04, 2009

In order to save the copper industry in Jammu, CII, the industry body today asked the state government to take various measures, including custom duty reduction as well as exemption of special duty immediately. The units in Jammu are becoming unviable and 150 such units may be closed down if immediate steps are not taken, which were providing employment to over 10,000 people, Confederation of Indian Industry (CII), J&K, Chairman Sanjay Puri told reporters.

Moreover, he also recommended a reduction of customs duty on copper scrap from five percent to nil. Puri also highlighted that the industrial units were charged with excess power bills. Besides this, he also raised the issue of certain departments in the government not following the laid down price purchase preference (ppp) instructions.

Exports Of Cotton To Be Expected Near Triple - June 03, 2009

The International Cotton Advisory Committee (ICAC) said that World cotton trade is expected to grow by 8% to 6.5 million tonnes in 2009-10 while India contributing most to it. While most of the expected rise in world exports may be accounted by India, with the forecasts of the country's shipments to almost triple to 1.1 million tonnes, the ICAC said in a statement.

The Chinese imports are projected to increase marginally to 1.45 million tonnes as its government has started selling cotton from its national reserve to textile mills.

Moreover, the cotton body also forecasts that the US exports to fall by 11% to 2.3 million tonnes in 2009-10. Regarding the cotton prices, it said that the rates globally are likely to dip marginally in 2009-10 despite higher export estimates due to an expectation of rising stocks.

The global price may be 54 cents per pound in 2009-10 as against an estimated 60 cents per pound in 2008-09.

However, the uncertainties regarding projected cotton trade in this year pose substantial risks to this forecast, the ICAC said.

It has also said that the production of world cotton is expected to fell to 23.4 million tonnes, down by 1%. The production is expected to decline in Brazil as well as China, Uzbekistan and Turkey.

However, output of cotton may increase significantly in India and slightly in US. The use of cotton by mills across the world is expected to increase by 2% to 23.3 million tonnes in 2009-10, the ICAC said.

Supply Limits Under Sugar Position Traders On The Mat - June 03, 2009

No trader in Pune was allotted licences after two months of the government's order to impose stock limits on sugar for four months became effective, due to the trader community's reluctance to pick up licences as well as because of the government machinery being not fully free from election-related duties to perform its regular functions as yet. This resulted in a demand that sugar should always be sold under licence.

The central government had issued orders on March 12 imposing stock limits on sugar to control the commodity's spiralling prices by preventing hoarding. The order was to become effective after 15 days of its notification in the government gazette.

The Maharashtra government issued its GR on March 26. The order stipulates that a wholesaler can stock a maximum of 200 tonne of sugar for a period of 30 days.

Pune city food distribution officer Pradip Patil said, "We got a copy of the GR on May 4 and have received a total of 100 applications. However, none of these licences have been issued.

Today almost all the wholesalers and about 10 retailers have applied for licences with the city FDO office but none of them has been issued a licence. Also no organised retail chain has applied to the FDO for a licence."

Some traders and parts of the government machinery are of the opinion that the government should go back to its earlier policy and make sugar selling through licence mandatory.

Natural Capsules Net Profit Rises 76.92 Per Cent - June 01, 2009

Natural Capsules rose of net profit 76.92% to Rs 1.38 crore in the quarter ended March 2009 as against Rs 0.78 crore during the previous quarter ended March 2008. Sales rose 16.82% to Rs 6.46 crore in the quarter ended March 2009 as against Rs 5.53 crore during the previous quarter ended March 2008.

For the full year, net profit rose 53.67% to Rs 3.98 crore in the year ended March 2009 as against Rs 2.59 crore during the previous year ended March 2008. Sales rose 28.93% to Rs 26.03 crore in the year ended March 2009 as against Rs 20.19 crore during the previous year ended March 2008.

Kalyani Steels Net Profit Declines - June 01, 2009

Net profit of Kalyani Steels declined 95.82% to Rs 3.31 crore in the year ended March 2009 as against Rs 79.25 crore during the previous year ended March 2008. Sales rose 2.29% to Rs 980.84 crore in the year ended March 2009 as against Rs 958.86 crore during the previous year ended March 2008.