According to government data, India’s Kharif or monsoon sowing of groundnuts decreased by 0.3 million hectares (MH) for the 2022–23 season, falling to 4.51 MH from 4.86 MH, representing a 7.2% decrease across the country. According to Atul Chaturvedi, president of The Solvent Extractors Association of India (SEAI), “a huge number of farmers have switched…
The production for the October-September cotton year 2022–23 is anticipated to increase by about 15%, provided the weather remains favourable until October, providing relief to the entire cotton value chain, at a time when the central government is concerned about the closure of 50% of the country’s spinning mills due to cotton shortages. India’s cotton…
UPL, a provider of sustainable agriculture solutions, announced on Friday that it has combined with CleanMax, a provider of renewable energy, to build a hybrid captive solar-wind energy plant in Gujarat. A hybrid captive power plant with a capacity of 28.05 MW of solar electricity and 33 MW of wind power will be built and…
Wholesale inflation (WPI) in India continued to decline, dropping from 13.93% in July to an 11-month low of 12.41% in August. The wholesale pricing index remained in double digits for the 17th consecutive month in August despite the slight cooling off. The increase in inflation shown in the food articles section, up from 10.77% in…
The Indian rupee is expected to remain sideways on Friday amid falling crude prices, risk aversion in global equity markets, and a strong dollar. The USDINR pair is having resistance at 79.90 and 80.15, while the support has shifted to 79.40 from 79.05, according to analysts. In the previous session, the rupee declined due to…
A strong dollar and high U.S. Treasury yields hampered gold’s price decline to its lowest point since April 2021, as expectations of another significant Fed rate hike reduced the attraction of bullion. To $1,664.46 an ounce, spot gold decreased 1.9 %. At $1,662.30 per ounce, U.S. gold futures experienced a 2.02% decline. Silver prices were…
Following a technical examination of the bids filed for commercial coal mining, the coal ministry held forward electronic auctions for 10 coal mines. The online auction for eight coal mines was held on September 13 and the sale for the final two coal mines was held on September 18. The overall peak rate capacity of…
The rupee traded early on Thursday in a range-bound as a strong dollar and worries over a hawkish U.S. Federal Reserve outweighed gains in domestic markets. At the interbank foreign exchange, the rupee touched 79.47 in initial deals after starting at 79.53 against the dollar, gaining 5 paise from its previous close. The rupee lost 35…
India’s import of Russian oil increased to almost 18% of its total petroleum crude imports in value terms in July. According to the commerce ministry data. India purchased Russian crude oil worth $2.88 billion in July, a slight decrease of 0.4% from the $2.89 billion figure for June. Russian oil represented 17.9% of all petroleum…
Vedanta Resources, which has made 80,000 crores of rupees in Odisha, announced that it intends to invest an additional 25,000 crores there in order to grow the mining, ferrochrome, and aluminium sectors of the state’s economy. According to a firm statement, with this amount of investment, its operations (direct and indirect) are generating close to…
