India's 2012 monsoon rains are likely to hit the southern coas t on time hardly 1-days left, the weather department said, brightening farm output prospects as farmers can plan t crops such as cotton and paddy on time and reap good yields. More than half of the country's workforce is employed on farms. Rural spending - on goods ranging from te levision sets to gold jewelry -- increases when monsoon rainfall is normal, making the rainy season an important part of the broader economy. The four-month long rainy season starts over the Kerala coast and covers the re st of India by mid-July.
India's largest cigarette maker, ITC has reported a 26 per cent rise in profits during the fourth quarter till March 2012 mainly due to higher prices and strong performance of its food and agricultural business.
The company's net profit increased 16.14 billion rupees in the fourth quarter of the fiscal year till March 2012. It had reported a net profit of 12.8 billion rupees a year earlier. Market analysts were expecting the company to report a net profit of 15.7 billion rupees, according to Thomson Reuters I/B/E/S.
Brokerage House CLSA has given a buy call for Jain Irrigation. The company is into agriculture sector and offers irrigation solutions. There is an increase in demand for cost saving irrigation systems and Jain Irrigation is a pioneer in the sector in Indian market.
Brokerage house CLSA has given a target price of Rs 150 for Jain Irrigation. The analysts have expressed positive views about the reduction of debt for the company. With earnings upgrade, the current market price for the stock looks undervalued.
An Empowered Group of Ministers (EGoM) will hold a meeting under the chairmanship of Finance Minister Pranab Mukherjee to review the country’s natural gas allocation policy.
The meeting is to review the allocation after a severe fall in output form Reliance Industries’ KG-D6 block. The government says that the company is to blame for the fall in production but Relaince says that geological complexities caused the fall in production.
India’s Prime Minister Manmohan Singh has said that the agricultural sector is likely to grow at about 3.5 per cent per annum during the eleventh five-year plan and added that the growth must be scaled up to 4 per cent.
Dr. Singh also said that is aiming to double the spending on research and development in the agriculture sector by the end of the 12th Five Year Plan from one per cent of gross domestic produce (GDP) in the country.
According to a new study, the floriculture industry in India is likely to cross the mark of Rs 8,000-crore mark by 2015 after recording strong growth in the recent years.
The industry has recorded an annual growth rate (CAGR) of about 30 per cent and is estimated to be worth about Rs 3,700 crore. However, the industry only has a 0.61 per cent share in the global floriculture industry.
The state government in the south Indian state pf Kerala has formed a high-level committee headed by additional chief secretary C Jayakumar to look into the matter of the growing number of farmer suicides in Wayanad.
The committee is required to report within a week to the government. Three instances of farmer suicides have been reported in Wayanad district within the last one week.
More and more land in Gujarat is becoming cultivable with each passing day, for which Gujarat has been ranked topped among all the other states in the country.
“Revolutionary steps like investment in agricultural infrastructure to improve irrigation system, employment of latest technologies and establishment of a dedicated power grid to ensure regular power supply for agriculture sector has contributed to agricultural growth in Gujarat,” said DS Rawat, Secretary-General at Assocham.
Ministry of Chemical and Fertilisers, DOF announced the Nutrient based subsidy for complex fertilisers for FY12. Subsidies are revised upward on the back of higher international prices for raw materials/ fertilisers. Govt has emphasised that the fertiliser prices at farmgate should remain at current levels and there should be no significant increase in FY12.
Upward revision in subsidy for FY12: Subsidies for primary nutrients N, P & K and secondary nutrient S has been revised.
Building on economies of scale: Usher Agro has a cumulative rice milling capacity of 252,000 MTPA and wheat milling capacity of 75,000 MTPA. Additional 291,600 MTPA capacity expansion is under way at Chatta and is expected to commence by February 2011. This will drive volumes and economies of scale will facilitate future financials of the company.
Project Status: The company is expanding its storage capacity by installing 12 silos at its Chatta plant. Capacity of individual silo is 2500 MT. About 5 silos have already been installed and it takes about 1 week to install a single silo.
The Indian government has decided that it will again allow for export of cotton from November 1. This is being done since there has been a good monsoon this year and thus the production too has turned out to be good.
A high powered Cabinet ministerial committee had taken the judgment regarding the topic which was chaired by the Finance Minister and Agriculture Minister, Commerce Minister and also the Textiles Minister.
Amid the confrontation in agriculture, India's Bt cotton sensation story stands out still in the hullabaloo over Bt and GM crops. Consider the case of Mr. Gurtej Singh, from Ghragna, Punjab. The farmer builds a new home worth Rs. 20 lakh, bought one acre, invested in a teaching policy for his son and purchased a new car.
One more cotton farmer Mr. Nandkishore Raut, from Bhambraja village, Yavatmal, Maharashtra, bought 2 acres land, developed a new pucca home, and got a life insurance policy valued at Rs. 1.75 lakh for his son.
Farmers in dearth strikes districts in this uncommonly intense rains monsoon season will obtain a diesel subsidy of Rs 500 per hectare, agriculture minister Sharad Pawar declared here on Friday at the beginning of the National Conference on Rabi Campaign, even as the Centre awaits bumper crop production for most key Kharif crops counting paddy, coarse cereals, pulses, and sugarcane.
Oilseeds are the only crop where land is lower than usual and production is anticipated to be less than normal.
After revising down the crop forecast for Russia, the US Department of Agriculture has also cut the forecast for global wheat production and supply.
According to USDA, the wheat production would be lowered by 15.3 million tones and slip to 645.7 million tones. The crop production of Russia has been affected by extreme heat and drought which cut the production by 15%. Even the neighboring Kazakhstan has also reported cuts in forecast for wheat production.
After it was found that millions of tons of food grain were lost because of rotting in Indian warehouses for the lack of proper technologies, the government had decided to take some step.
India will be joining hands with Argentina for developing a new technology for warehousing and also to be able to access the existing ones in the South American nation.
Leading agrochemicals firm Monsanto India has declared its first quarter financial results for the fiscal year 2010-11.
The company has announced that it has registered a net profit of Rs 58.66 crore for the quarter that ended in 30th June, 2010.
This net profit figure has grown up by 12.59 % in this quarter as compared to the same quarter in the previous fiscal. This has been informed by Monsanto India in a filing at the Bombay Stock Exchange.
Even though his ministership is under threat, Sharad Pawar is sure that this year as the Agriculture Minister will be good. This is what he says when he predicts that the food grain production in India is going to be bumper this year.
Rise in total area under cultivation and the most-expected good rains this year are going to be the factors behind this good news.
It will help in reducing the inflation which is still in double digits and is expected to be above 8 per cent in 2011, as per reports.
The U. S. Environmental Protection Agency said on Thursday that Monsanto Co. Inc. has agreed to pay a $2.5 million fine for distributing a mislabeled pesticide.
The EPA also said that the fine is the largest civil penalty ever levied under the Federal Insecticide, Fungicide and Rodenticide Act.
The EPA further added that the mislabeled toxins were sold and distributed for use on cotton seed and contained genetically engineered pesticides.
The board of directors of Duncan has given approval for the induction of Jaypee Fertilizers and Industries as a strategic investor.
It is important so that the fertilizer unit of Duncan situated in Panki, Kanpur can be revived and rehabilitated. This is in line with the plans of Duncan Industries as per which it will hive off its fertilizer unit.
Basmati rice processor Rei Agro has declared its annual financial results for the fiscal year 2009-10. The company has posted a consolidated net profit of Rs 157.16 crore for the year that ended in 31st March, 2010. The net profit was reported to be Rs 60.92 crore for financial year 2008-09.
The net profit figure has grown up by mammoth 157% in this year as compared to last fiscal. So far as the net sales of the firm are concerned, it has gone up to Rs 1,214.29 crore during the January-March period of fiscal year 2009-10. It was Rs 853.69 crore for the same quarter last year.