Excelsior Correspondent
JAMMU, July 18: Association of Electric Dealers (AED), Jammu, today elected their office bearers for the year 2014-16 in a meeting held here under the chairmanship of Manmohan Singh.
Dinesh Gupta was elected as president, Ravi Gupta as vice-president, Atul Sharma as general secretary while Manoj Abrol was elected as treasurer of the Association.
Further, the executive body nominated Kanwaljeet Singh Bindra and Vikas Khajuria as patron and executive member of the Association respectively.
AED elects office bearers
India’s trade deficit with China may reduce this fiscal: Govt
NEW DELHI, July 18:
India’s trade deficit with China is expected to reduce during the current financial year as the Government is taking steps to check the trend, Parliament was informed today.
“With a view to reduce India’s trade deficit with China, efforts are being made to diversify the export basket with an emphasis on manufactured goods,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
The Government is also pursuing issues of market access for products with strong export potential, to tackle non- tariff barriers in the Chinese market at different fora.
“India’s trade deficit with China is expected to reduce during 2014-15 to some extent due to steps being taken to restrict the same,” Sitharaman said.
The adverse trade balance is being addressed by encouraging China’s investment towards building manufacturing capacities in India, through investment in India’s industrial parks and SEZs, she added.
Recently, India and China signed an MoU on cooperation on industrial parks aimed at attracting Chinese investments.
“These measures are expected to boost exports and reduce India’s trade deficit to some extent,” she said.
Limited market access to Indian products in China is one of the major reasons for widening deficit.
“The limited market access afforded to Indian products in China is also a contributing factor to the growing trade deficit. Indian IT services exports also face barriers in China and therefore unable to compensate for the deficit on account of our merchandise trade with China,” Sitharaman said.
The deficit during 2013-14 was USD 36.22 billion.
Replying to another question on trading firm-STC, the minister said the company has reported a loss of rs 492 crore in 2013-14 due to provisions and write offs.
She also said certain instances of irregularities were noticed in transactions of earlier years in STC which relates to import of pulses, bullion, raw copper, agro commodities.
“Various actions including legal/arbitration proceedings are on against associates for recoveries. STC has been reviewing and revising its trade guidelines from time to time to prevent re-occurrence. A risk management framework has been put in place by STC to objectively assess risks involved in each trade proposals,” Sitharaman said.
Replying to another question, she said the Government is planning to open more border haats in the country.
“The Government has shared a list of 22 locations in Meghalaya with the Government of Bangladesh for their concurrence to establish border haats,” she said.
The haats aim at promoting the wellbeing of the people dwelling in remote areas across the borders of two countries by establishing traditional system of marketing the local produce through local markets. (PTI)
Info Deptt organizes Mushiara
Excelsior Correspondent
KATHUA, July 18: In order to promote languages and culture, Tehsil Information Department, Basholi organized multilingual Mushiara in the premises of District Institute of Education & Training (DIET), Basohli.
Vice Principal Rajesh Bali was the chief guest on the occasion.
The poets who recited their writings included Bhushan Shastri, Shiv Dobali, Narain Dutt Ashraf Ali Matto, Surinder Kumar, Karam Chand, Ab Hamid, Rajinder Kumar and others.
Copper weakens by 0.25 per cent on global cues
NEW DELHI, July 18: Copper prices fell 0.25 per cent to Rs 430.70 per kg in futures market today as speculators trimmed positions amidst a weak trend in global markets.
At the Multi Commodity Exchange, copper for delivery in August traded lower by Rs 1.10, or 0.25 per cent to Rs 430.70 per kg in business turnover of 308 lots.
Similarly, the metal for delivery in far-month November contract shed 75 paise, or 0.17 per cent to Rs 438.20 per kg in 4 lots.
Analysts said apart from weak global trend, speculation that demand will slow down in China, the biggest user of the metal, mainly influenced copper prices at futures trade.
Meanwhile, copper for delivery in three months retreated 0.3 per cent to USD 7,043.75 a metric tonne on the London Metal Exchange. (PTI)
Cardamom prices soften 0.34% on profit-booking
NEW DELHI, July 18: Amid profit-booking by speculators at current levels, cardamom prices eased by 0.34 per cent to Rs 912.50 per kg in futures trade today.
Further, slackened demand in the spot markets influenced cardamom prices.
At the Multi Commodity Exchange, cardamom for delivery in far-month September fell by Rs 3.10, or 0.34 per cent, to Rs 912.50 per kg in business turnover of 48 lots.
Likewise, the spice for delivery in August contracts traded lower by Rs 1.20, or 0.13 per cent, to Rs 938.30 per kg in 254 lots.
Market analysts said besides profit-booking by speculators at existing levels, fall in demand in the spot market against adequate stocks position mainly led to the fall in cardamom prices at futures trade. (PTI)
Crude palm oil price escalates by 0.23% on spot demand
NEW DELHI, July 18: Amidst rising domestic demand, crude palm oil prices moved up by 0.23 per cent to Rs 528 per 10 kg in futures trade today as speculators created positions.
At the Multi Commodity Exchange, crude palm oil for delivery in July gained Rs 1.20, or 0.23 per cent to Rs 528 per 10 kg in business turnover of 35 lots.
Similarly, the oil for delivery in August contract edged up by Re one, or 0.19 per cent to Rs 515 per 10 kg in 24 lots.
Market analysts said the rise in crude palm oil prices at futures trade was mostly attributed to increased positions built-up by speculators following rising demand in the spot market amid tight supplies from producing regions. (PTI)
Crude oil prices firm up on geopolitical tensions
NEW DELHI, July 18: Crude oil prices rose by 0.56 per cent to Rs 6,256 per barrel today after participants indulged in creating speculative positions, tracking a firming trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in July traded Rs 35, or 0.56 per cent higher at Rs 6,256 per barrel, with a business turnover of 1,128 lots.
The oil for August also moved up by Rs 25, or 0.40 per cent, to Rs 6,205 per barrel, with a business volume of 154 lots.
Market analysts attributed the rise in crude oil futures to a firming trend in Asia after a Malaysia Airlines plane was reportedly shot down in war-ravaged Ukraine and Israel launched a ground offensive into Gaza, sparking fears of tensions in the crude-rich Middle East.
Meanwhile, US benchmark West Texas Intermediate for delivery in August was up 53 cents to USD 103.72, while Brent crude for September gained 65 cents to USD 108.54 per barrel in late-morning trade. (PTI)
Silver futures down 0.28 pc on subdued demand, overseas cues
NEW DELHI, July 18: Amid weak global trend and low domestic demand, silver prices were down by 0.28 per cent to Rs 45,450 per kg in futures market today as speculators trimmed positions.
At the Multi Commodity Exchange, silver for delivery in September traded Rs 129, or 0.28 per cent, lower at Rs 45,450 per kg in business turnover of 332 lots.
Similarly, the white metal for delivery in December lost Rs 122, or 0.26 per cent to Rs 46,272 per kg in 5 lots.
Analysts said apart from subdued demand in the spot market, weak trend in global markets as investors weighed the outlook for US monetary policy against increased geopolitical tensions, mainly put pressure on silver prices at futures trade.
Meanwhile, silver fell 0.2 per cent to USD 21.11 an ounce in Singapore. (PTI)
Sugar futures decline 0.35 pc on subdued demand, ample supply
NEW DELHI, July 18: Sugar prices fell by 0.35 per cent to Rs 3,135 per quintal in futures trade today as speculators reduced positions, driven by subdued demand from bulk consumers in the spot market against adequate supplies.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month September contracts eased by Rs 11, or 0.35 per cent to Rs 3,135 per quintal with an open interest of 9,050 lots.
Similarly, the sweetner for delivery August contract shed Rs 5, or 0.16 per cent to Rs 3,051 per quintal in 22,980 lots.
Analysts said besides subdued demand from bulk consumers such as ice-cream and soft-drink makers in the spot market, ample supplies from millers, kept pressure on sugar prices at futures trade. (PTI)
Lead futures soften 0.26 pc on subdued demand
NEW DELHI, July 18: Lead prices fell by 0.26 per cent to Rs 132.55 per kg in futures trading today as speculators reduced positions due to decline in demand from battery-makers in the spot market.
At the Multi Commodity exchange, lead for delivery in August contracts traded lower by 35 paise, or 0.26 per cent to Rs 132.55 per kg in business turnover of one lot.
Likewise, the metal for delivery in July contracts shed 30 paise, or 0.23 per cent to Rs 131.40 per kg in 176 lots.
Market analysts said apart from subdued demand from battery-makers in the domestic spot market, absence of cues from global market put pressure on lead futures here. (PTI)