In the first quarter of FY23, as many as 72,474 EVs were registered in the country in June, according to the data available on the Vahan portal. This is a 547% jump, compared to the June 2021 figures. In fact, the first quarter of the current fiscal (Q1 FY23) saw the most number of Electrical…
Edible oil prices may decrease in the domestic market soon, helping to cool food inflation and lessen the pressure on household budgets. Following an order from the food ministry to cut prices by Rs 10-12/liter in view of the decline in global prices and the recent import tax cuts, major producers, including Adani Wilmar and…
India’s mobile imports decreased 33 percent year-on-year in FY22, according to a research report by credit rating company Crisil. Dependency on China reduced to 60 percent from 64 percent in FY21 and is expected to fall more in the medium-term. Crisil estimates that Indian consumption will reach ₹3.5 lakh crore to ₹4 lakh crore in…
Gold price fell on Tuesday pressured by rate hike expectations and a stronger dollar, but growing recession fears kept haven bullion above the key support level of $1,800 an ounce. Spot gold was down 0.4% to $1,801.20 per ounce, while U.S. gold futures were little changed at $1,800.80. The dollar is strong near two decade…
India’s coffee output for the new 2022-23 crop year, starting October is heading for a new record provided the weather supports the crop for the rest of the calendar year. The Coffee Board, in its early production estimates also known as post-blossom estimates, has pegged the 2022-23 crop at 3.93 lakh tonnes on favorable weather…
A weakened Asian order book and competitively priced Chinese offerings saw Indian steel exports take a hit in May, down by 42% over the same period last year. Finished steel exports in May were around 6,82,000 tonnes, flattish on a month-on-month basis. In April and May, exports declined 35% (y-o-y) to 13,58,000 tonnes. Steel exports…
The rupee depreciated 9 paise to 79.03 against the U.S. dollar in opening trade today, as consistent foreign funds outflows weighed on investor sentiments. Forex traders said the weakness of crude oil prices is supporting the local unit. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at…
Maruti Suzuki India (MSIL) said on Thursday that it is conscious of its market share falling and to fix that it will introduce new and right products. The company’s overall share in the Indian passenger vehicle market had come down to 43.4 percent in FY22 from nearly 50 percent earlier, mainly due to decreasing sales…
Reinforced steel bar prices, also called rebars, have raised up ₹2,000 per tonne since last week on the back of active buying and improved spot demand. However, trade sources said, there has been some slowdown from Wednesday onwards with limited buying in select markets but prices have been stable at around ₹53,000–55,000 per tonne. Price…
Palm oil prices resumed their downward direction on Wednesday after having gained on the first two days of the week following the suspension of production by some Malaysian producers. The edible oil also gained as soyabean oil prices increased on the Chicago Board of Trade during the weekend. However, the downward pressure on palm oil,…
