Soyabean on NCDEX settled up by 0.72% at 2918 on account of lower supplies at the spot market. However, weak cues from international markets following reports of bumper crops, capped some gains. The supplies have been lower due to lower prevailing prices. There is steady domestic as well as export demand at lower levels. Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA press release. Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January. U. S. soybean futures closed little higher on Tuesday on bargain buying after prices fell for 10 of the previous 11 sessions. The expectations for the huge South American harvest may check upward movement.
Mentha oil on MCX settled down by -2.19% at 967.4 on fresh selling after the speculation that sowing activity had been inceresed in key production area. Mentha oil prices also dropped on account of muted demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. The weather looked good and everything seemed fine as of now as farmers are still under stress, as they have already suffered a lot because of demonetization. As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output.
Aluminium on MCX settled up 0.08% at 125.4 as prices recovered from lows as support seen after substantial increases in cancelled warrants. Prices also seen supported amid renewed calls for an appropriate response to overproduction in China’s aluminium sector. Total cancelled warrants are now their highest since July last year at 895,255 tonnes, of which almost 225,000 tonnes were booked this week. Cancellations account for 45.5% of the 1,964,600 tonnes of stocks. On- warrant or available metal at 1,069,375 tonnes is at its lowest since July 2008. Outside of the regional premium arbitrage and warehouse games, the flurry of cancellations has also created a bottleneck in PGS warehouses in Busan and Port Klang.
Nickel on MCX settled down -0.78% at 658.4 tracking LME prices falling 1.4 percent to end at $10,020, pulled down by losses in Chinese steel futures. Prices also remained under pressure on concerns that U. S. President Trump had yet to implement mooted tax cuts and infrastructure spending. The INSG estimates that global nickel market was in a small deficit of 1,130 tonnes in January 2017 after recording a deficit of 41,520 tonnes in the whole of 2016. The INSG expects a deficit of 66,000 tonnes this year amid growing demand from the stainless steel sector. Nickel experienced upside earlier in the month when Philippine President Rodrigo Duterte threatened to stop all mining in the world’s biggest exporter of nickel.
Zinc on MCX settled up 1.5% at 186.65 as support seen after the update that Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru as a precaution amid flooding and mudslides that have disrupted transportation and restricted running water in the Andean country. The company told that it was carrying out maintenance work to restart operations as soon as weather conditions allow. It declined further comment. Peru, the world's third- biggest producer of zinc and second-largest copper producer, is bracing for another month of flooding after a sudden warming of Pacific waters off Peru's coast unleashed deadly downpours in recent weeks.
Copper on MCX settled up 0.73% at 381.90 edged higher reversing losses that led prices to trade at a one-week low, as stocks recovered slightly and investors closed out short positions. Support seen after London Metal Exchange copper edged up 0.1 percent to $5,818 a tonne adding to a 0.6 percent gain from the previous session when prices plumbed their lowest since March 10 at $5,715 a tonne as broader investor sentiment revived. In Peru, a 1,300-worker strong strike at Freeports' Cerro Verde mine which recently underwent a massive expansion is set to end on Thursday on government orders, but the union vowed to down tools again on Friday.
Naturalgas on MCX settled down -1.29% at 198.20 on profit booking pulled back from the strongest level since February as traders continued to monitor shifting early-spring weather forecasts. Warm to mild conditions will dominate most of the U. S. this weekend, even as a spring-like weather system with heavy showers and thunderstorms impacts the central U. S. Next week will be mostly mild to warm across the country with limited demand for heating or cooling besides the far northern U. S., according to forecasters at NatGasWeather. com. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw of 147 billion cubic feet in the week ended March 17.
Crudeoil on MCX settled down -0.13% at 3164 prices were a bit lower as recovered from steep early losses after government data showed gasoline stockpiles continued to fall last week. Yesterday the EIA said that crude oil inventories rose by 5 million barrels to 533.1mbls compared to estimates of an increase of only 2.8mbls. Gasoline inventories dipped by 2.811 million against expectations for a draw of 2.008mbls while distillate stockpiles fell by 1.910 million barrels, compared to expectations of a 1.386 million decline. While Crude have slid for a third straight day, as fears grew that a ramp up in U. S. crude and shale oil production may dampened OPEC’s efforts to rebalance supply and demand in the industry.
Silver pared gains to settle flat amid doubts over President Trump's economic policies while weaker than expected economic data supported upside momentum. U. S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining prospective buyers. With the U. S. workforce nearly fully employed and inflation heading toward 2 percent, the Federal Reserve should raise interest rates two more times this year and continue work on a plan to gradually trim its massive balance sheet, Dallas Federal Reserve Bank President Robert Kaplan said. A report released by the Conference Board showed that its index of leading U. S. economic indicators climbed to its highest level in over a decade in February.
Gold prices gained as the dollar fell to seven-week lows and bond yields sank on uncertainty over the economic policies of U. S. President Donald Trump. A lack of concrete policy from the Trump administration is increasing gold's attraction as a safe-haven investment. U. S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining prospective buyers. Most U. S. and European share indexes fell or were little changed, while the greenback extended losses to a seven-week low against a basket of major currencies, on concerns over potential delays to Trump's pro-growth policies unnerved investors. Gold was also supported by a further drop in U. S.
New Delhi [India], Mar 20 : Private sector bank ICICI Bank Ltd on Monday announced the launch of a unique mobile banking app 'Mera iMobile' for rural customers that will allow them to access banking services as well as information on agri services.
The app allows users in rural areas to avail as many as 135 services, some of which are unprecedented in the industry.
It will enable the users to save the time and cost of visiting a branch to avail these services. The list of services include Kisan Credit Card, Gold Loan, Farm Equipment Loan and loans to Self-Help Groups (SHGs).
The app also enables them to undertake an array of frequently used banking services from their smartphone, without using mobile internet services.
New Delhi [India], Mar. 20 : E-commerce major Snapdeal announced the appointment of Jason Kothari as the Chief Executive Officer of FreeCharge and a commitment to invest an additional USD 20 million in the company.
In addition to his appointment, Jason will continue his key leadership role as Chief Strategy and Investment Officer at Snapdeal. He will also join the Board of Directors of FreeCharge.
"As India moves towards a cashless and digital economy, we are certain that FreeCharge will play a pivotal role in the transition. We remain committed to the success and vision of FreeCharge. Jason is a strong, strategic and versatile business leader and entrepreneur who has already been the CEO of two successful companies," said Kunal Bahl, Co-founder and CEO, Snapdeal.
New Delhi [India], Mar. 20 : The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services Tax (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.
The aforementioned legislations are reported to be taken up for discussion in the Parliament later this week.
The meeting held earlier today was chaired by Prime Minister Narendra Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the GST to be rolled out as per schedule on July 1, 2017.
The Central, State, Union Territory and Integrated GSTs were earlier approved by the GST Council after multiple discussion over 12 meetings of the Council held in the last six months.
New Delhi [India], Mar 20 : Digital wallets are set to be inter operable as Reserve Bank of India (RBI) prepares to open up the Unified Payments Interface platform as a part of government's digitization program. RBI is expected to issue guidelines shortly on interoperability and 'Know Your Customer' (KYC) norms for digital wallet companies.
Interoperability will allow direct money transfers to other digital wallet providers without having to go through a traditional bank.
As soon as RBI clears the norms and prescribes guidelines for it, it will become easier to transfer and pay money from one wallet to another wallet.
New Delhi [India], Mar. 20 : Idea Cellular on Monday announced that the board has approved its merger of Vodafone India Limited (VIL) and its wholly-owned subsidiary Vodafone Mobile Services Limited (VMSL) with itself, thus paving way for the creation of India's largest telecom entity.
As per minutes of the meeting held earlier today, Vodafone will hold 45 percent in the combined entity. Idea promoters will hold 26 percent in the combined entity.
Vodafone will own 45.1 percent of the company after transferring a stake to the Promoters of Idea for Rs. 38.74 billion in cash, post completion of the amalgamation.
New Delhi [India], Mar. 20 : For the fourth consecutive year, Wabco India, a provider of technologies that improve the safety, efficiency and connectivity of commercial vehicles was the Official Braking Technology Partner for Tata Motors at the T1 PRIMA Truck Racing Championship Season 4, on Sunday at the Buddh International Circuit, Greater Noida.
Wabco India demonstrated its advanced safety and efficiency technologies on the race track, one of the most challenging operating environments for heavy-duty trucks.
New Delhi [India], Mar. 19 : After the Bharatiya Janata Party's (BJP) astounding victory in the recently-concluded Uttar Pradesh Assembly Elections 2017, apex industry body ASSOCHAM has said that the need of the hour in the state is ensuring adequate electricity supply in the coming summer, giving urgent relief to Bundelkhand and finding lasting solutions for arrears of sugarcane farmers.
The top priority of the new government should be to drastically improve the quality and quantity of power supply in the ensuing summer. Like several parts of the country, the challenge is not as much generation and availability of power but the financial health of the power utilities, mostly in the state ownership.
New Delhi [India], Mar 18 : Faced with high expectations created by a massive mandate given to the BJP, the incoming Chief Minister of Uttar Pradesh has to meet immediate challenges of ensuring much better electricity supply in the coming summer, give urgent relief to Bundelkhand and find a lasting solutions for arrears of sugarcane farmers, the ASSOCHAM said on Saturday.
The Uttar Pradesh has a sizeable annual budget of about Rs. 3.5 lakh crore with a deficit of about Rs. 50,000 crore. Though there is a scope for bettering the state balance sheet, its fiscal situation is not as bad as some states, the chamber said.
New Delhi [India], Mar 18 : Marico has acquired 45 percent stake of one of the most renowned brands today in the men's grooming segment, Beardo.
The acquisition has happened for an undisclosed amount and the equity is slated to be acquired in the duration of two years, following primary infusion and secondary buy-outs.
Owned by Ahmadabad based Zed lifestyle, Beardo has been funded by Venture Catalyst, the leading seed investment and innovation platform in India.
New Delhi [India], Mar 18 : Forever 21, a leading fast fashion brand from Aditya Birla Fashion and Retail Ltd. debuted in West Bengal with their very first store launch in Siliguri. The brand is focusing on strengthening its foothold in the country by exploring newer markets like West Bengal. Forever 21 is a pioneer in the fast fashion category, which makes it the most preferred fashion destination for young and fashion conscious consumers.