BUSINESS
Second wave of COVID-19 worsens tourism woes of Kerala
The tourism industry contributes 12 percent to the state’s GDP. Though the govt tied up with many banks for loan schemes to revive the sector, the response has been poor. In fact, even after the govt said it will pay 50% interest charges, banks are reluctant to lend, fearing defaults
BUSINESS
Chinese love for Indian red chilli hoists exports of the spice to a record
China’s import of red chilli from India has grown dramatically from under 10,000 tonnes until FY18 to nearly 75,000 tonnes in the following year and about 1.4 lakh tonnes in FY20 as Chinese people have taken a fancy to the Indian spice, which is much hotter than their locally grown low-heat paprika chilli
BUSINESS
India’s rubber imports likely to rise as tyre demand up but rain and COVID-19 hit local supply
The demand for natural rubber is rising in step with the recovery in sales of tyres, but local supply has not been able to keep pace with demand because heavy rainfall and COVID-19 restrictions in Kerala, the largest producer, has hit the local supply of rubber
BUSINESS
Gold loan defaults rise after COVID-19 second wave, drop in prices
A 15 percent fall in gold prices and the onset of the COVID-19 second wave took gold loan borrowers by surprise, setting back their repayment ability. Banks and NBFCs are trying to avert a crisis by offering them alternatives.
BUSINESS
‘Sheer harassment’ forced withdrawal of Kerala investment plan: Kitex Garments MD
Kitex Garments has defended its track record on working conditions and pollution control, against which complaints were received, leading to raids and inspections on the company. It’s optimistic of doing better business this year as the US, its biggest market, recovers from the pandemic.
BUSINESS
Explained | Kitex Garments controversy: Why the company pulled its proposal to invest Rs 3,500 crore in Kerala
The global garments company’s political ambitions may have scuttled its investment plans in Kerala and Kitex is now looking at setting up its projects in other states
BUSINESS
Glove industry gains as demand surges due to COVID-19
It has increased three times over the normal consumption, but manufactures are unable to meet the requirement as it is difficult to raise capacity in a short time; There are 28 glove manufacturing units in India, half of which are in Kerala
INDIA
Heavy rush in state-owned liquor outlets in Kerala as bars stop sales
With the government increasing the tax on liquor sold to bars, and allowing state-owned Bevco to sell at a lesser price, bars are feeling the pinch. Bar owners say the issue can be sorted out only if they are permitted to increase retail prices.
INDIA
Fall in gold prices make jewellers happy as shops open after lockdown
The lockdown has been partially lifted in Kerala while it is slated to be lifted in Tamil Nadu by June 21. Both these states together account for a large share of gold consumption in India.
BUSINESS
Instant coffee exports, domestic sales surge on increased home consumption: CCL Products (India)
Hyderabad-based company CCL Products (India) Ltd is the biggest instant coffee manufacturer and exporter from India. Drinking roasted and ground coffee at home is difficult and so the easier and faster solution is instant coffee, says company.
BUSINESS
Bad weather, low output and high prices may spoil 2021 prospects for Indian tea industry
Indian tea industry is staring at another bleak year in 2021 with inclement weather and high prices threatening to push down both production and exports of the beverage.
BUSINESS
COVID-19 Pandemic | India's seafood export drops by about 11% in FY21
The volume shrunk by 10.88% at 11,49,341 tonnes from a year ago with the flagship product frozen shrimp recording a 9.5% fall at 5,90,275 tonnes, as per the data released by the Marine Products Export Development Authority (MPEDA).
BUSINESS
Tyre industry’s Rs 1,100-crore project to plant rubber in northeast to take off in June
Automotive Tyre Manufacturers’ Association (ATMA), the apex body of major tyre makers in India, to plant rubber in 200,000 hectares in the north eastern states.
BUSINESS
Tyre prices set to increase due to rising input prices: Apollo Tyres
Natural rubber prices have been rising from the end of 2020 and is hovering at a seven-year high of around Rs 170 a kg due to tight supply and rising demand.
BUSINESS
Kalyan Jewellers net profit soars in Q4, plans to open 21 outlets in FY22
Company's Executive Director Ramesh Kalyanaraman attributes the change to a massive shift of customers from the unorganised sector to the organised gold jewellery trade.
BUSINESS
Gold loans by NBFCs grew 20% in 2020 amid COVID-19 pandemic
Escalation of gold prices, risk aversion by banks among the factors. Muthoot Fincorp, one of the leading gold loan NBFCs, saw a 28 percent growth in 2020, the highest in the last few years.
BUSINESS
Fundamentals weak, gold rally may not last long, say analysts
Analysts say the increase in price may not be sustained over the long term as the fundamentals are still weak. The US retail sales data for April has been flat, showing little improvement over the previous month. Coronavirus cases will be a key factor too.
BUSINESS
Gold prices edge higher amid gloomy Akshaya Tritiya sales
The pandemic has now adversely affected gold jewellery sales during Akshaya Tritiya for two consecutive years.
COMMODITIES
Supply squeeze and demand upturn will keep base metal prices up
Rebound in demand from two big countries, China and the US, as they spend more on on infrastructure development has led the rise in demand
BUSINESS
Weak demand, glut to hit cardamom prices
With demand drying up, most growers are saddled with carry-over stocks. The next cardamom harvest that begins in two months will bring a bumper crop, adding to the glut. However, the export market is providing some relief to the industry.
TRENDS
Rising Covid second wave may wipe out Akshaya Tritiya gold sales
Indian gold industry will miss Akshaya Tritiya falling on May 14 this year, too, in the wake of the raging pandemic
MARKETS
Here's why rubber production has shot up during the pandemic
Even Harrisons Malayalam, India’s biggest rubber producer, which was making losses in its plantations, could earn a marginal profit.
