Daily Excelsior...Business

Modest recovery in Instanex Skindia DR Index

MUMBAI, Feb 1: The Instanex Skindia DR Index recovered modestly by 5.48 points or 0.18 per cent to 3,128.71 on January 31 from 3,123.24 previously........more'

NCDEX sets FSP of base metals

NEW DELHI, Feb 1: National Commodity and Derivatives Exchange Limited (NCDEX) today announced the final ......more

Exports up 16.04% to $12.31 bn in Dec'07

NEW DELHI, Feb 1: India's exports registered a growth of 16.04 per cent to 12.31 billion dollars in December 2007, as against 10.61 billion dollars in the same month of 2006.........more

Govt to introduce tea tourism in North Bengal

KOLKATA, Feb 1: With an eye on attracting both domestic and foreign tourists, the State Government has embarked on an ambitious project for the development of an integrated tea tourism circuit."The Centre has sanctioned schemes worth Rs six crore for the .....more

Base metals up on high global cues

NEW DELHI, Feb 1: Base metal prices improved in the range of Rs 2-5 a kg in the non-ferrous metal market here today on speculative buying amid higher .....more

India's coffee exports up in Jan

BANGALORE, Feb 1: India's overseas sales of coffee have improved marginally in volume terms in January but are .......more

Arhar, gram dal prices firm up

NEW DELHI, Feb 1: Arhar and gram dal prices firmed up in the range of Rs 50-100 a quintal in the wholesale pulses market today on increased buying against short of supply.......more

Saria prices jump on short supply

NEW DELHI, Feb 1: Saria prices shot up by Rs 1,000-1,500 a ton in the local iron and steel market here today on poor supply from furnace.Marketmen said hectic buying by builders and construction houses against short supply from furnace increased .....more

Exports up 16% in Dec’07; meagre 2% growth in Re terms

inflation rises to 3.93 pc..........

Maruti January sales up 4 pc...........

TVS Motor’s two-wheeler sales down 23 pc in Jan....

Modest recovery in Instanex Skindia DR Index

MUMBAI, Feb 1: The Instanex Skindia DR Index recovered modestly by 5.48 points or 0.18 per cent to 3,128.71 on January 31 from 3,123.24 previously.

The P/E Ratio also edged up to 27.66 from 27.62, Instanex Capital release said here today.

Following are the GDR and ADR rates for Jan 31 in US dollars with differences in percentage from the previous level given in brackets.

Bajaj Auto(GDR) 60.97 (+5.90)

Dr Reddy (ADR) 13.91 (-0.07)

HDFC Bank (ADR) 119.31 (+1.70)

Hindalco (GDR) 4.45 (+1.14)

ICICI Bank (ADR) 60.76 (-1.30)

Infosys Tech (ADR) 41.40 (+3.76)

ITC (GDR) 5.00 (-1.96)

L&T (GDR) 96.97 (+3.71)

MTNL (ADR) 6.50 (-5.66)

Ranbaxy Labs (GDR) 8.98 (+0.84)

Reliance (GDR) 122.95 (-0.92)

Satyam Comp (ADR) 24.40 (-0.16)

SBI (GDR) 112.91 (-2.45)

VSNL (ADR) 26.57 (+5.14)

Wipro (ADR) 12.08 (+0.75)

(PTI)

NCDEX sets FSP of base metals

NEW DELHI, Feb 1: National Commodity and Derivatives Exchange Limited (NCDEX) today announced the final settlement prices of base metals for its January contract.

It has fixed Rs 1,085.20 a kg for nickel cathode, Rs 285.65 a kg for electrolytic copper cathode, Rs 104.10 a kg for zinc ingot and Rs 94.20 a kg for aluminium ingot, NCDEX said in a statement.

The contract of four commodities expired on January 31, NCDEX said.

At 11.30 hours, spot prices of nickel cathode, zinc and aluminium were up at Rs 1,082.75 a kg, Rs 91.20 a kg and Rs 103.75 a kg respectively. While the prices of electrolytic copper cathode were ruling steady at Rs 288.28 a kg. (PTI)

Exports up 16.04% to $12.31 bn in Dec'07

NEW DELHI, Feb 1: India's exports registered a growth of 16.04 per cent to 12.31 billion dollars in December 2007, as against 10.61 billion dollars in the same month of 2006.

Imports during the month were valued at 17.68 billion dollars, up 18.06 per cent, from 14.97 billion dollars in December 2006.

For April-December period of 2007-08, India's exports stood at 111 billion dollars, registering a growth of 21.76 per cent, from 91.20 billion dollars in the corresponding period of the previous fiscal.

Imports for the April-December period of current fiscal grew 25.97 per cent to 168.87 billion dollars, compared to 134.05 billion dollars in the year ago period.

Trade deficit for April-December stood at 57.82 billion dollars. (PTI)

Govt to introduce tea tourism in North Bengal

KOLKATA, Feb 1: With an eye on attracting both domestic and foreign tourists, the State Government has embarked on an ambitious project for the development of an integrated tea tourism circuit.

"The Centre has sanctioned schemes worth Rs six crore for the development of infrastructure and accommodation in North Bengal to promote tea tourism," Managing Director of West Bengal Tourism Development Corporation Ltd, T V N Rao told PTI here.

Eight areas in North Bengal including Malbazar, Murti, Hilla, Mohua, Samsing, Nagrakata, Batabari have been selected under this scheme, he said.

"Tourists who visit Dooars areas had showed interest in staying in the tea gardens and see how tea leaves are plucked and processed. Tourists are also attracted to the lush green tea gardens and the scenic beauty. So why not promote the tea gardens as tourists spots," he said.

Rao said that the government was also trying to rope in private parties to commercially exploit the potential of tea tourism through public private partnership.

Hospitality major Ambuja Realty is taking keen interest in developing properties in North Bengal to promote tea tourism and has also identified land for setting up hotels, company sources said.

Rao said that major investment would be made at Murti near Indong tea garden and Malbazar where work has already started to create a tourism facilitation centre and tourism amenities.

The Centre has also requested the state government to amend the Land Ceiling Act to enable tea gardens to utilise five per cent of their total land for tea tourism and horticulture. Currently only Assam had relaxed norms for use of five per cent of the tea gardens for alternative use like tea tourism.

"Land transfer proposals in Hilla and Mohua state owned tea estates, were in process. We also plan to set up tented accommodation in Murti, which is named after the Murti river," Rao said.

Officials in the tourism department say that North Bengal, especially the Dooars region which also houses the Gorumara National park, the Chapramari wildlife sanctuary, the Buxa Tiger Reserve, attract lakhs of tourists every year.

The government would create a tea tourism circuit with an information centre and tourist amenities for which work was scheduled to begin by the middle of this year and was expected to be completed in stages from the end of 2008, Rao said. (PTI)

Base metals up on high global cues

NEW DELHI, Feb 1: Base metal prices improved in the range of Rs 2-5 a kg in the non-ferrous metal market here today on speculative buying amid higher global advices.

Marketmen said rise in demand from consuming industries and stockists on the back of higher London Metal Exchange advices pushed up in base metals prices.

At London Metal Exchange, base metals remained positive. Prices of copper went up by 199 dollars at 7,349, and zinc gained 166 dollars at 2,515 a metric ton.

Nickel rose by 200 dollar at 27,400 dollars and tin went up by 275 dollars at 16,975 dollars a metric ton.

In local market, copper wire scrap, super d rod, wire bar, mixed scrap and c c rod gained by Rs 3 each to conclude at Rs 333, Rs 356, Rs 353, Rs 310 and Rs 348 a kg respectively.

Nickel plate (4x4) (9x9) and (4x24) improved by Rs 5 each to settle at Rs 1,325-1,425, Rs 1,330-1,435 and Rs 1,335-1,445 a kg respectively.

Tin ingot quoted higher by Rs 3 to close at Rs 800 a kg on better offtake.

Zinc slab and zinc dross traded up at Rs 135 and Rs 115 from Rs 130 and Rs 110 a kg respectively. (PTI)

India's coffee exports up in Jan

BANGALORE, Feb 1: India's overseas sales of coffee have improved marginally in volume terms in January but are likely to slide in the coming months in the wake of rupee appreciation hitting the exporters' margins and downward revision of production estimates.

According to an official data, coffee exports in January have gone up slightly by 0.35 per cent at 14,172 tons against 14,122 tons in the corresponding period previous year.

During last month, robusta exports dropped by 4.34 per cent at 4,756 tons against 4,972 tons in the year-ago period, while arabica exports fell marginally by 0.92 per cent at 3,542 tons, it said.

Exports of instant coffee stood at 5,874 tons, up 5.36 per cent. As far as re-exports are concerned, they surged to 2,958 tons last month.

Industry experts said that a rise in rupee value and lowered production estimates may trim India's exports in the next few months. The Coffee Board has lowered its crop forecast for the current year to 262,000 tons from an earlier estimate of 291,000 tons.

Coorg-based growers feel that coffee output may further fall as the crop has been affected by rains in last August. It may go below the government's target of 260,000 tons.

According to Coffee Exporters Association President Ramesh Rajah, "any decline in production will definitely have impact on exports. Considering the lowered production estimates by the Board, we see a drop of 20 per cent in coffee exports during 2007-08 coffee year that ends in September".

Also, the rising rupee would further dent export as growers are getting 10 per cent less for their produce in the market. As a result, they are not selling coffee to exporters.

India produces only 4.5 per cent of the world's coffee but exports 70-80 per cent of its production. (PTI)

Arhar, gram dal prices firm up

NEW DELHI, Feb 1: Arhar and gram dal prices firmed up in the range of Rs 50-100 a quintal in the wholesale pulses market today on increased buying against short of supply.

However, other pulses prices maintained previous closing levels on small bouts of buying and selling.

Arhar dara and pataka moved up from Rs 3,100-3,250 and Rs 3,300-3,700 to conclude at Rs 3,200-3,350 and Rs 3,350-3,800 a quintal respectively.

Gram dal local and best also finished higher at Rs 2,450-2,650 and Rs 2,650-2,800 from Rs 2,400-2,650 and Rs 2,600-2,800 a quintal respectively.

Following were today's quotations (per quintal):

Urad Maharashtra 1800-2200, Rangoon 2100-2150, Urad chilka (local) 2600-2800 , best 2850-3100, dhoya local 2850-3000, best 3100-3400, Moong Maharashtra 2250-2450, UP\Bihar 2000-2300, Rajasthan 1850-2150, dal moong chilka local 2600-2800, best 2800-3100, moong dhoya local 2750-2900, best quality 3000-3300, masoor small 3100-3250, bold 2900-3050, dal masoor local 3200-3400, best quality 3400-3650, Malka local 3150-3300, best 3375-3550, Moth 1700-1850, Arhar Maharashtra 2400-2500, Rangoon 2300-2350, dal arhar dara 3200-3350 and patka 3350-3800.

Gram 2200-2250, gram dal (local) 2450-2650, best quality 26050-2800, besin (35 kg) shakti bhog 1050, rajdhani 1040, Rajmah chitra Pune 3125-3825, China 3525-3825, red 2850-2900, kabli gram small 2600-3275, dabra 2775-2875, imported 4600-4700, lobia 2200-2600, peas white 2100-2175 and green 2050-2100. (PTI)

Saria prices jump on short supply

NEW DELHI, Feb 1: Saria prices shot up by Rs 1,000-1,500 a ton in the local iron and steel market here today on poor supply from furnace.

Marketmen said hectic buying by builders and construction houses against short supply from furnace increased saria prices.

CTD saria (kamdhenu) 8-mm, 10-mm, 12-mm and 16-25mm shot up to close at Rs 39,500, Rs 39,000, Rs 38,500 and Rs 38,900 a ton respectively.

Amba saria (iso-9002) 8-mm, 10-mm, 12-mm and 16-25mm all moved up by Rs 1,000 each at Rs 37,900, Rs 37,500, Rs 37,000 and Rs 37,300 a ton respectively.

Saria Jai bharat (iso 9002) 8-mm, 10 mm, 12-mm and 16-25 mm also went up by Rs 1,000 each at Rs 38,400, Rs 37,800, Rs 37,000 and Rs 37,300 a ton respectively.

However, garder and angle prices ruled flat on scattered buying interest. (PTI)

Exports up 16% in Dec’07; meagre 2% growth in Re terms

NEW DELHI, Feb 1: India’s exports grew by a healthy 16.04 per cent in December 2007 in dollar terms but managed a paltry improvement of 2.54 per cent in rupee terms, impacted by a strong domestic currency against the US dollar.

Exports went up to 12.31 billion dollars in December 2007 amid exporters’ concerns over slowdown in the US economy and appreciation in rupee against the dollar.

In rupee terms, exports were valued at Rs 48,569.64 crore, growing by just 2.54 per cent in December 2007.

Imports during the month were valued at 17.68 billion dollars, up 18.06 per cent, from 14.97 billion dollars in December 2006. In rupee terms, imports increased by 4.31 per cent to Rs 69,731.56 crore in December.

For the April-December period of 2007-08, India’s exports stood at 111.04 billion dollars, registering an encouraging growth of 21.76 per cent from 91.2 billion dollars in the corresponding period of the previous fiscal.

India’s trade deficit for April-December period of the current fiscal widened by about 35 per cent to 57.82 billion dollars from 42.85 billion dollars in the year-ago period.

"The export figures are encouraging. The next three months - peak period for exporters - are likely to see exports in the range of 40 billion dollars," Federation of Indian Export Organisations Director General Ajay Sahai said.

He said at the current rate, exports would be in the range of 145-150 billion dollars for 2007-08, falling short of the 160 billion dollar target set by the Government.

Commerce Secretary Gopal Pillai has maintained that India will be able to achieve exports worth 150 billion dollars despite the US slowdown and rupee impact.

"Exports of 150 billion dollars are certain this year. If there is a surge, they could even go up to 155 billion dollars," Pillai had said.

Sahai, however, said cut in the US interest rates would lead to further appreciation of the rupee which would impact exporters’ margins.

The rupee has appreciated by about 15 per cent against the dollar in the last one year impacting export growth, particularly of labour intensive sectors such as textiles, leather, marine products and handicrafts.

Imports for the April-December period of current fiscal grew 25.97 per cent to 168.87 billion dollars, compared to 134.05 billion dollars in the year-ago period, according to official data released here today.

In rupee terms, exports grew by 7.74 per cent in April-December 2007, while imports were up by 11.54 per cent.

Oil imports during December 2007 were valued at 5.96 billion dollars, up 23.78 per cent from 4.81 billion dollars in 2006. For the nine-month period of the current fiscal, oil imports were to the tune of 49.31 billion dollars, 11.68 per cent higher than 44.15 billion dollars in the corresponding period of previous fiscal.

Non-oil imports during December 2007 were 11.71 billion dollars, up 15.34 per cent from 10.15 billion dollars in December 2006. During April-December 2007, non-oil imports grew 32.99 per cent to 119.55 billion dollars as compared to 89.89 billion dollars in the same period of previous fiscal. (PTI)

inflation rises to 3.93 pc

NEW DELHI, Feb 1: Inflation rose to 3.93 per cent for the week ended January 19, against 3.83 in the previous week mainly due to increase in manufactured items, some food articles and petroleum products.

The wholesale price-based index, stood at 6.31 per cent during the corresponding week a year ago.

This is the first inflation data which came after the announcement of credit policy on January 29.

During the week, prices of maize, wheat, arhar went up, while prices of fresh marine, urad and condiments and spices declined.

In the fuel, power, light and lubricants category furnace oil and light diesel oil went expensive.

Manufactured food items like imported edible oil, soyabean oil, cottonseed oil, ghee and sugar were dearer, while prices of gur fell by 1 per cent. (PTI)

Maruti January sales up 4 pc

NEW DELHI, Feb 1: Country’s largest car maker Maruti Suzuki India today reported a four per cent increase in total sales during January at 68,107 units as against 65,341 units in the same month last year.

The company said domestic sales grew by 2 per cent at 63,459 units as compared to 62,248 units in the corresponding month last year.

Exports jumped 50 per cent at 4,648 units from 3,039 units in the same month last year, it said.

However, sales of its once-flagship model M800 declined by 22 per cent to 5,470 units from 7,021 units last year.

The compact car segment including Alto, Zen Estillo, Wagon R and Swift recorded three per cent increase at 45,957 units as compared to 44,736 units during the month previous year, the company said.

Newly launched SX4 continued its good run with the mid sized sedan segment recording 12 per cent growth at 2,939 units as against 2,615 units last year, it added. (PTI)

TVS Motor’s two-wheeler sales down 23 pc in Jan

NEW DELHI, Feb 1: TVS Motor Company today reported a 22.92 per cent decline in two-wheeler sales during January at 93,385 units as compared to 1,21,147 units for the same month previous year.

However, exports rose by 85.96 per cent to 13,108 units in January as against 7,049 units in the corresponding period a year ago, TVS Motor said in a statement.

During the month, motorcycle sales stood at 38,961 units, against 69,634 units last year, while in the scooter segment, 18,594 units were sold as compared to 20,534 units in January 2007.

"In the next two months, the company plans to launch several new products into the market, including a new entry level StaR Sport, to overcome the hurdle of restricted availability of retail finance, high rates of interest and stringent norms followed by financiers," it said.

The company would launch new Scooty Teenz Electric and Apache RTR Efi in the coming months. It would also foray into the three-wheeler market. (PTI)