SELECT PULSES REMAIN WEAK ON MUTED DEMAND
New Delhi, Jun 23 () Select pulses led by urad fell by up to Rs 200 per quintal at the wholesale pulses market on Friday following easing demand against ample stocks position. Traders said besides low demand from retailers, sufficient stocks position on increased supplies from producing regions, mainly put pressure on urad and other pulses. In the national capital, Urad and its dal chilka drifted lower by Rs 200 each to Rs 4,800-5,700 and Rs 4,900-5,000 per quintal respectively. Its dal best quality and dhoya followed suit and traded lower by a similar margin to Rs 5,000-5,500 and Rs 5,400-5,600 per quintal. Arhar and its dal dara variety also weakened by Rs 50 and Rs 100 to Rs 3,650 and Rs 5,700-7,500 per quintal, respectively.
PISTACHIO FALLS ON SUBDUED DEMAND
New Delhi, Jun 23 () Pistachio prices eased by Rs 10 per kg in the national capital on Friday largely due to subdued demand from retailers and stockists. Adequate stocks position following increased arrivals from overseas markets also put pressure on pistachio prices. Pistachio (hairati and peshawari) fell Rs 10 each to settle at Rs 1,390-1,440 and Rs 1,490-1,540 per kg, respectively. Traders said muted demand from retailers and stockists against increased arrivals, mainly led to the fall in pistachio prices. Following are quotations (per 40 kgs):
Almond (California) Rs 16,900-17,100, almond (Gurbandi) Rs 12,000-12,100, almond (Girdhi) Rs 5,000-5,200; abjosh afghani Rs 8,000-23,000, almond kernel (california) Rs 605-610 per kg, almond kernel (gurbandi) Rs 725-800 per kg, chilgoza (Roasted) (1 kg) Rs 2,500-2,700, cashew kernel 1 kg (no 180) Rs 1,075-1,085 cashew Kernel (no 210) Rs 950-960, cashew kernel (no 240) Rs 900-925, cashew kernel (no 320) Rs 800-825, cashew kernel broken 2 pieces Rs 670-770, cashew kernel broken 4 pieces Rs 650-765, cashew kernel broken 8 pieces Rs 550-660, copra (qtl) Rs 8,500-10,500, coconut powder (25 kgs) Rs 3,900 -4,300, dry dates Red (qtl) Rs 2,400-12,000, fig Rs 20,000- 26,000, kishmish kandhari local Rs 10,000-15,000, kishmish kandhari special Rs 9,000-21,000, kishmish Indian yellow Rs 3,500-4,700, kishmish Indian green Rs 5,000-7,500, pistachio Irani Rs 1,000-1,100, pistachio hairati Rs 1,390-1,440, pistachio peshawari Rs 1,490-1,540, pistachio dodi (roasted) 700-800, walnut Rs 270-380 and walnut kernel (1 kg) Rs 800- 1,300.
GOLD SHINES ON GLOBAL CUES, JEWELLERS’ BUYING
New Delhi, Jun 23 () Gold prices rose by Rs 90 to Rs 29,190 per 10 grams at the bullion market on Friday positive global cues and increased buying by local jewellers. Silver also strengthened by Rs 50 to Rs 39,050 per kg, backed by increased offtake by industrial units and coin makers. Sentiment improved largely on the back of a firm trend overseas, as weaker oil prices drove up the demand for the precious metal, with a softer dollar and weakness in US Treasury yields also lending support, traders said. Globally, gold rose by 0.31 per cent to USD 1,253.90 an ounce and silver by 1.03 per cent to USD 16.69 an ounce in Singapore, a key price-setting Asian market. Besides, pick up in buying by local jewellers at domestic spot market fuelled the uptrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 90 each to Rs 29,190 and Rs 29,040 per 10 grams respectively. It had shed Rs 5 on Thursday. Sovereign, however, remained flat at Rs 24,400 per piece of eight grams in scattered deals. Tracking gold, silver ready went up by Rs 50 to Rs 39,050 per kg while weekly-based delivery gained Rs 110 to Rs 38,465 per kg. On the other hand, silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. SUN KPS ABM
CORIANDER, CHILLI RISE ON BUYING SUPPORT
New Delhi, Jun 23 () Coriander and red chilli prices rose by Rs 100 per quintal in the national capital on Friday in view of increased buying by retailers and stockists amid low stock.
Furthermore, fall in supplies from producing belts also supported the upside. Coriander and red chilli prices rose by Rs 100 each to conclude at Rs 6,000-12,100 and Rs 5,100-11,100 per quintal, respectively. Traders said buying support from retailers and stockists against fall in supplies from producing belts, mainly pushed up coriander and chilli prices. Following are quotations (in Rs): Ajwain (per kg) 120-170, black pepper (per kg) 525-710, betel-nut (kg) 260-300, cardamom brown-Jhundiwali (kg) 640-660 and cardamom brown-Kanchicut (kg) 700-1,040, cardamom small (kg)- chitridar 975-1,100, cardamom (colour robin) 830-850, cardamom bold 850-870, cardamom extra (bold) 970-980, cloves 560-670, chirounji (kg) Rs 575-725, cinnamon (kg) Rs 155-160, coriander (qntl) Rs 6,000-12,100, dry mango (qntl) Rs 5,000-18,000, dry ginger (qntl) Rs 10,500-16,000, kalaunji (qntl) Rs 7,500-7,800, mace-Red (kg) Rs 700-840, mace-Yellow (kg) Rs 920-940, methi (qntl) Rs 6,500-18,500, makhana (kg) Rs 360-410, nutmeg (kg) Rs 430-440, poppyseed (Turkey) Rs 370-400 kg, poppyseed (U.P) Rs 340-360 kg, poppyseed (MP-RAJ) Rs 370- 390 kg, red chillies (qntl) Rs 5,100-11,100, saffron Irani Rs (per gram) 120-135, saffron Kashmiri Rs (per gram) 150-160, saunf (qntl) Rs 8,000-14,000, turmeric (qntl) Rs 7,100-10,100, tamarind (qntl) Rs 4,200-5,100, tamarind without seed (qntl) Rs 6,500-8,000, tea (kg) Rs 110-290, watermelon kernel (kg) Rs 140-150, jeera common (qntl) Rs 19,100-19,200 and jeera best (qntl) Rs 21,500-22,000.
MENTHOL DECLINES ON REDUCED OFFTAKE
New Delhi, Jun 23 () Menthol prices were trading down by Rs 5 per kg in the national capital on Friday owing to reduced offtake by consuming units amid adequate stocks. Also, higher arrivals from producing belts in Uttar Pradesh weighed on the menthol prices. Menthol bold crystal, flake and mentha oil prices eased by Rs 5 each to conclude at Rs 1,095, Rs 1,045 and Rs 970 per kg, respectively. Traders said reduced offtake by consuming industries against increased arrivals from producing regions mainly pulled down menthol prices. Following are quotations: Ammonium chloride (50 kg) Rs 950-1,800, acetic acid (1kg) Rs 53-57, ammonia bicarb (25 kg) Rs 500-600, boric acid technical (50 kg) Rs 3,800-4,500, borex granular (50 kg) Rs 2,100-2,500, caustic soda flake (50 kg) Rs 2,250-2,350, citric acid (50 kg) (China) Rs 3,700-4,400, citric acid deshi (50 kg) Rs 3,600-4,500, camphor slab (1 kg) Rs 520, camphor powder (1kg) Rs 470, glycerin (1 kg) Rs 80-130, hexamine (1kg) Rs 98, hydrogen peroxide (1 kg) Rs 30-40, menthol crystal bold (per kg) Rs 1,095, menthol flake (1 kg) Rs 1,045 and mentha oil (1kg) Rs 970, paraffin wax (1 kg) Iran Rs 85-90, paraffin wax (1 kg) China Rs 85-95, paraffin wax (1 kg) Indian Rs 85-88, soda ash (50 kg) (Tata) Rs 1,325, soda ash (50 kg) (Gujarat) Rs 1,320, soda ash (50 kg) (DCW) Rs 1,320, soda ash (50 kg) (Birla) Rs 1,315, soda Hydro sulphate (1 kg) Rs 100-130, sodium hydro sulphite (1 kg) kalali Rs 128, sodium hydro sulphite (1 kg) (China) Rs 125, sodium hydro sulphite safolite (1 kg) Rs 170-195, sodium silicate (50 kg) Rs 1,100-1,500, sodium nitrate (50 kg) Rs 2,100-2,350, sodium nitrite (50 kg) Rs 2,500-2,700, sodium bio-carbonate-tata (50 kg) Rs 1,425, stable bleaching powder-chambal (25 kg) Rs 380, tartaric acid-France (1 kg) Rs 480, thymol (1 kg) Rs 410, titanium dioxide (1 kg) Rs 190-280, oxalic acid (pcpl) 50 kg Rs 2,650-2,750 and zinc oxide (Kg) 160-200.
TOP 5 INDIAN IT FIRMS TO DECELERATE THIS FISCAL: STUDIES
BENGALURU : US based research DeepDive and Everest Group have forecast that organic constant currency revenue growth for the top five Indian IT firms TCS, Cognizant, Infosys, Wipro and HCL Technologies will drop to 6.9 per cent in the ongoing fiscal, from 7.9 per cent in the preceding year ended March. The collective growth of the five has dropped for the last seven quarters, from 13.2 per cent in the June 2015 quarter to 6.9 per cent in the March 2017 quarter, underscoring the pressures the companies have been facing. Rod Bourgeois, head of research at DeepDive Equity Research, said he maintains a cautious outlook on secular growth challenges, though he sees signs of cyclical demand improvement. The $155 billion Indian IT industry is in the midst of structural changes as their customers are migrating to a cloud environment, a game changer for businesses of all sizes that reins in capex spending and collapses time-to-market by a huge measure. Automation and devops, an offshoot agile software development encompassing iterative and collaborative work, are also accelerating this trend.
GOVT TO LAUNCH NATIONAL DATA REPOSITORY ON JUNE 28
NEW DELHI: The government will next week launch India’s maiden National Data Repository (NDR) that will assimilate, preserve and upkeep country’s vast sedimentary data for future use in oil and gas exploration and production. Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan will on June 28 launch the NDR, which will aid India to switch over to an open acreage licensing regime where companies can choose areas they want to explore. At present, the government selects and demarcates areas it feels can be offered for bidding in an exploration licensing round. Under the open acreage licensing (OAL), companies can visit NDR and look at vast seismic data of currently producing fields and explored areas as also those of unexplored areas, official sources said. From the areas that are not under any licensee, they can then carve out an area suitable to them and evince interest in doing exploration and production.
Once an area is selected, the government will put it up for bidding and any firm offering the maximum share of oil or gas produced from the area would be awarded the block. Sources said already a vast amount of data has been populated – over 9.3 lakh line kilometres of 2D seismic, 2.8 lakh square km of 3D seismic and 1,717 well data. The NDR will be wholly funded by the government of India and housed with the Directorate General of Hydrocarbons (DGH).
SBI DOUBTS ABILITY OF TELCOS TO SERVICE LOANS
NEW DELHI: State Bank of India (SBI) on Thursday sought the provision of spectrum as a collateral as it expressed doubts over ability of the mobile companies to service their loan. Banks have demanded that they should be allowed to take over spectrum (as it is not permitted under the current regime) allocated to telcos in case of a default. SBI’s suggestion came on a day when telecom minster Manoj Sinha met captains of the telecom industry to take stock of their financial distress.
AIR INDIA DEBT UNSUSTAINABLE, SHOULD GO TO PRIVATE HANDS: PANAGARIYA
NEW DELHI: Air India should be privatised as its debt level is “simply not sustainable” and government action on the airline’s future course is likely within six months, Niti Aayog vice chairman Arvind Panagariya said. The government is looking at various options, including possible privatisation, to revive the loss-making national carrier and Tata group is believed to be interested in buying stake in Air India. “I think really where Air India stands now, it is almost a matter of existence. The debt is already about Rs 52,000 crore (and) we are adding of Rs 4,000 crore debt every year so this is simply not sustainable,” Panagriya said. In an interview, he said: “In the end, I think the airline does need to go with management in the private hand.” While discussions are going on to decide the future course of action for Air India, Niti Aayog has recommended complete privatisation of the airline. Panagariya said further that something should be happening this year with respect to Air India. “We are in June, so we have six months (more) this year.
ESSAR STEEL, BHUSHAN FACE BANKRUPTCY PROCEEDINGS
NEW DELHI: Lenders led by SBI are set to initiate action under the Insolvency & Bankruptcy Code (IBC) against Bhushan Steel and Essar Steel, which will join companies such as Electrosteel, Monnet Ispat, Alok Industries and Jyoti Structures. Sources said SBI will take the two companies with combined loans of Rs 85,000 crore to the joint lenders forum and formal action is expected to be initiated next month. In case of the other companies, the country’s largest bank plans to approach the National Company Law Tribunal (NCLT) by June 30. Separately, Punjab National Bank is initiating action against Bhushan Power & Steel. The two Bhushan Group companies with combined debt of over Rs 80,000 crore are seen as examples where the lenders were more than liberal in sanctioning loans and are among the most capital-intensive steel plants, at least in India. Empowered by an ordinance promulgated to tackle record bad debt, the RBI had instructed banks to initiate insolvency and bankruptcy proceedings against 12 companies as part of the clean-up drive.