BUSINESS
US rate hikes, strong dollar check Indian gold prices, offer relief to jewellers
Gold prices have increased only slightly after the decision to raise the basic customs duty on gold from 7.5% to 12.5%. The effective duty on gold now stands at 15.75%
BUSINESS
Cashew nut consumption in India soars, making up for a decline in exports
People embracing a plant-based vegan diet prioritize alternative sources of protein, instead of those derived from animals, resulting in soaring demand for nuts and nut-infused foods.
BUSINESS
Crop shortfalls keep chilli, cumin prices high, pose a challenge to spice exporters
In the aftermath of COVID-19, consumers in many countries have started using spices in their daily beverages and even adding them to their regular meals, potential new opportunities for Indian spice exporters.
BUSINESS
Rising synthetic rubber output helps cushion impact of high import costs for tyre makers
Non-tyre users of some synthetic rubber varieties that continue to be imported are struggling to cope with rising prices and want those products to be manufactured locally
BUSINESS
Cardamom prices fall on weak demand, exports may receive a boost
Cardamom prices are down from around Rs 1,000 per kg to Rs 750 to 850 per kg. The market expects the rates to decline further with a new harvest season round the corner
BUSINESS
Indian rubber growers, traders get e-platform that promises more transparency, payment security. Will it work?
For the first time in the history of commodities trading in India, two partnering banks will extend a zero interest rate facility to rubber sellers trading through the e-market.
BUSINESS
With people stepping out again, umbrella companies hope a wet monsoon will shower them with profits
After being hit hard by the pandemic, when lockdowns, WFH and online classes kept people home, umbrella makers are hopeful that predictions of a normal monsoon will revive their fortunes
TRENDS
Indoor shrimp farming: Kings Infra Ventures intends to make a splash with in-house tech
Kings Infra Ventures says its Sista 360 will benefit 10,000 farmers over the next five years. Its Eco Mari Culture (EMU), up for international patent, should take off in three months from Tamil Nadu.
BUSINESS
Tea prices slump on higher output, tepid demand at auctions
While domestic demand has remained flat, exports too have been hit by difficulties in shipping tea to Russia and Iran, the two largest buyers of Indian tea
BUSINESS
Red chilli supply shrinks, prices soar as surplus rains, pest attacks ruin crops
The hot spice has seen over 30% jump in prices this year as surplus rain and pests reduced the crop. With the harvest being completed in the major production centres, various trade estimates predict a 25-30% drop in the output this year
BUSINESS
Garment industry braces for tough times as cotton price rockets, demand for export ban is nixed
A cotton crop decline, along with increased demand by local mills and for exports, has sent the price of cotton rocketing by over 100%.
BUSINESS
Domestic travellers and wellness seekers pull Kerala tourism out of the woods
Hotels in Kerala are heavily booked for May and June, indicating a busy summer season for the tourism industry in the state.
BUSINESS
Indian farmers benefit from a sharp increase in exports; government cuts procurement for welfare programmes
Global buyers have turned to India, the second-largest producer of wheat, after the onset of the Russia-Ukraine war. Russia and Ukraine together accounted for 30% of the global wheat supply.
COMMODITIES
Bullion shines on Akshaya Tritiya; sales up 24% from pre-COVID levels
While business was good for the big jewellers, even the smaller ones have been able to wipe off their last year’s losses; a Rs 4,000 per gm fall in gold prices too helped.
COMMODITIES
Indian green coffee exports rise amid global crunch, price hike
Typically, Indian coffee competes with that produced in Vietnam, the second biggest coffee grower, and Indonesia, which with their cheaper produce find more buyers in Europe. But now these countries are struggling because of high freight rates to Europe. In comparison, Indian freight rates to Europe are lower.
BUSINESS
Indonesian move to halt palm oil export raises edible oil prices in India
South-East Asian nation to halt export from April 28. The price of sunflower oil has already been hit by the conflict between Russia and Ukraine, the two major suppliers. Other edible oils also expected to become costly. Industry says Indonesian move likely to be temporary.
BUSINESS
Gem, jewellery exports rise after COVID-induced sluggishness
As demand bounces back across the globe after the pandemic, manufacturing activities in India are also back to normal. Higher prices for diamonds also raised the value of exports. Also, many countries have turned to India for polished diamond purchases as supply from China has been disrupted by the pandemic and trade-related issues.
BUSINESS
Supply crunch keeps natural rubber price range-bound
Big dealers have held back stocks in anticipation of higher prices. “But they cannot hold for long and may have to release it. Tyre companies are also waiting for them to part with the stock as imports have become costlier with a surge in international prices,’’ says Pius Skaria, former president of Indian Rubber Dealers Federation
BUSINESS
COVID or price rise, poultry industry finds the going easy
Doctors recommending sufficient intake of proteins during the pandemic was one of the reasons for the industry’s buoyancy during the pandemic. Rising incomes, rapidly expanding middle class, emergence of vertically integrated poultry producers and lower production and marketing costs other factors.
BUSINESS
Seafood exports touch all-time high of $7.74 billion
Exports hit 99.12% of the target of $7.80 billion set for the year, despite COVID-related restrictions and logistics problems. In rupee terms, this translates to around Rs 58,000 crore, which is around 33% higher than the previous year. In FY22, India exported marine products to 121 countries, and the US remains the top destination.
BUSINESS
Animal feed manufacturers may see margins falling further
The conflict between Russia and Ukraine has triggered a global shortage of animal feed inputs, such as wheat and maize. With India trying to fill the gap by exporting its own stock of grains, animal feed manufacturers are left high and dry
TRENDS
Shruti Shibulal: "There is good demand from domestic tourists for wellness and treatment"
Business travel is coming back, as is travel for weddings and MICE (meetings, incentives, conferences and exhibitions), says Shruti Shibulal, founder of Tamara Leisure Experiences Pvt. Ltd.
BUSINESS
After Jawan Deluxe rum, Kerala to launch its own brand of brandy
Demand for the rum brand exceeds supply. Kerala is looking to replicate the success with the launch of wines and other beverages made using fruit like pineapple, banana and mango.
BUSINESS
Natural rubber prices head north
Slow production, import hurdles and costly crude oil prime factors. Prices of tyre-grade variety RSS-4 have moved up by over 7% in a month to Rs 172/kg. The lean season in April and May, and the anticipated rise in demand could propel prices to Rs 180-190 a kg. The Rubber Board has targeted 8 lakh tonnes of NR production this year.
