Home / In The News / India


Rajkot oilseeds complex open- December 14, 2017

Rajkot Oilseed Complex Open- December 14 * Edible oil prices were mixed in the early trades. * Groundnut oil prices improved due to restricted selling from oil mills. * Cottonseed oil firmed up due to retail demand. * Palm olien dropped due to supply pressure. On Thursday’s Arrivals; –Groundnut, in 35-kg bags: 0,60,000 versus 0,70,000 previous –Castor seed, in 75-kg bags:0,02,000-0,03,000 versus 0,13,000-0,14,000 previous Groundnut deliveries in 35-kg bags, and prices in rupees per 20 kgs, in some of the main markets in the Saurashtra region of western state of Gujarat: Previous deliveries price deliveries price Rajkot 11,000 0,670-0,820 14,000 0,642-0,810 Gondal 18,000 645-0,833 20,500 650-0,847 Jasdan 1,000 626-0,821 1,000 646-0,825 Jamnagar 06,000 655-0,844 06,000 654-0,871 Junagadh 07,000 620-0,825 07,500 630-0,844 Keshod 04,000 632-0,810 04,500 650-0,846 Opening Rajkot groundnut prices, in rupees per 20 kilograms: Groundnut small Groundnut bold Thursday’s open Previous end Thursday’s open Previous end Market delivery 0,740-0,820 0,682-0,810 0,670-0,810 0,642-0,790 (auction price) Market delivery 0,000-0,000 0,000-0,000 0,000-0,000 0,000-0,000 (traders price) Plant delivery 0,000-0,000 0,000-0,000 0,000-0,000 0,000-0,000 Auction prices of other oilseeds, in rupees per 20 kilograms, and deliveries on 100-kg bags at Rajkot:

India’s Nov oil imports surged 14 pct from Oct – trade data

NEW DELHI, Dec 14 – India’s oil imports rose 14.1 percent in November compared to the previous month, according to ship tracking data obtained from industry sources and data compiled by source. India’s oil imports in November surged 12.1 percent from a year ago to 4.68 million barrels per day as the country increased its refining capacity. During November, the share of India’s oil imports from the Middle East declined to 57 percent while that of Latin America, Africa rose. The table shows India’s imports by country according to tanker arrival data. The imports include condensate.

WI-FI in India skies soon: TRAI to issue rules in 15 days

NEW DELHI: Surfing the net while flying in Indian skies is soon going to be reality. Telecom Regulatory Authority of India (TRAI) chairman R S Sharma Wednesday said “inflight connectivity (IFC) shall be allowed” and the way how that is to be done will be given by the month-end. “We are working on that and will issue the parameters for IFC of by the end of this calendar year, which means in the next 15 days or so,” Sharma said.

The aviation ministry had about two years back recommended that IFC be allowed Indian skies and since then the proposal has been shuttling between various ministries like home (for security clearances) and then telecom for working out the way it has to be done.

Once TRAI issues IFC rules, individual airlines can set up infrastructure in accordance with them and ensure that flyers can surf the net, receive and send emails while flying in Indian skies.

About two months back, had issued a consultation paper+ on IFC to frame rules for the same. The regulator is examining whether on board Internet should be allowed to flyers from the moment they board aircraft to when they alight or when the aircraft has reached an altitude of 3 km. And finally, whether Indian flyers should have access to both internet services and mobile communication services.

“Given the rapidly expanding demand for IFC, there is a proposal to introduce (it) for voice, data and video services over Indian airspace for domestic, international and overflying flight in Indian airspace. Department of Telecommunications (DoT), through its reference dated August 10, 2017, has requested TRAI to furnish its recommendations on licensing terms and conditions for provision of IFC for voice, data and video services and associated issues such as entry fee, licence fee, spectrum related issues including usage charges and method of allocation,” the TRAI paper had said.

Even foreign carriers that offer Internet on their planes have to switch the same off while overflying Indian airspace if their service-provider does not have an Indian server.

There are two main types IFC services: Internet services through Wi-Fi onboard and mobile communication services on board Aircraft (MCA). Internet services onboard are generally provided by all the IFC service providers. Lately, there is a demand for MCA services also, the telecom regulator says.

Air India seeking loan worth Rs 1,500 as working capital

MUMBAI: Debt-laden Air India is looking at raising short-term loans to the tune of Rs 1,500 crore to meet the urgent working capital requirements.

This is the third time since September that the disinvestment-bound national carrier is seeking bridge loan. In September, it had mopped up Rs 3,250 crore and in October Rs 1,500 crore. Air India has already secured a government-guarantee for the proposed loan, which it is seeking from December through January.

“Air India is looking for government-guarantee backed short-term loans, totalling Rs 1,500 crore to meet urgent working capital requirements,” according to the bid document.

Interested banks have to submit their bids by December 12, indicating the amount of loans they are willing to offer. The tenure of the loan will be up to June 2018 and could be extended.

Air India was promised Rs 50,000 crore in equity infusion until 2032 by the erstwhile UPA dispensation in 2012 to bail out the airline burdened with accumulated losses and debt to the tune of over Rs 52,000 crore.

Of this, it has already received Rs 24,000 crore but government is unlikely to infuse capital into the carrier any more following the disinvestment decision. The loss-making Air India is reeling under a debt of over Rs 52,000 crore, with about Rs 28,000 crore in working capital debt, and about Rs 4,000 crore as interest outgo.

Wholesale inflation for November at 8-month high of 3.93%

NEW DELHI: Inflation based on wholesale price index (WPI) accelerated further to 3.93 per cent in November due to a sharp rise in onion prices and costlier seasonal vegetables, government data showed on Thursday. The wholesale inflation now stands at a 8-month high, since the 5.99 per cent recorded in March this year.

It was 3.59 per cent in October this year, and 1.82 per cent in November last year.

The wholesale inflation overshot estimates as economists had predicted it at 3.70 per cent.

Onion, a kitchen staple, witnessed a whopping 178.19 per cent rise in inflation last month on annual basis. For seasonal vegetables too the rate of price rise accelerated to 59.80 per cent, as against 36.61 per cent in October.

Protein rich eggs, meat and fish as a category, however, grew at a slower pace of 4.73 per cent during the month, against 5.76 in preceding month. WPI inflation of food articles increased to 6.06 per cent last month, as against 4.30 per cent in October, as per the data released by the Commerce Ministry.

For manufactured goods, it was at 2.61 per cent during the month, almost static against 2.62 in preceding month.

Retail inflation, based on Consumer Price Index, hit a 15-month high of 4.88 per cent in November, as per the data released last week.

Government created 35,000 BPO seats in small towns: IT minister

NEW DELHI: The government has rolled out a massive BPO (business process outsourcing) outreach programme across the country and has managed to create 35,000 seats across smaller towns and cities, including Jammu and Kashmir, IT minister Ravi Shankar Prasad said on Wednesday.

The government’s ambitious BPO scheme aims to create over 48,000 BPO seats in smaller towns to get them on the global digital map of the country. “We are confident of reaching the target in the coming six months,” Prasad said.

The scheme, rolled out in 2015, aims to promote BPO operations in smaller towns, and provides special incentives of up to Rs 1lakh per seat in the form of viability gap funding. Disbursement of financial support is directly linked to job creation. “BPO is becoming a platform for digital aspiration in smaller towns, as part of this scheme.

BPOs in smaller cities and towns will be the biggest accelerator of digital empowerment,” the minister said. He said after four rounds of open bidding process, 18,160 seats had been allocated to 109 units of 87 companies across 60 locations in 19 states.

Some of the new locations where operations have started under the BPO scheme are Tirupati, Guntupalli, Rajamundry (Andhra Pradesh), Patna and Muzaffarpur (Bihar), Raipur(Chattisgarh), Baddi and Shimla (Himachal Pradesh), Sagar(Madhya Pradesh), Bhubaneshwar, Cuttack and Jaleshwar (Odisha).

Bids have also been received for locations like Chittoor, Mathura, Jahanabad, Gaya, Vellore, Tirupur among others and are being evaluated.

Under another similar scheme for Northeast region called the ‘North East BPO Promotion Scheme’, which entails another 5,000 seats, 1,630 seats have been allocated to 11 companies across five states.

The outlay for the ‘India BPO Promotion Scheme’ is Rs 493 crore, while that of ‘North East BPO Promotion Scheme’ is Rs 50 crore, Prasad said.

“Together the schemes are allowing the youth to find jobs in their own cities and towns instead of migrating to urban clusters. It is also allowing us to be cost-competitive vis a vis international BPO destinations like Ireland, Vietnam and the Philippines,” the minister said.

Indians invested more in stocks than in FDs in fy17

MUMBAI: Indian investors are finally moving from bank fixed deposits (FDs), real estate and gold, the traditional investment products, to equities and mutual funds. In FY17, Indians invested Rs 8 lakh crore in stocks compared to Rs 3.4 lakh crore in FDs.

At the end of FY17, total investments by Indians in equities at Rs 37.6 lakh crore was just Rs 2.5 lakh crore short of total FDs, pegged at Rs 40.1 lakh crore. This is the closest that the total equity wealth of Indian investors have ever come to bank FDs, a report by Karvy Private Wealth showed. At the end of FY16, the difference was over Rs 7 lakh crore with Rs 36.8 lakh crore in FDs compared to Rs 29.6 lakh crore in stocks, the report showed.

The wealth management firm believes total investments by Indians in equities will surpass wealth in bank FDs by the end of the current fiscal, helped by demonetisation, GST and the stock market rally of the last few years. “After losing a bit of traction, financial assets have regained their pole position in FY17. Wealth creation through equities has not been restricted to big institutional investors as individual participation, too, saw a huge jump via the direct as well as mutual funds route,” said Abhijit Bhave, CEO, Karvy Private Wealth.

The report also showed that investors were lapping up equities at a faster pace than they bought insurance. At the end of FY16, total investments in insurance was Rs 25.5 lakh crore, which rose to Rs 30 lakh crore by FY17. While equity investments registered a growth of 26.8 per cent during this one year, the corresponding number for insurance was 17.8 per cent.

The report also pointed out that in FY17, the total wealth held by individuals in India grew by 11 per cent to Rs 344 lakh crore, which would nearly double to Rs 639 crore in the next five years.

During the previous fiscal, individual wealth in financial assets grew by 14.6 per cent to Rs 204 lakh crore. “This growth was driven by direct equity (26.8 per cent growth), mutual funds (39.2 per cent), savings deposits (27.9 per cent) and current account deposits (39.7 per cent). Over 66 per cent of wealth in financial assets is held in direct equity, FDs, insurance and savings deposits, the report said.

GST rate cut not benefiting citizens; 15,000 cases of MRP violations booked

BENGALURU: Even a month after the Centre slashed GST rates on 212 items, the entire benefit is yet to reach consumers. Legal metrology sleuths have booked over 15,000 cases of MRP violations across India, with restaurants figuring among the top violators. The fast moving consumer goods (FMCG) sector, especially bottled mineral water and aerated drinks, is found to be most vulnerable to illegal trade practices.

“Cases of MRP violations and anti-profiteering are being registered across the country and we are compiling a report based on inputs from individual states. It’ll be submitted to the Parliament on December 15,” said B N Dixit, director of the department of consumer affairs, Government of India.

Dixit said a few sectors were compliant with the antiprofiteering clause of the GST law and were promptly passing the benefit of lower prices to consumers. Many sectors were still selling goods at older prices, he added.

The GST Council had on November 15 reduced tax rates and moved 177 items from the highest slab (28%) to 18% and lower brackets. The Centre had also set up an anti-profiteering authority to monitor compliance. The traders were told to reduce MRP in accordance with the lowered GST in consultation with manufacturers and affix stickers of the new MRP on packages.

“If traders affix the new MRP, then it must not mask the older one, as the consumer should know the difference between the old and new price. But many traders are found to be selling at old MRPs. There have been instances where sellers are collecting higher prices than the old MRP in the guise of GST,” said M Mamatha, assistant controller of Karnataka Legal Metrology.

Check Also

Gulf In Focus

GULF STATES – ECONOMICS & FINANCE Guests from UAE and Saudi Arabia dominate hotel eid …

Leave a Reply