The mandatory certification of cotton bales under the Quality Control Order (QCO) has been approved by the Center, and the Ministry of Textiles expects this would increase the supply of high-quality cotton to the textile industry.According to officials, the requirement that cotton bales supplied in India have Bureau of Indian Standards (BIS) certification is intended…
Wednesday’s oil prices remained stable as traders awaited the U.S. Federal Reserve’s remarks in the wake of recent statistics suggesting the prospect of additional interest rate hikes, which may slow global economic growth and reduce fuel demand. After losing 1.2% on Tuesday, Brent crude futures for April delivery were up 2 cents at $83.07 per…
To further lower prices, the government on Tuesday declared it would release an additional 20 lakh tonnes (lt) of wheat into the market through the open market sale system (OMSS). The notification is made one day before the following round of wheat auctions to sell 11.72 lt. As of now, it has been determined to…
The Center will shortly launch a financial bid process for the privatization of NMDC Steel with a goal of concluding the deal in early 2023–2024. The share price of NMDC Steel increased 4.88% to settle at Rs 33.3 on Tuesday after going public at Rs 30.25 on Monday. The Centre’s 60.79% stake was valued at…
Due to supply shortages and increased demand, aluminium prices are expected to remain stable in 2023, especially if China relaxes Covid19 curbs, according to analysts. The Fitch Group’s research division Fitch Solutions Industry Research and Country Risk predicts that prices will continue to rise but not to the highs of 2022. On the other side,…
The rupee has appreciated only 1.14 percent against the dollar since the US Fed raised rates by a quarter point on February 1 thanks in part to Central Bank of India’s intervention in the spot and non-deliverable forward (NDF) markets. Although the dollar index (DXY) increased 3.60% during that time, the currencies of emerging markets…
The India Meteorological Department (IMD) has forecast that the daytime temperature will decline after Tuesday as the anticyclonic circulation above Gujarat moves towards the Arabian Sea following days of a persistent heat wave that jeopardized wheat yield, particularly in Gujarat and west Rajasthan. Yet as a precaution, the government has established a high-level committee to…
While the dollar weakened from a six-week high on Tuesday as traders awaited additional economic data to assess the U.S. Federal Reserve’s rate-hike policy, gold prices edged up on the global markets. At $1,843.23, spot gold was up 0.1 percent. At $1,851.80, U.S. gold futures rose 0.1 percent. On global markets, gold and silver came…
According to Ashutosh Tikekar, head of global markets at BNP Paribas India, the Indian rupee is anticipated to trade in a range of 81-84 against the US dollar in the upcoming quarter. The Reserve Bank of India (RBI) will continue to play a crucial role in controlling volatility. “In essence, the RBI has a significant…
After settling around $2 a barrel on Friday, oil prices were little changed in early Asian trade on Monday as increased supplies in the United States and expectations of additional interest rate hikes dampened optimism about China’s demand rebound. To reach $82.91 a barrel, Brent crude lost 9 cents or 0.1%. The price of March…
