BUSINESS
Bitter Chocolate: Roaring cocoa prices may make dessert more expensive
Indian cocoa bean prices have touched a record Rs 650 per kg, triggered by surging rates in the global market. Local prices are up 200 percent from a year ago, when the rates ranged between Rs 200 and 220 per kg.
BUSINESS
Indian natural rubber prices may hit Rs 200/kg, the highest this decade
Increasing rubber prices will impact the prices of products like tyres, and manufacturers may be compelled to pass on the costs to consumers.
BUSINESS
India likely to miss ethanol blending target this year as govt restricts diversion from sugarcane molasses
The Centre fears a production drop in Maharashtra and Karnataka and is looking to keep stocks high in an election year; the sugar industry sees production at a comfortable level
INDIA
Seafood exports down in FY24, but global recovery expected to boost production and exports in coming months
Marine product exports touched $ 6.34 billion in the April 2023-January 2024 period as per Commerce Ministry figures. This is 7.5 percent short of the exports in the same period a year ago.
BUSINESS
Global supply shortfall, higher freight rates may raise edible oil prices
Though they are now lower than last year, the situation could change in a few months. Around 60% of the country’s edible oil requirement is met through imports. Among palm oil, soybean oil, sunflower oil and mustard oil, the first three largely depend on imports.
BUSINESS
Diverting maize for ethanol production will increase poultry feed prices, crimp margins
The poultry industry anticipates that 10-20 percent of maize could be used for ethanol production, which would increase the demand-supply gap further, causing a spike in maize prices.
BUSINESS
Gem and jewellery exports could drop to a 5-year low in FY24
However, green shoots of recovery have been sighted in January 2024, presaging rosier days ahead for the industry.
BUSINESS
Coffee export outlook dims as prices surge and shipping woes persist
The exporters reckon the shipments in January and February to be down by 20 to 30 percent as not much consignments are going.
BUSINESS
Seafood exporters hail budget steps to enhance aquaculture productivity
The finance minister said implementation of the Pradhan Mantri Matsya Sampada Yojana will be stepped up to also double exports to Rs 1 lakh crore and generate 5.5 million employment opportunities.
BUSINESS
Rubber prices continue to soar, threaten to hit tyre market
There appears to be no respite in the near term from surging rubber prices in India due to shortage of supplies and delayed imports. Abnormal fall in production in Thailand is adding to the problem. The robust demand for tyres in an election year will put pressure on the sector.
BUSINESS
India's tea exports may see marginal decline despite geopolitical problems
Higher offtake by non-regular buyers may take Indian tea exports close to 220 million kg. In 2022, tea exports stood at 231 million kg
BUSINESS
Cotton prices to remain steady, even as demand continues to be sluggish
Prices may rise only after April as export demand picks up. Lack of sufficient orders and high prices had hit many mills in the first half of FY24
BUSINESS
Seafood boom: Premium companies dive into thriving Indian market amid global export challenges
The organised premium seafood players are growing 30 percent annually, against 9-10 percent growth in the local seafood market, as Indian customers warm up to products such as shrimps, lobsters, prawns and seer fish.
INDIA
Rubber Bill: Growers demand inclusion of MSP, agricultural status in legislation
The cultivators feel that the third draft of the Bill is skewed towards the manufacturing industry. The Bill, which is likely to be introduced in Parliament before the elections, aims to promote and develop the rubber industry.
BUSINESS
Coffee brewers increase level of chicory blending in bid to curb price rise
Chicory prices, too, have gone up in India on higher demand and a crop shortfall this year.
TECHNOLOGY
Tyre sector riding high on burgeoning car sales
However, the performance of the heavy commercial tyre segment has not lived up to expectations. Exports too are a worry, with many Western countries facing inflationary trends.
BUSINESS
FY24 to mark yet another year of record garlic exports from India
A shortage of the spice globally, coupled with lower supply from China, the largest producer of garlic, has placed India in a sweet spot.
BUSINESS
Ban on use of sugarcane juice for ethanol to hit fuel-blending target, sugar mill revenues
The government’s move was perhaps in order to check a drop in sugar output following reports of a possible shortfall in sugarcane production. A 25% drop in sugar output is expected in Maharashtra, while production in Karnataka is also down
BUSINESS
India unlikely to meet FY24 seafood export target of $9.25 billion
Tepid buying from the US, China, Japan and Europe is one of the factors. The US is getting a lot of shrimps from Ecuador cheaply as transportation costs and the time needed for delivery are less. The US is the leading buyer of Indian seafood.
BUSINESS
Sweet crisis: Indian chocolate industry reels under 45-year high cocoa prices, but keeps it delicious for consumers for now
Domestic chocolate makers may not hike prices before the next year, given the busy sales season during Christmas and New Year.
BUSINESS
India’s tea output, exports likely to be lower this year
Despite the decline in production, however, prices continue to remain weak.
BUSINESS
Cumin prices set to rise as export demand picks up
Export demand had slackened in the last few months as prices had shot up by 100-200% to Rs 500-700 per kg in June- October 2023, from a year ago.
BUSINESS
Dhanteras 2023: High gold prices take sheen off prospective sales in traditional high season
The industry does not foresee customers flocking to jewellers this year during the normally busy and auspicious time of Dhanteras and Diwali, but the high price could mean that revenue figures are not badly affected.
BUSINESS
SFO Technologies preparing for an IPO in 2 yrs to fund expansion plans
SFO Technologies has targeted a growth of 12 percent year-on-year (YoY), and hopes to clock a turnover of Rs 3,000 crore in the current year. The company has earmarked an investment of around Rs 800 crore over the next three years.
