Daily Excelsior...Business

Tamarind up, watermelon kernal down in spices market

Select pulse prices up on poor supply

RBI may not cut interest rates, hints Govt

Tata Motors to shift Ace, Magic production to Uttarakhand

IOL Chemicals to invest Rs 300 cr in next one year

BERNALA, PUNJAB, Mar 15: In tune with expected turnover of Rs 800 crore by 2010-11, Punjab-based IOL Chemicals and Pharmaceuticals today said it will be investing around Rs 300 crore in its proposed extension plan in the next one year.

The company has acquired 65 acres of land for its backward and forward integration project.

IOL is also entering into a new segment of proton pump inhibitors by undertaking the implementation of project to manufacture Rabiprazole, and anti-ulcer drug and its derivatives.

"As the Rabiprazole is going off-patent, we are entering into this new segment and by investing Rs 300 crore to achieve a turnover of Rs 800 crore in the year 2010-11" IOL Chemicals Chairman and Managing Director Varinder Gupta told reporters here.

The company has also proposed to construct another captive power generation plant of 13 MW in addition to its existing 4 MW plant in the next one year, the company said. (PTI)

Adobe to extend YV programme to more schools

NEW DELHI, Mar 15: Technology firm Adobe Systems has said it is planning to extend its global philanthropic programme, Youth Voices, to more than 25 schools in the country by the end of this year.

The firm currently works closely with 12 schools in Noida and Bangalore to help the students from marginalised communities to discuss about their world using multimedia and digital.

The initiative engages youth in exploring and commenting on their world using video, multimedia, digital art, web, animation, and audio.

The works and videos done by the students are exhibited in the community, and is also broadcasted in online forums.

Introduced in June 2006, the initiative is now under way at 41 schools and nonprofit organisations throughout the United States, United Kingdom and India.

As part of the programme, Adobe provides software, including Adobe Creative Suite, Adobe Photoshop Elements and Adobe Premiere Elements software. Moreover, it also provides training and financial assistance to aid in the production and broad distribution and exhibition of youth media products.

"We are planning to extend the programme in more schools in India.... The students are very eager in the programme because they understands through their videos they can portray the problems faced by their communities," Adobe Systems President and CEO Shantanu Narayen said. (PTI)

Rourkela steel plant set record production

BHUBANESWAR, Mar 15: Rourkela Steel Plant (RSP), a unit of Steel Authority of India Ltd (SAIL), is all set to establish new records in its performance during 2007-08.

Official sources said here that the steel plant completed a sterling performance during February 2008 and also set up all-time best performance for the period April 2007 to February 2008 as compared to any corresponding period since its inception.

RSP had commenced the financial year 2007-08 with the strategy of maximising its volume of production by operating at over 100 per cent of annual rated capacity to bring down production costs for maximising its profitability.

In line with this strategy the steel plant created history by surpassing its annual rated capacity in hot metal (2.0 MT), crude steel (1.9 MT) and total saleable steel (1.671 MT) during the first eleven months of the fiscal itself, doing so for the first time since inception.

The month of February witnessed production of 2,84,085 tonnes of sinter, 1,86,720 tonnes of hot metal, 1,79,217 tonnes of crude steel and 1,71,584 tonnes of total saleable steel that represented more than 100 per cent fulfillment of the annual performance plan.

Simultaneously, these figures correspond to phenomenal growth of nearly 27 per cent in sinter, 13 per cent in hot metal, 13.5 per cent in crude steel and 15.8 per cent in total saleable steel compared to February 2007.

The dispatch of steel during the month at 1,75,537 tonnes also corresponds to a growth of 18 per cent compared to February 2007, the sources said.

Capacity utilisation has been unprecedented during this period with sinter at 111 per cent, hot metal at 114 per cent, crude steel at 109 per cent and saleable steel at 122 per cent of rated capacity.

During the first eleven months of the current fiscal, the finishing units of RSP also came up with sterling performance.

It registered the highest ever performance in the output of total hot rolled coils (14,58,671 tonnes), plate mill plates (4.42,306 tonnes), hot rolled coils for sale (6,92,198 tonnes), hot rolled plates (2,87,942 tonnes) and crno from silicon steel mill (73,481 tonnes) with growth of 3.6 per cent, 3.8 per cent, 3.8 per cent, 6.8 per cent and 4.4 per cent respectively in these items over the corresponding period of last fiscal, the sources added. (PTI)

Wheat dara price up on increased offtake

NEW DELHI, Mar 15: Wheat dara prices improved by Rs 5 a quintal in the wholesale grains market here today due to increased buying by rolling flour mills amid restricted supply.

However, grain prices showed a flat trend on little bouts of buying and selling.

Marketmen said reduced supply against increased offtake by rolling flour mills, largely pushed up wheat dara price.

Wheat dara moved higher from Rs 1,140-1,145 to close at Rs 1,145-1,150 a quintal on better offtake, while wheat mp deshi remained quiet on some support at Rs 1,350-1,600 a quintal.

Rolling flour mills and atta chakki price too posted higher from Rs 1,130-1,140 and Rs 1,135-1,140 to settle at Rs 1,135-1,142 and Rs 1,140-1,145 a 90 kg bags respectively.

Following were today’s quotations per quintal (in Rs): wheat MP (deshi) 1350-1600, wheat dara (for mills) 1145-1150, chakki atta (delivery) 1140-1145, Chakki atta Rajdhani (10 kgs) 145, shakti bhog (10 kgs) 155, roller flour mill 1135-1142, maida 1215-1240 (90 kilos) and sooji 1240-1275 (90 kgs).

Rice basmati (lal quila) 7000, Shri Lal Mahal 7000, Basmati common 6400-6700, Permal raw 1400-1450, permal wand 1575-1625, sela 2000-2100 and rice IR-8 1265-1290, Bajra 650-675, Jowar yellow 675-700, white 1250-1300, Maize 800-825 Barley (UP) 1170-1185 and Rajasthan 1180-1185. (PTI)

Select places freight rates up

NEW DELHI, Mar 15: Freight rates for Bangalore and Mysore rose by Rs 500 each in the local truck transport market today following tight availability of trucks.

Delhi to Bangalore and Mysore freight rates moved up by Rs 500 each to Rs 31,000 and Rs 33,000 respectively.

Transporters said tight availability of lorries mainly pushed up Bangalore and Mysore freight rates.

Other destinations freight rates remained flat in limited deals.

Following were today's freight rates for the nine metric ton load:

Ahmedabad 10,000 Hyderabad 23,000 Mumbai 17,000 Vijayawada 25,000 Baroda 12,000 Bangalore 31,000 Pune 18,500 Mysore 33,000 Surat 13,000 Pondicherry 34,000 Kanpur 8,000 Coimbatore 39,000 Kolkata 24,000 Chennai 33,000 Ludhiana 9,000 Kochi 41,000 Chandigarh 6,000 Thiruvananthapuram 45,000 Jaipur 4,500 Goa 25,000 Indore 12,000 Gwalior 6,500

Patna 21,000 Guwahati 39,000

(PTI)

Gur price remained steady in thin trade

NEW DELHI, Mar 15: Steady condition persisted in the wholesale gur (jaggery) market here today as prices after moving in a narrow range on small bouts of buying and selling and closed around last levels.

Marketmen said negligible enquiries against adequate stocks position mainly kept prices unchanged.

Following were today's quotations:

Chakku 1250-1300, Pedi 1250-1300 and Dhayya 1225-1250. Shakkar 1350-1400 and Khandsari 1450-1500.

In Muzaffarnagar: Raskat 975-1050, chakku 1125-1200 and Khurpa 1025-1050.

In Muradnagar: Pedi 1050-1075, Dhayya 1050-1075. (PTI)

Copra, dry dates down on increased supply

NEW DELHI, Mar 15: Prices of copra and dry dates quoted lower in the wholesale dry fruits market today following increased arrivals from producing centres coupled with reduced offtake by local stockists and ended moderately lower.

Copra prices eased by Rs 150 to conclude at Rs 4,800-4,900 per quintal.

Dry dates also followed suit and drifted by Rs 100 at Rs 2,300-7,100 per quintal.

Traders said increased stocks against reduced offtake by local stockists mainly attributed fall in selective prices.

They said trading activities remained restricted on lack of worthwhile buying support and kept most of the prices unchanged.

Following were today's quotations per 40 kgs bag: Almond (California) new 8,400 Almond (gurbandi) 5,000 Almond (girdhi) 3,150, Almond kernel (California) 295-296 Almond kernel (gurbandi) (kg) 280-325 and Abjosh Afghani 6,000-13,000.

Chilgoza raw-new (1 kg) 380

chilgoza (roasted) (1 kg) 750

cashew kernel 1 kg (no 180) 425-430

cashew kernel (no 210) 380-385

cashew kernel no.(240) 315-320

cashew kernel (no 320) 275-280

cashew kernel broken 2 pieces 235-240

cashew kernel broken 4 pieces 205-235

cashew kernel broken 8 pieces 180-210

copra (qtl) 4,800-4,900

coconut powder (25 kg) 1,100-2,000

dry dates red (qtl) 2,300-7,100

fig 3,500-12,000

kishmish kandhari local 4,800-5,800

kishmish kandhari special 11,000-14,000 kiahmish indian yellow 2500-2800

kishmish indian green 2,800-3,800

pistachio Irani 470-500

pistachio Hairati 470-510

pistachio Peshawari 500-545

pistachio dodi (roasted) 340-350

walnut new 110-200

walnut kernel new (1kg) 350-500.

(PTI)

Tamarind up, watermelon kernal down in spices market

NEW DELHI, Mar 15: Mixed pattern of trading prevailed in the wholesale kirana market here today with prices of dhania and tamarind moving up, while soanf and watermelon kernal remained in negative side due to fresh stock arrivals.

Dhania quoted higher by Rs 500 to settled at Rs 6,500-9,000 per quintal.

Tamarind also remained firm at Rs 1,000-1,500 from previous close of Rs 9,00-1,350 per quintal.

On the other side, Soanf eased at Rs 3,500-9,000 instead of Rs 3,800-10,000 a quintaL.

Watermelon kernel also slipped by Rs 200 at Rs 8,400-8,500 per quintal due to reduced seasonal demand.

However, other spices continued to move in a tight range in scattered buying and selling and settled at last levels.

Following were today's quotations (in Rs per quintal):

Ajwain 5,000-7,500 Black pepper common 15,600-15,700 Betelnut (kg) 105-115, cardamom brown (Jhundiwali) 15,300-15,400 and cardamom brown (Kanchicut) 17,000-20,000.

Cardamom small (kg): Chitridar 450-540, cardamom (colour robin) 575-585, cardamom bold 595-605, cardamom extra (bold) 630-660 and cloves (kg) 245-285.

Chirounji (new) (kg) 200-250

Dry mango 5,500-26,000

Dhania 6,500-9,000

Dry ginger 9,200-12,000

Kalaunji 8,500-9,000

Mace-Red (kg) 500-510

Mace-Yellow (kg) 470-475

Methiseed 3,100-4,000

Makhana (per kg) 175-220

Nutmeg 340-350

Poppyseed (KG Turkey) 430

Poppseed (KG MP-RAJ) 450-500

Poppyseed (KG U.P.) 390-400

Red chillies 2,800-7,000

Soya bari pariwar (20 kg) 350-400

Saffron (kg) Irani 105000-107000

Saffron (kg) Kashmiri 124000-132000

Soanf 3,500-9,000

Turmeric 3,800-4,900

Tamarind 1,000-1,500

Tamarind without seed 1,800-3,200

Tea (kg) 65-120

Watermelon kernel 8,400-8,500

Jeera common 9,000-9,300

Jeera dollar 9,200-9,300. (PTI)

Select pulse prices up on poor supply

NEW DELHI, Mar 15: Dal malka and masoor prices hardened by Rs 100 to Rs 200 a quintal in the wholesale pulses market here today due to poor supply from producing regions like Maharashtra and Gujarat amid increased buying support.

However, other pulse prices after moving in a little range on alternate bouts of buying and selling, finished around overnight levels.

Marketmen said poor supply from producing belts triggered by rise in local demand, hit towards upward side the prices of dal malka and masoor.

Dal malka local and best moved up from Rs 3800-4000 and Rs 4100-4300 to winding up at Rs 3900-4100 and Rs 4200-4500 a quintal on reduced arrivals.

Malka dal local and best too gained from Rs 4000-4200 and Rs 4250-4400 to finish at Rs 4100-4300 and Rs 4250-4500 a quintal respectively on heavy buying support.

Following were today's quotations (per quintal):

Urad Maharashtra 2225-2400, Rangoon 2350-2375, Urad chilka (local) 2900-3100 , best 3100-3500, dhoya local 3100-3400, best 3500-3600, Moong Maharashtra 2350-2650, Rajasthan 2100-2350, dal moong chilka local 2800-3050, best 3100-3400, moong dhoya local 2900-3150, best quality 3100-3550, masoor small 3050-3200, bold 3400-3500, dal masoor local 3900-4100, best quality 4200-4500, Malka local 4100-4300, best 4350-4500, Moth 1950-2050, Arhar Maharashtra 2750-2800, Rangoon 2550-2625, dal arhar dara 3650-3850 and patka 3700-4000.

Gram 2700-2750, gram dal (local) 3000-3100, best quality 3200-3350, besin (35 kg) shakti bhog 1330, rajdhani 1350, Rajmah chitra Pune 3300-3900, China 3600-3950, red 3200-3300, kabli gram small 2750-3500, dabra 2775-2875, imported 4600-4700, lobia 2200-2600, peas white 2150-2225 and green 2200-2250. (PTI)

RBI may not cut interest rates, hints Govt

NEW DELHI, Mar 15: Government today indicated that the Reserve Bank may not go for interest rates cut to boost the industrial production because of high inflation.

"As long as there is a threat of inflation, you have to trust the RBI to use policy interest rates in order to contain inflation and dampen inflationary expectations," Finance Minister P Chidambaram said at India Today Conclave in response to a query whether there will be interest rate cuts to give a fillip to the sagging industrial growth.

Chidambaram, however, said determination of policy interest rates is under the domain of the RBI.

The very purpose of fixing policy interest rates is to contain inflation.

He attributed high inflation to rising prices of food and commodity prices in the world, saying that India is not entirely insulated from the global trends.

Citing examples, he said the global crude oil prices surged to USD 110 a barrel yesterday from 37 dollars when the UPA government came to power.

Similarly, global prices of palm oil that India imports rose to USD 1,270 per metric tonne from USD 471 per MT.

The inflation rate rose to over nine-month high of 5.11 per cent for the week ended March 1.

The industrial growth as represented by the Index of Industrial Production (IIP) plunged to 10-month low of 5.3 per cent in January.

The Finance Minister said: "We have recognised that there is a slowdown, thanks to the US impending recession. We have applied tax book economic approach to boost consumer demand by putting more money in the hands of tax payers, cutting excise in customs duties and enlarging public expenditure." (PTI)

Tata Motors to shift Ace, Magic production to Uttarakhand

NEW DELHI, Mar 15: Country’s largest automobile manufacturer Tata Motors will shift the entire production of its mini truck Ace and the passenger carrier variant of the vehicle, Magic, to Uttarakhand by next year.

"Currently, Ace and Magic are being produced from both Pune and Uttarakhand but the idea is to shift the total production to the latter unit," Tata Motors Vice-President Sales and Marketing (Commercial Vehicles) Ravi Pisharody told reporters here.

He said by the middle of next year, the shift would commence.

"We are expecting to utilise the full capacity of the Uttarakhand plant by the end of the next year," Pisharody added.

Tata Motors’ Uttarakhand plant has a production capacity of 2.25 lakh units per annum and the company made an investment of Rs 1,000 crore in setting up the facility.

The company today launched its six-seater rural transportation vehicle ‘Magic’, priced at Rs 2.68 lakh (ex-showroom Delhi), and 9-13 seater maxicab ‘Winger’ (Rs 4.67 lakh to Rs 6.67 lakh ex-showroom Delhi) in north India.

He said initially the company was targeting about 22-30 per cent of the light commercial busses market, which presently has a volume of about 35,000 units per year, with Winger.

"Gradually, as we progress we are looking at about 15,000 units of Winger a year," he said declining to project any figures for Magic.

"This (Magic) is a new concept and we are evaluating how it is received by the target market," he said.

Pisharody said once the total production of Ace and Magic shifts to Uttarakhand, the Pune plant would fully focus on other light commercial vehicles. (PTI)