UR Associates has come out with its report on agri sector. According to the research firm, better rainfall has increased the water levels in the 84 major reservoirs in India which will help to increase electricity production which will in turn result in more number of hours of electricity supply for our farm sector.
The near to normal rainfall during the period August 9th-15th has improved the monsoon situation further with deficiency now at 15% compared to normal. It appears far better if we compare it with the situation one month back (July 23rd, 2012) when the rainfall deficiency was at 22% below normal. The best part of this rainfall is that it has occurred more in areas where it was needed the most. The defiance in the Northwest region improved to 25% compared to 35% on August 1st, 2012 and situation in Southern Peninsula improved to 18% from 23% on August 1st, 2012.
Meanwhile the crop sowing acreage this season has now surpassed the normal sowing acreage in majority of the crops except pulses and coarse cereals. The gap has also narrowed down from 4.04 million hectares to 3.0 million hectares in the case of coarse cereals between August 9th to August 17th and from 1.83 to 1.18 million hectares in the case of pulses during the period.
The better rainfall has also increased the water levels in the 84 major reservoirs in India which will help to increase electricity production which will inturn result in more number of hours of electricity supply for our farm sector. The storage in the 84 important reservoirs is now 82% of last year level and 100% of the average of last ten years.
Tata Global Beverage completes acquisition of Russian tea and coffee venture- Tata Global Beverage Ltd has acquired the balance 49% stake of SuntyCo Holding Limited, the owner of the ‘Grand’ branded tea and coffee business in Russia, for an undisclosed amount. The Tata group firm had acquired 51% in the Russian firm along with European Bank for Reconstruction & Development three years ago from Alexander Borisov. According to Tata Global Beverage’s annual report for FY12, the firm held majority stake in SuntyCo, but had effective voting power of 27.5%.
Insecticides India Q1 net up 29%- Insecticides India Ltd (IIL) posted a 29% increase in its net profit at Rs 117.2 million for the quarter ended June 30, 2012. The company had clocked a net profit of Rs 90.7 million in the same period last year. The company's net income rose to Rs 1,488.3 million in the first quarter of the 2012-13 fiscal compared to Rs 1,218.2 million in the corresponding period a year ago.
Bajaj Hindusthan reports Q1 net loss of Rs 765.1 million- Bajaj Hindusthan reported a standalone net loss at Rs 765.1 million for the quarter ended June 30, 2012. The company had posted a net profit of Rs 11.5 million in the year-ago period. The net sales of the company rose to Rs 13.29 billion in the reported quarter of 2012 from Rs 10.51 billion in the year-ago period. The total expenses of the company rose to Rs 13.08 billion in the third quarter of the current sugar marketing season (October- September) from Rs 9.18 billion in the same period of the previous season. The company said in the filing that it has paid its entire sugarcane dues for the 2011-12 sugar marketing season as well as the balance sugarcane liability for the 2006-07 and 2007-08 season during April this year. Out of the total amount of Rs 14.95 billion raised through rights issues that came out in October last year, the company said it has utilised Rs 11.38 billion as of June 30, 2012 towards objects of the issue.
Shree Renuka Q1 net profit falls sharply to Rs 133 million- Shree Renuka Sugars net profit declined sharply to Rs 133 million in the quarter ended June 2012 as against Rs 1,870 million in a year ago period. Analysts on an average had a forecast of net loss at Rs 75 millon. Net sales fell by 33.75% to Rs 14.84 billion from Rs 22.4 billion during the same period, which was quite lower than expectations of Rs 22.45 billion.
Kaveri Seed doubles revenue in Q1- Kaveri Seed Company Ltd has doubled its revenues to Rs 4.8 billion in the first quarter ended June 30, against Rs 2.41 billion in the corresponding quarter last year. The net profit after tax for the quarter was put at Rs 1,010 million, against Rs 470 million, the company said.
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