EXPORT PRICES
Oil prices tick up as crude, gasoline inventories ease
Oil prices rose as U.S. crude and gasoline stocks fell, with Brent at $85.43 and WTI at $82.47. Influences include U.S. inflation data, Federal Reserve actions, Powell's comments, CPI and PPI reports, OPEC's forecast, Hurricane Beryl impact, economic growth, air travel, rate cut speculation, and interest rates affecting borrowing costs.
GoM to decide on rice export ban, spice exporters cautious of quality
Minister Piyush Goyal stated a Group of Ministers will judge lifting the non-basmati rice export ban, effective July 20, 2023, based on demand and price. Rejected spice consignments, including MDH and Everest, involving carcinogenic pesticide, are minimal. Managed with FSSAI, ensuring India's $56 billion food export quality. Indian exporters uphold quality standards.
Rice exporters rally over 9% amid likely easing of curbs
The government's plan to relax rice export restrictions led to share surges in Kohinoor (9.6%), Chaman Lal (8.8%), KRBL (7.1%), and LT Foods (5.96%), aiming to avoid an October glut and tackle food inflation. Key points include Minimum Export Price, sector rotation, rural focus, biogas policy, Russia's impact, Geojit Financial Services, agricultural waste, and the agro-economy.
KRBL, LT Foods, other rice stocks rally up to 14% amid likely easing of export restrictions
India’s consideration to ease rice export limits surged KRBL shares by 13%, LT Foods to a 52-week high, and Kohinoor Foods by 11%. Plans include fixed duties on white rice, scrapping 20% parboiled rice tax. Indian exports hit 2.9 million tons this fiscal year; monsoon season planting is critical for West Africa and Middle East reliance.
India's tea prices soar as extreme weather slashes output
India's tea prices are on the rise due to extreme weather events affecting production. Heatwaves and floods have led to a significant drop in output, supporting the struggling industry. Production in key regions like Assam has been severely impacted, with prices surging nearly 20%. Export demand remains strong despite the challenges.
Oil little changed as investors eye impact of storm Beryl on Texas
Oil prices held steady with Texas ports closed for Tropical Storm Beryl, a potential Category 2 hurricane. Brent at $86.65, WTI at $83.08. Analyst Tony Sycamore cited power outages, inventory draws, and rate cut hopes from easing inflation. Energy Information Administration data showed weekly draws, with unchanged Baker Hughes rigs. Key ports Corpus Christi and Houston closed.
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Bengal's Malda mango exports hit, sellers getting better prices in domestic market
Mango exports from Malda, West Bengal faced challenges this year as overseas buyers couldn't agree on prices, leading to a surge in domestic sales. Production dropped by 60% due to adverse weather conditions. Himsagar mango variety highly valued. Government support needed for growers.
Share market update: Most active stocks in today's market in terms of volume
The NSE Nifty index closed 18.11 points down at 24123.85
Trade routes in turmoil: Why Indian exports are piling up in Colombo and Singapore
About 75% of India's transshipped cargo is handled at ports outside India, and the major trade routes connecting India to various destinations, including Colombo, Singapore, and Port Klang, are currently experiencing strain.
India's weekly vegetable spending up in the past few weeks, says survey
Rising vegetable prices due to various factors like the heatwave and monsoon challenges have led to increased consumer spending. Authorities are urged to step in to address the situation and stabilize prices for households across the country.
JM Financial initiates coverage on this small cap stock, views upside potential of 20%
Shivalik Bimetal Controls, analyzed by JM Financial, shows potential in niche markets with diverse growth avenues, including smart metering, EVs, and customized products. The company's expansion into shunt resistors and focus on global opportunities signal a promising future amidst challenges like market delays.
No distractions, wavering on bringing down inflation to 4% says governor Das
RBI has to navigate its path towards the 4% inflation target with a "clear and unambiguous focus and (its) commitment to bring down the inflation to 4% cannot be any wavering," Das said in a speech at the Annual General Meeting of local industry lobby group Bombay Chamber of Commerce and Industry.
Gold prices edge higher as US Treasury yields soften
Gold prices rose on Monday as Treasury yields fell, with investors awaiting economic data and comments from Federal Reserve officials for clarity on interest rate cuts.
Govt buys 71,000 tonnes of onion for buffer stock; expects retail prices to ease with normal monsoon
The Indian government has procured nearly 71,000 tonnes of onion this year for buffer stock, out of a total target of 5 lakh tonnes for price stabilisation. The all-India average onion retail price is Rs 38.67 per kg, while the modal price is Rs 40 per kg. The government is on course to achieve targeted procurement of 5 lakh tonnes for price stabilisation. The procurement price is dynamic and linked to prevailing market prices.
Bajaj Auto looks to sustain domestic business momentum; recover export volumes
Bajaj Auto aims to sustain momentum in domestic business and expand production capacity for new ventures. Chairman Niraj Bajaj expects robust demand in FY2024, with a focus on recovering export volumes.
Export duty on onions to stay as domestic prices recover
India's central government is unlikely to remove the 40% export duty on onions imposed last month, as domestic onion prices have almost doubled in the last month. The average rate of onions at the benchmark Lasalgaon APMC was Rs 28/kg on Tuesday, up 40% in the last 15 days and double of what it was a month ago. The rising onion prices have slowed down the pace of government onion procurement operations to create a strategic reserve under the Price Stabilisation Fund.
Godawari Power & Ispat announces Rs 301 crore buyback, shares surge 6%
Godawari Power & Ispat shares surged 6% on BSE to an all-time high after approving a Rs 301 crore share buyback. Som Distilleries shares dropped 16% due to a Madhya Pradesh plant issue.
Nomura raises M&M stock target prices, sees upside potential of 13.5%
Global brokerage firm Nomura has increased the target price for Mahindra & Mahindra (M&M) shares to Rs 3,374 from an earlier Rs 2,929 as the company has set bold targets across the group to scale up over FY25-30.
Oil prices on track for weekly gain on solid demand outlook
Oil prices fell on Friday, with Brent crude futures down 0.87% to $82.04 a barrel and West Texas Intermediate losing 1% to $77.84. OPEC+ decision to unwind output cuts after September also impacted the market.
Low domestic demand, Chinese dumping depress steel prices
Besides these, sustained Chinese steel output is also eating into India's share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
Focus is on job creation, farmers getting good prices: Giriraj Singh
Newly appointed textiles minister Giriraj Singh emphasized the government's focus on creating employment and ensuring good prices for farmers in the textile sector. Singh highlighted the sector's role as the largest generator of employment and its significant share in global exports.
Onion prices on the boil as arrivals slow, demand picks up
The average wholesale price of onions at the Lasalgaon mandi in Nashik on Monday was Rs 26 a kg, compared with Rs 17 on May 25. The price of best-quality onions, whose share in the total traded volume is small, has crossed Rs 30 a kg at many wholesale markets in the state.
Social media savvy Maha onion farmers tip scales against NDA
Maharashtra farmers, led by figures like Sharad Joshi and Bharat Dighole, navigate challenges in onion trade amidst government policy shifts. The use of social media platforms like WhatsApp and Facebook has revolutionized farmer mobilization efforts, impacting political landscapes and market dynamics.
Will BJP win? This market awaits June 4 results for potential shakeups in India's trade policies & global food prices
India's agricultural markets are under scrutiny as a new government prepares to take office, potentially impacting global food prices. Prime Minister Modi's policies aimed at ensuring domestic supplies have influenced key crop exports. Changes post-election could affect rice, wheat, and sugar markets, with industry leaders seeking policy shifts to address supply and demand challenges.
Basmati rice export prices plummet below government MEP, global buyers stay away
Export price of basmati rice falls below government-fixed minimum export price, impacting global buyers and domestic prices. Concerns arise over MEP changes, basmati trade competitiveness, and price pressure. Monsoon and La Niña forecasts influence basmati production, while India's rainfall patterns and consumption trends play significant roles.
Oil prices little changed as markets look to OPEC+ meeting
Oil prices in holding pattern ahead of OPEC+ meeting on June 2 to discuss maintaining output cuts. Brent crude contract inches up to $82.23 a barrel in early Asian trading.
Why it's a good time for the producers and exporters of premium, flavoured orthodox teas
Orthodox tea exports are thriving, with Iran's controlled payments and Indian ambassador Rudra Gaurav Shresth's support aiding trade. Mohit Agarwal of Asian Tea anticipates a 10% increase in overall exports, citing a rise in exports to Russia.
India exports over 45,000 tonnes onion after lifting ban
India exported 45,000+ tonnes of onions post-ban lift, easing farmer woes. Nidhi Khare, Secretary, noted major exports to Middle East, Bangladesh. Govt has set minimum export price for onion. Monsoon forecast ensures good kharif crop sowing, buffer stock building.
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