As the vehicle scrappage policy went into effect this month, top truck and bus manufacturer Ashok Leyland received a sizable order from VRL Logistics for 1,560 trucks for an unknown value as the latter looks to expand and upgrade its fleet by replacing outdated trucks. In addition, VRL Logistics purchased 107 trucks from Tata Motors….
On Monday, the rupee lost 25 paise to close at 82.10 (provisional) against the US dollar as investor sentiment was dampened by a strong US dollar abroad and a downward trend in domestic markets.Firm crude oil prices, according to forex traders, also weighed down the local currency. The domestic currency at the interbank foreign exchange…
On the basis of improved yields, the Soyabean Processors Association of India (SOPA) has increased the harvest forecasts for the Kharif 2022 crop to 124.11 lakh tonnes. Earlier, it estimated the yield to be 120.39 lakh tonnes (lt). The upward revision was due to greater yields, which are now at 1,051 kg per hectare compared…
Pressured by a stronger dollar and higher Treasury yields, gold reversed direction and fell below the important $2,000 per ounce threshold as investors searched for clues as to whether the market will witness a “one and done” rate hike by the U.S. Federal Reserve in May. After climbing as high as 0.6 percent earlier in…
On the back of declining prices for manufactured goods and fuel, wholesale price-based inflation inched down to a 29-month low of 1.34 percent in March, despite rising food costs. The wholesale pricing index (WPI)-based measure of inflation has decreased for ten consecutive months, starting in March. From 3.85% in February to 14.63% in March 2022,…
In FY23, pharmaceutical exports increased by 3.25 percent to $25.3 billion. Export growth in 2021–2022 was nearly flat at 0.71 percent, or $24.62 billion. The US, Canada, and Mexico (NAFTA), then Europe, received a significant portion of exports. According to R Uday Bhaskar, Director-General of the Pharmaceuticals Export Promotion Council (Pharmexcil), “I think this is…
By mid-2023, according to the president of the Cotton Association of India (CAI), cotton prices could reach Rs 75,000 per candy. This is because there is a significant gap between the crop’s current-season production and the high demand from both domestic and foreign markets. India will soon cease to be a net exporter of cotton…
The commodities market experienced positive momentum the whole week, with the exception of gold, with most commodities posting weekly gains ranging from 1.5% to 3.0%. Due to traders locking in their profits during the recent advance, gold prices gave up all of their weekly gains and ended up slightly lower last week. As traders monitored…
Even though shipments into the country climbed by 22% during that time, the palm group of oils remained to dominate the vegetable oil import basket, making up 63% of all imports from November 2022 to March 2023 of the current oil year to October. Data from the Solvent Extractors’ Association of India (SEA) show that…
The cotton sector is expected to have a strong year, which is encouraging for the seed industry. Farmers have received high prices for cotton fiber for the previous two growing seasons, and an average monsoon is expected, according to the Indian Meteorological Department (IMD). “Due to lesser production, cotton is in high demand, thus everyone…
