Freight rates up on busy cargo movements

Wheat prices up on better demand

Edible oil prices up on increased demand

Forecasters survey pegs GDP growth at 8.1 pc for 2008-09 ..

Almond, cashew rise on fresh buying

NEW DELHI, May 10: Wholesale almond and cashew prices rose in the national capital today on emergence of buying by stockists.

Almond california shot up by Rs 100 to conclude at Rs 8,800 a 40 kg bag and its kernel marked higher at Rs 312-313 from overnight level of Rs 300-311 per kg.

Cashew kernel Nos 180, 210, 240 and 320 quoted higher at Rs 440-450, Rs 400-410, Rs 335-340 and Rs 305-315 from previous levels of Rs 435-445, Rs 400-405, Rs 335-335 and Rs 300-310 per kg respectively.

Traders said reports of firming trends from producing regions amidst tight stocks position helped select prices to improve.

Following were today's quotations per 40 kgs bag: Almond (California) new 8,800 Almond (gurbandi) 4,800 Almond (girdhi) 3,050, Almond kernel (California) 312-313 Almond kernel (gurbandi) (kg) 300-325 and Abjosh Afghani 6,000-12,000. (UNI)_

Sugar gains fresh ground on better offtake

NEW DELHI, May 10: Sugar prices rose by Rs 10 per quintal in the national capital today following buying by bulk consumers amid restricted supply.

Marketmen said increased buying by ice-cream and soft-drink makers mainly pushed up sugar prices.

They said restricted supply from mills created tight stock position and pushed up the prices.

Sugar ready medium and second grade prices gained from Rs.1590-1640 and Rs.1575-1625 to finish at Rs.1600-1650 and Rs.1590-1625 a quintal respectively on increased buying.

Mill delivery medium and second grade price finished higher from Rs.1350-1530 and Rs.1330-1520 to Rs.1360-1540 and Rs.1340-1530 a quintal respectively.

Among mill gate section, sugar mawana and khatauli moved up by Rs.10 each to Rs.1520 and Rs.1515 a quintal respectively.

Titabi, Simbhawali and Daurala also posted higher at Rs.1525, Rs.1520 and Rs.1515 a quintal respectively.

Following are today's quotations per quintal:

Sugar ready M-30 1600-1650 and S-30 1590-1625.

Mill delivery M-30 1360-1540 and S-30 1340-1530.

Sugar mill gate prices (excluding duty): Modi Nagar 1510, Bagpat 1480, Daurala 1515, Chandpur 1350, Titabi 1525, Mawana 1520, Simbhawali 1520 Khatauli 1515, Badaiun 1350, Sattha 1345, Ruderavilash 1365, Bijnor 1430, Amroha 1440 and Samali Rs 1430. (PTI)

DFV demands export subsidy for bananas

VADODARA, May 10: With a view to develop an international market for premium quality bananas, Chairman and Managing Director Desai Fruits and Vegetables (DFV) Ajit Desai today demanded subsidy on its exports from the Centre.

Talking to newspersons after flagging off the 18-ton-container of bananas from Jhagadiya town here to Jeddah today, Desai said his company is first to export bananas from India to Jeddah under a multi-million dollar contract signed by the company for year-round supplies.

Recently, DFV signed India’s largest deal to export bananas to UAE and is in the process of readying shipments to the countries inluding Japan across the world, he said.

Being the largest producer of bananas in the world, Indian banana export market can get a boost if the government of India mulls over the issue of expor subsidy for the fruit, he said.

Also, DFV is looking at the exponential growth in banana plantations. The company today has more than 2500 acres of land under contract farming of which 800 acres is under banana cultivation.

Chief Executive officer of DFV Pankaj Khandewal said that in just three years DFV plans to increase the banana cultivation to 10,000 acres with 2500 farmers dedicated to the cause with a turnover of Rs 350 crores by 2011 from Rs 80 crores at present.

DFV is a global exporter of fresh fruits and vegetables with the most modern facilities meeting international quality standards.

The company, which is also involved in contract farming, provides the farmers everything from seeds to technology, pesticides, fertilizers and supervisors in every village, Desai said. (PTI)

Freight rates up on busy cargo movements

NEW DELHI, May 10: Freight rates for nine-metric-tonne pay load section for select destinations like, Ahmedabad, Indore and Kanpur showed a rise of Rs 500 each on the local truck transport market here today following busy cargo movements against tight availability of lorries.

Transporters said less availability of trucks against increased movements of cargo, largely pushed up some of centres freight rates.

Delhi to Kanpur and Indore freight rates went up by Rs.500 each at Rs.8,000 and Rs.11,000 respectively.

Rates to Ahmedabad also rose by Rs.500 at Rs.10,000 while Surat freights quoted at Rs.13,500 from Rs.13,000 respectively.

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

Ahmedabad 10,000 Hyderabad 21,000 Mumbai 17,000 Vijayawada 23,000 Baroda 12,000 Bangalore 31,000 Pune 19,000 Mysore 33,000 Surat 13,500 Pondicherry 35,000 Kanpur 8,000 Coimbatore 44,000 Kolkata 24,000 Chennai 36,000 Ludhiana 9,500 Kochi 42,000 Chandigarh 6,000 Thiruvananthapuram 48,000 Jaipur 4,500 Goa 26,000 Indore 11,000 Gwalior 6,500 Patna 20,000 Guwahati 40,000. (PTI)

Wheat prices up on better demand

NEW DELHI, May 10: The wholesale prices of wheat moved up today in the national capital on the back of better demand.

Elsewhere, other commodities including rice were traded steady in the wholesale market here.

Traders said restricted arrivals from Madhya Pradesh and Punjab lifted wheat prices higher.

Wheat MP (deshi) strengthened to Rs 1350-1550 per quintal from Rs 1290-1540.

Following were today's quotations per quintal:

Wheat MP (deshi) 1350-1550, wheat dara (for mills) 1060-1110, chakki atta (delivery) 1110-1115, Chakki atta Rajdhani (10 kgs) 150, shakti bhog (10 kgs) 150, roller flour mill 1105-1110, maida 1150-1170 (90 kilos) and sooji 1200-1215 (90 kgs).

Rice basmati (lal quila) 7200, Shri Lal Mahal 8000, Basmati common 6400-6570, Permal raw 1250-1380, permal wand 1400-1500, sela 1900-2050 and rice IR-8 1155-1280, Bajra 675-680, Jowar yellow 670-720, white 1215-1275, Maize 790-805 Barley (UP) 1130-1140 and Rajasthan 1120-1130. (PTI)

Edible oil prices up on increased demand

NEW DELHI, May 10: The wholesale prices of edible oils today rose up to 100 per quintal in the national capital on increased demand from millers and local parties.

Groundnut mill delivery oil prices rose by Rs 100 at Rs 7,000 a quintal on pick up in demand from millers. Higher advices from Gujarat markets also gave push to rise in the prices. Groundnut solvent refined followed suit and prices were up by Rs 20 at Rs 1210-1240 a quintal.

Traders said apart from increased demand from vanaspati units, firming trends in global markets too influenced the trading sentiments.

"Slow down in selling by stockists after the government’s ban in futures trading in soya oil, was another factor behind persistent rise in prices", said a wholesale oil trader here.

Mustard expeller and cottonseed mill delivery oil prices were up by Rs 100 and Rs 50 at Rs 6,000 and Rs 5,650 per quintal respectively.

Palmoline (RBD) oil remained in positive zone on increased demand and prices were up by Rs 50 at Rs 5,700 a quintal.

Vanaspati ghee prices surged to Rs 930-1025 per tin of 15 litre from Rs 920-960 per tin largely on the back of rise in edible oil prices.

Following were today’s quotations in rs. Qauintal:

Oilseeds: mustard seed 2600-2700 and Groundnut seed 2650-2900.

Vanaspati ghee (15 litres tin) 930-1025

Edible oils: Groundnut mill delivery 7,000, Groundnut Solvent refined (per tin) 1210-1240, Mustard Expeller 6,000, Mustard Pakki ghani (per tin) 870-940, Mustard kachi ghani (per tin) 915-990, Sunflower 6,500, Sesame mill delivery 7,000, Soybean Refined mill delivery 6,180, Soyabean degum (Delhi) 6,050, Crude Palm Oil (Ex-kandla) 4,850, Cottonseed mill delivery 5,600, palmoline (RBD) 5,700, Rice bran (phy) 4,700 and coconut (per tin) 1050-1060.

Non-edible oils: linseed 4840 Mahuwa 4340, castor 5700-6200, Neem 4,000-4100, Rice bran 3900-4050 and palm fatty 3125-3200.

Oilcakes: groundnut dehusk 770-820, Sesame 925-1125, Mustard (new) 1000-1025, Mustard 1175-1185 and Cottonseed 1050-1150. (PTI)

Forecasters survey pegs GDP growth at 8.1 pc for 2008-09

MUMBAI, May 10: Forecasters survey carried out by Reserve Bank of India (RBI) pegged real GDP growth for the current fiscal at 8.1 per cent, weaker than 8.9 per cent projected three months ago and the inflation between 5.5 and 5.9 per cent.

The third round of the survey, released by RBI indicated the real GDP growth in first and second quarter is projected at 8.1 and 8.3 per cent. During the third quarter of current financial year, the GDP growth is placed at 8.1 per cent.

The forecasters saw lower chance (25 per cent) that WPI inflation will fall in the range 5-5.4 per cent against their earlier forecast of 38 per cent. The probability assigned to the range of 5.5 to 5.9 per cent has been revised upwards from 15 per cent in the earlier survey to 19.3 per cent in the current survey.

Median forecasts for real gdp originating from agriculture, industry and services sectors in first quarter of 2008-09 are kept at 3, 8.4 and 10.0 per cent respectively. These projections were down from 3, 9 and 10.3 per cent respectively, in the last survey. For the second quarter also, the sectoral growth forecasts have been revised downwards. For the third quarter of current financial year, the forecasters have kept the growth rates at 2.9, 8.6 and 9.8 respectively.

The survey was the third ‘survey of professional forecasters’ on major macro-economic indicators of short to medium term economic developments carried out by RBI to gain from the professional expertise and experience of these forecasters. The reserve bank has also introduced such a survey from the second quarter ended september 2007 covering component-wise detailed forecasts of gdp growth, inflation, savings, capital formation, consumption expenditure, export, import, interest rates, forex reserve, money supply, credit growth, stock market movements and corporate profit.

Long term forecasts for real GDP during the next five years is projected at 8.5 per cent and 8.9 per cent for the next ten years. Over the next five years, the forecasters expect WPI inflation to be five per cent, which is revised upwards from the last survey. CPI-IW inflation will average to 5.5 per cent, same as expected in last survey. Over the next ten years, the WPI and CPI-IW-based inflation are expected to be 4.5 and 5 per cent respectively.

Real GDP originating in agriculture, industry and services sector for the year 2007-08 have been revised to 2.6, 8.8 and 10.6 per cent. The growth rates were forecast to be 3.4, 9.3 and 10.1 per cent in the earlier survey. For the year 2008-09, these sectors are expected to grow at a rate of 3.0, 8.1 and 9.7 per cent respectively, which is lower than the earlier forecasts of 3.1, 9.1 and 9.9 per cent respectively.

The survey revealed that the Indian economy was expected to be driven by domestic demand in 2008-09 with gross domestic capital formation to contribute 36 per cent to real GDP in 2008-09, while contribution of gross fixed capital formation is expected to be 33.8 per cent. The proportion of domestic saving to GDP is indicated to be at 35 per cent in 2008-09 which is same as the forecast of last survey. The forecasters continue to expect growth rate of sux per cent in private final consumption expenditure.

The forecasters have revised profit growth of corporate sector downwards in 2008-09. Profit after tax is forecast to grow at a rate of 24.7 per cent in 2008-09 as against 34 per cent expected in last survey.

Broad Money (M3) was expected to grow at a rate of 19 per cent in 2008-09 which is higher than its previous estimate of 18 per cent. The bank credit is expected to slow down to 20.3 per cent in 2008-09.

One of the key deficit indicators of Central Government finances namely, fiscal deficit was expected to be 3.2 per cent of GDP in 2008-09, whereas the combined gross fiscal deficit is placed at 6 per cent of GDP.

Indian rupee is expected to be around 39 vis-‘-vis us dollar in 2008-09. Yield on treasury bills (91 days) are projected to be 6.8 per cent by the end of 2008-09 whereas, 10-year Ggovernment securities yield are forecast to be at 7.8 per cent which is slightly higher than the earlier forecast of 7.5 per cent.

The forecasters expected repo and reverse repo rates to be at 7.6 and 6 per cent respectively, by the end of current financial year. The reverse repo rate is forecast to be same as during last survey whereas, the repo has been revised upwards from 7.5 per cent during last survey.

Merchandise trade deficit is expected to widen to USD 115.5 billion in 2008-09, which is higher than the earlier estimate of USD 103.7 billion. Export growth is pegged at 15.8 per cent in 2008-09. Forecasters revised their imports growth forecasts upward at 20 per cent from 17.5 per cent in last survey. Forecasters put net surplus under invisible during 2008-09 to be USD 86.4 billion, which is higher than USD 83.1 billion expected three months ago.

Contribution of gross capital formation to GDP has been forecast at 36.2 per cent in first quarter of current financial year as against 35.3 per cent forecast earlier. In the second and third quarters, the same is expected to be 36 per cent. Growth rate of corporate profit have been revised downwards to 21.3 and 22.6 per cent in the first two quarters of 2008-09. During the third quarter, the growth rate is kept at 23.1 per cent. Forecasters project trade deficit to be higher than their earlier estimates during the first half of 2008-09.

Most of the forecasters have placed repo and reverse repo to remain unchanged during first three quarters of current financial year at 7.75 per cent and 6 per cent respectively. However, the forecasters expect increase in CRR in first three quarters of 2008-09. They expect CRR to reach the level of 7.9 per cent by the end of first quarter of 2008-09 and further to 8 per cent by the end of the second quarter. (UNI)