Increase in IPP cap on production beyond reassessed capacity is a credit positive for urea manufacturers, says ICRASubmitted by Ashok Rawat on Tue, 04/04/2017 - 17:33
New Delhi [India], Apr 4 : Credit rating agency ICRA on Tuesday said that the Cabinet Committee on Economic Affairs (CCEA) has approved certain amendments related to increasing the IPP-linked cap on urea production beyond re-assessed capacity (RAC) in the New Urea Policy-2015 (NUP-2015) in a meeting held on March 31, 2017.
Further, to address any future fluctuations in the import parity price (IPP) that would have an adverse impact on the production beyond the RAC by urea units, the Department of Fertilizers (DoF) has been authorised to take an appropriate decision in consultation with Department of Expenditure.
New Delhi [India], Apr.4 : Cyient, a global leader in communications engineering and service management assurance services and solutions, today announced a collaboration with Amdocs to implement GE's Geographical Information System (GIS), Smallworld, as part of the Next-Generation Business/Operations Support System (NGBOSS) project for NetLink Trust.
The NGBOSS project aims to improve the user experience for NetLink Trust's customers with faster deployment of new fiber networks while reducing fault repair and outage times, as well as delivering improved service quality.
New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.
As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.
With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.
Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.
New Delhi [India], Apr.4 : Union Revenue Secretary Hasmukh Adhia on Tuesday revealed that the provisional tax collection for fiscal 2016-17 shows net growth of 18 percent.
Addressing media in the national capital, Adhia said that the government would shortly be issuing a detailed report on provisional tax collection.
In a tweet, he said, "Provisional tax collection figures for 16-17 released. Total net tax revenue grows at 18% to 17.10 lac cr, highest in last 6 years. Direct tax growth rate is 14.2% and indirect tax growth rate is 22%."
He said that direct tax collections upto March 2017 stood at Rs. 8.457 lakh crore, while indirect tax collections (Central Excise, Service Tax and Customs) for fiscal 2016-17 stood at Rs.8.63 lakh crore
New Delhi [India], Apr 3 : Indian mobile wallet major MobiKwik on Monday announced its association with Google Play for the customers to easily pay for their favorite apps and games in just one click.
The association will give access to a wide range of games, movies, fun and other entertainment apps and purchase them anytime without going to various authorized retailers.
"By associating with Google Play we want our customers to enjoy their cherished movies, read books, enjoy games and more without any problem. The users don't have to compromise with their wishes of purchasing any app on Google Play due to shortage of funds. MobiKwik takes every initiative to make our customers content and happy with our services," said Chief Business Officer at MobiKwik, Vineet K. Singh.
New Delhi [India], Apr 3 : Taxi aggregator Ola on Monday announced its effort to promote digital economy across the country as it integrated with Unified Payment Interface (UPI) to further simplify digital payment options for millions of customers.
The integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform. UPI integration will lead to one of the fastest mode of payment for millions of Ola users.
As the country has made significant stride towards cashless economy, UPI itself has seen great acceptance, with the value of transaction through the interface reaching to more than 1300 crore, according to recent RBI report.
For a nation that is looking to migrate completely onto a digital medium,
New Delhi [India], Apr 3 : World leader in digital security Gemalto released the findings of the Breach Level Index revealing that 33 reported data breaches led to almost 36.6 million data records being compromised in India during 2016, an increase of 14 percent compared to 2015.
Identity theft and unauthorized access to financial data were the leading type of data breaches in 2016, accounting for 73 percent of all data breaches. In addition, 61 percent of the data breaches in 2016 did not disclose the number of compromised records at the time they were reported in India.
New Delhi [India], Apr 3 : India's leading travel search engine ixigo has announced the launch of a wearable product that will change the way one perceives the world around them.
ixigo glass is a first-of-its-kind smart wearable that helps users see real-time comparisons for whatever they lay their eyes on. For instance, if a user is looking through the glasses and sees a bunch of cabs on the road, the glasses will project the various price offerings, telling them which one they can book at the lowest fare.
Bangalore (Karnataka) [India], Apr.3 : L & T Technology Services Limited, a leading global pure play engineering services company, is pleased to announce that it has been awarded the Golden Peacock National Quality Award, 2017, as a recognition of the company's consistent focus in enabling cutting edge technologies for global businesses.
The Golden Peacock Awards Secretariat conducted an exhaustive review of applicants' Quality Management Systems across various criteria such as best practices implemented, product and services development process, customer satisfaction scores, audit mechanisms and corporate governance structure among others.
Cotton on MCX settled down -0.24% at 21040 on higher supply in the domestic market. India's 2016-17 cotton imports are set to jump more than a third from a year ago to a record 3 million bales as the rupee's rise makes buying overseas cheaper, senior industry officials and executives said. The strong rupee - now at its highest level in 18 months - has also braked cotton exports from the world's biggest producer of the fibre, a trend that has helped rival suppliers in Brazil, the United States and some African countries boost their own exports. That total of 3 million bales would be 36 percent more than the 2.2 million bales imported in the 2015-16 crop year, with stocks coming mainly from African countries, the United States, Brazil and Australia.
Cardamom on MCX settled down -0.68% at 1303.8 following reports of increasing arrivals of the spices from Guatemala, though domestic supplies are weak. Despite estimates of lower output and tight stocks, cardamom prices are ruling easy due to higher imports from Guatemala. Prices remained under pressure due to cheaper imports, subdued exports demand and stock liquidation by stockists and planters. India exported 1,625 ton cardamom during Apr-Sept versus 2,026 ton a year ago. Harvesting is nearly complete and hence arrivals are unlikely to pick up. Exporters and north Indian dealers have slowed down because of the higher prices.
Maize on NCDEX settled up 0.57% at 1417 tracking firmness in spot demand and overseas prices. The USDA data showed weekly U.S. corn export sales of 716,000 tonnes for shipment during the current marketing season, below estimates for 900,000 to 1.2 million tonnes. Farmers may harvest at an estimated 14.32-million tonnes of maize in 2017‚ which represents the third-biggest maize crop on record. Favourable weather conditions have enabled producers to increase the area planted to summer crops‚ with maize output now expected to be 84% higher in 2017 than in 2016. In its second estimate for the year on Tuesday‚ the Crop Estimates Committee said it had revised the maize output estimate by 2.91% from the first estimate.
Jeera on NCDEX settled down -0.28% at 18120 on late selling after prices earlier gains on a lower output forecast and strong demand from overseas buyers. Exporters are likely to fetch better realisation due to the quality of the jeera crop. A recent assessment by the Federation of Indian Spices Stakeholders in Udaipur, Rajasthan, has forecast India’s cumin seed production at 5.83 million bags of 40 kg each (233,280 tonnes) this year against 4.20 million bags of 40 kg each (168,320 tonnes) last year. The latest spell of rainfall last week is estimated to have spoiled 30 per cent of the standing crop. Production estimates for 2016-17 are lower due to a decline in the jeera acreage in Gujarat.
Turmeric on NCDEX settled down -0.5% at 6376 as pressure continues as turmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable. In coming days, arrivals are expected to increase which could put pressure over prices. New crop arrivals have started in all the major producing centres of Andhra Pradesh, Telangana, Maharashtra, Odisha. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. On the export front, country exported about 82,115 tons during April-December period, up by 28% compared to last year exports of 64,105 tons. Though, some gains were capped on heavy arrivals from the producing belts.
Rmseed on NCDEX settled down -0.68% at 3953 tracking weakness in spot demand on higher stockpiles in local mandis. New mustard seed arrivals across the country totaled at 535,000 bags as compared to 350,000 in the previous session and crop quality is better than last year. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. The carry-forward stock from the previous season was around 0.15 mt. The Ministry of Agriculture expects 8.5 mt of mustard seeds to be produced in the current rabi season against 6.8 mt a year ago, as per its 4th advanced estimates.
Crude palm oil ended with flat node amid weak demand in export market. Malaysia palm oil exports during Mar 1-25 fell by around 1.2% compared to a month earlier on subdued demand from China, data showed. Malaysia palm oil exports fell to 896,621 tons during Mar 1-25 compared to 907,078 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Mistry expected price to test MAY 3,000 in April-May on lower stock and slow pace of recovery in production. Mistry maintains forecast that 3rd-month Bursa Malaysia Derivatives futures at MYR 2,500 per ton, or FOB olein at $620 per ton, are strong supports in the fourth quarter of 2017.
Ref.Soya oil on NCDEX settled down -0.43% at 623.1 on hope of increasing supply in near term and higher stockpiles. Prices of oil were down on higher supply as inventories with traders and stockiest is sufficient and they have opted to buy as per requirements to cater retail demand. Moreover, soyoil stock at various ports of the country totalled at March 20 at 121,000 tons as compared to 94,000 tons a week ago, which is sufficient to meet the demand. According to data released by the Solvent Extractors' Association of India (SEA), India's edible oil imports rose 15.8% on year to 1.23 mt in February. The government has cut the base import price of soyoil by $9 per tonnes for second half of March. The base import price of crude soyoil is now at $805 from $879 during Feb first half.
Soyabean on NCDEX settled down -0.17% at 2941 on higher arrivals in local mandis and on subdued demand for soymeal from poultry sectors. Arrivals in the local mandis were estimated at 130,000-133,000 bags today as compared to 50,000-65,000 bags on the previous day. Demand from crushers is just to meet the immediate requirement due to negative crush margins. Demand for soymeal is also weak from domestic buyers due to lean demand for eggs and broilers during summers. Soymeal demand from poultry feed manufacturer is reducing at higher level as most of the poultry farmers are facing decline in profit margin if they procure soymeal at higher level.
Menthaoil on MCX settled down -0.23% at 992.9 because of fall in demand in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Production was lower due to un-favorable weather conditions during the crop’s harvesting period. Traders and stockists in major market of UP maintain that the near term price outlook will be bullish. This is because nearly 14500 MT of mint products were exported in six months of the current financial year. Hence mosttraders feel that exportdemand forthe complete financial year can be between27000 and 29000 MT Last year exports were reported lower at 23000 MT.
Aluminium on MCX settled down -0.35% at 126.8 on profit booking tracking LME aluminium closed down 0.5 percent at $1,962.50 a tonne, but still posted its biggest quarterly gain in 6-1/2 years, up nearly 16 percent. The metal hit its highest since December 2014 on Thursday ahead of the Chinese manufacturing data. Meanwhile LME stocks of aluminum sank below the 2 million-tonne level earlier this month and at a current 1,886,400 tonnes are at their lowest since December 2008. Excluding the metal that is awaiting load-out, the on-warrant total of 1,003,275 tonnes is the lowest since May 2008. Japan's quarterly premiums, which act as a benchmark across much of the Asian region, are in part a reflection of local market conditions.