After two successive years of rush in earnings, steel companies are now staring at a notable decline over the next one year as the industry faces multiple headwinds emerging from trade barriers export duty on finished steel, unfamiliar coal/energy cost pressures and muted domestic demand growth so far. The operating environment will become far less…
India’s coconut and product exports in 2021-22 totaled ₹3,237 crore on the back of increased shipments of activated carbon. Shipments reported a growth of more than 41 per cent against ₹2,295 crore in the 2020-21 fiscal year. Activated carbon collected an export revenue of ₹2,064 crore with a shipment of 1,37,363 tonnes. According to official…
Natural rubber prices have declined in the Kottayam market,the trade centre, over the past couple of days largely on global cues and partly due to the unusually weak South-West monsoon in Kerala. The near absence of rains is helping uninterrupted harvesting. Nearly 70% of India’s natural rubber supply comes from Kerala. As per the usual…
The rupee closed at a fresh all time low of 78.065 against U.S. dollar on Wednesday due to demand for the greenback from foreign portfolio investors, who continued to expatriate the proceeds from the sale of their Indian equity investments. Oil marketing companies also bought dollars. The Reserve Bank of India (RBI) is believed to…
Producers’ inflation based on the wholesale price index (WPI) raised to a 30 year high of 15.9% in May, driven by an across the board rise in prices led by crude petroleum, metals and food products. The print for April was 15.1% and was 13.11% in May 2021. In contrast, retail inflation in May, based…
Gold price was down by Rs 1,050 on Wednesday and 10 gram of the yellow metal (24-carat) is trading at Rs 51,710. Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,400 after a fall of Rs 960. Silver also witnessed a decline in its price at Rs 1,700, selling at Rs 59,800 per…
To tide over a possible shortfall in availability of coal during the following monsoon months, Coal India (CIL) has floated an global competitive bidding e-tender to import 2.416 million tonnes (mt) of coal. The import would be for July-September period of the current fiscal year, said a press statement issued by the company. CIL’s board…
Indian rupee weakened to a fresh all-time low against U.S. dollar ahead of the release of U.S. inflation data, which is seen influencing the pace of future rate hikes by the Federal Reserve. Constantly raised crude oil prices also hurt sentiment for the domestic currency, with market participants fearing a fresh time of FII outflows,…
The Union Cabinet on Wednesday approved 4% to 9% increase in the Minimum Support Prices (MSPs) of kharif crops for the 2022-23 crop year (July-June) with sowing just starting on the onset of the monsoon. The benchmark rates have been fixed to increase farmers’ income as the guiding principle of 50% profit over cost has…
The Reserve Bank of India’s monetary policy committee (MPC) in its June meeting raised the repo rate for a second straight month and stated that it would now focus on withdrawal of accommodation while dropping all mention of an accommodative stance from its script. The MPC collectively raised the repo rate by 50 basis points…
