Baldota Group Establishing Steel Unit - Oct 7, 2008

Bangalore: The Baldota Group is establishing a new Rs 4,700-crore steel plant, which will mostly make up products for passenger cars as well as auto parts producers based out of southern and western India. The group company, Aaress Iron & Steel Ltd (AISL), which is setting up the project, hopes to finish the first phase consisting of 1.2 million tonnes (mt) capacity by the end of 2010.

The steel plant is being established in Koppal in northern Karnataka. In the second phase, 2.5-mt capacity will be added with an infusion of Rs 8,500 crore. The company will also establish two power plants of 35 MW each near the steel plant. AISL mulls to begin work on setting up the second phase of the steel plant by 2009.

India Is Likely To Produce Million Tones - Oct 6, 2008

India is likely to produce 2.8 million tones(MT) extra grain in 2008-09 provided farmers increase the area by a million hectare. India has harvested a record 78.4 million tones (MT) wheat last year. The average wheat productivity at national level is about 2.8 tonnes per hectare as per the fourth advance estimates for 2007-08.Last week, the Agriculture Secretary had said the government targets to increase the wheat acreage by one million hectares in 2008-09. The government has set a wheat production target at 78.5 MT, up by 100,000 tonnes from the previous year.

Turmeric Futures To Continue Pessimistic - Oct 6, 2008

Mumbai: The downtrend in turmeric futures in NCDEX is hoped to continue in the short term on weak sentiment in the spot market besides a slowdown in demand from overseas market. Markets took a cue from dismal production predictions due to scanty rainfall in the initial crop season. Area under turmeric cultivation in the kharif season is hoped to be about 1.69 lakh hectares against 1.64 lakh hectares registered in the same period last year. In Andhra Pradesh, most of the farmers shifted from turmeric to soyabean as it is a short duration crop and less labour-intensive. Moreover, domestic purchasers have been staying away from the market in anticipation of further fall in prices.

The decline in rates was further supported by favourable weather conditions in Andhra Pradesh and Maharashtra, besides a slow down in domestic and overseas demand. In Nizamabad markets, turmeric prices reached a high of Rs 4,600 a quintal, but came down to Rs 3,900 level on Oct 3.

Rubber Witness Steady Trend - Oct 6, 2008

Kottayam: Rubber rates finished unaltered on Oct 4. RSS 4 ended flat at Rs 106 a kg as on Oct 2. The immediate future of rubber could be decided only on Oct 6 when the Tokyo Commodity Exchange reopens after the weekend holidays. Spot rates were (Rs/kg): RSS-4: 106 (106); RSS-5: 104.50 (104.50); ungraded: 100 (100); ISNR 20: 102.50 (102.50) and latex 60 per cent: 76 (76).

Spot Rubber Prices Declined Deep - Oct 4, 2008

Kottayam: Spot rubber prices declined deep in to the minus territory on Oct 3. Sheet rubber RSS 4 fell to Rs 106 from Rs 112 a kg on Oct 1. The grade fell to Rs 120.05 (124.71) a kg at Bangkok.Spot rates were (Rs/kg): RSS-4: 106 (112); RSS-5: 104.50 (110); ungraded: 100 (105); ISNR 20: 102.50 (109) and latex 60 per cent: 76 (76).

Purchasers Remaining Subdued, Prices Declined - Oct 3, 2008

Kochi: With demand from blenders, exporters and inter-State purchasers remaining subdued, prices declined at the Kochi tea auction. There was 8,03,000 kg of dust tea on offer at the auction. Prices of high priced CTC dust varieties declined sharply by Rs 10-18, mediums and below mediums were Rs 5-10 lower and orthodox high grown prices declined by Rs 5-8. Medium orthodox continued barely steady in a market where blenders and other traders operated with less strength. Best CTC dust quoted Rs 95-100, medium CTC was at Rs 82-95 and below medium ranged at Rs 75-88.

Japanese Rubber Futures Made A Firm Began - Oct 3, 2008

Kottayam: Spot rubber ended unchanged on Oct 1. Sheet rubber RSS 4 ended flat at Rs 112 kg as on Sept 30. The Japanese rubber futures made a firm began followed by a bounce back in oil futures. The prices increased further on short covering with the nearby contracts leading the way up. Spot rates were (Rs/kg): RSS-4: 112 (112); RSS-5: 110 (110); ungraded: 105 (105); ISNR 20: 109 (109) and latex 60 per cent: 76 (76).

Tea Trader Demand On Extension - Oct 3, 2008

Coimbatore: The Tamil Nadu Minister for Commercial Taxes, Mr S.N.M. Ubayadullah, assured the members of the tea trade that the Government will examine the sector's demand on extension of one per cent VAT levied at first point of sale to all teas sold in the auctions. No auction centre in the country except Tamil Nadu levied tax on sale of teas meant for exports and that such levy made exports uncompetitive. Further, the one per cent VAT levied at the first point of sale was constrained only for teas sold in auction and direct first sale by the bought leaf factories and Indcoserve, leaving the estate tea factories and TANTEA outside the ambit of such cover.

Yet the offer volumes during the first seven months of 2008 at Coimbatore auction centre went up by 23 per cent to 17.08 million kg against 13.87 million kg during the corresponding months of the previous year.

Soyabean Processors Association Of India - Oct 1, 2008

Chennai: Soyabean output is headed for a record 108.17 lakh tonnes (lt) this year against 94.75 lt last year, according to the Soyabean Processors Association of India (SOPA) projections. SOPA's projections are based on 8 per cent increase in the area under soyabean. The total area under soyabean in all States has been pegged at 96.24 lakh hectare (lh) till September 24 compared with 88.49 lh last year.

The acreage in Madhya Pradesh, which accounts for over half of the total soyabean crop in the country, was at 51.43 lh with output being estimated at 57.75 lt against 48.79 lh amd 49.8 lt production, with increase in area witnessed in Ujjain, Indore, Bhopal, Guna, Shivpuri and Ashoknagar districts. The acreage in Maharashtra, No. 2 soyabean producing State, has reached 30.68 lh and output is seen at 36.47 lt, against 32.37 lt grown on 26.51lh last year.

Sharp Falls In Global Futures Mainly - Oct 1, 2008

Kottayam: Rubber prices plunged on Sept 30. Sharp falls in global futures mainly TOCOM kept the domestic market under pressure during the day. RSS 4 declined to Rs 112 from Rs 121 a kg as there were no purchasing orders from any leading consuming industries even at lower levels. RSS 3 spot weakened to Rs 127.05 (129.07) a kg at Bangkok. Spot rates were (Rs/kg): RSS-4: 112 (121); RSS-5: 110 (118); ungraded: 105 (114); ISNR 20: 109 (116) and latex 60 per cent: 76 (77).