NEW DELHI, June 20: Potato prices fell by 4 per cent to hit lower circuit at Rs 1,220.70 per quintal in futures trade today on offloading of positions by nervous speculators after commodity markets regulator FMC imposed restrictions in order to check rising prices in physical markets.
Besides, increased supplies in physical markets following fresh arrivals from producing regions in UP, Punjab, MP and West Bengal too weighed on prices.
At the Multi Commodity Exchange, potato for delivery in June-month contracts plunged by Rs 50.80, or 4 per cent, to hit a lower circuit at Rs 1,220.70 per quintal, with a business turnover of 184 lots.
The potato for delivery in July also fell by a similar margin to hit lower circuit at Rs 1,280.60 per quintal in a business turnover of 12 lots.
Analysts said a steep fall in potato prices in futures trade was mostly attributed to commodity markets regulator FMC decision to curb futures trading in contracts for July, August and September in order to check prices by disallowing fresh positions and hiking deposit amount on buyers.
MCX has hiked the margin money from 5 per cent to 30 per cent of the value of the commodity to restrict buyers.
Meanwhile, both wholesale and retail prices of potato are on rise even as the domestic production is estimated to be higher by 2.3 per cent at 46.4 million tonnes in 2013-14. (PTI)

NEW DELHI, June 20: In the backdrop of current power crisis, Coal and Power Minister Piyush Goyal will today hold a meeting with leading producers like Anil Ambani, Gautam Adani and Naveen Jindal to take stock of the electricity supply scenario and availability of fuel for projects in the sector.
Power generation firms are likely to discuss a gamut of issues including fuel availability for coal and gas based plants with the Minister.
According to sources, compensatory tariff for import coal based projects and fuel for coal and gas based plants are the key issues likely to be discussed.
The meeting is to be attended by corporate honchos like Ambani (Reliance power), Adani (Adani enterprises) Vineet Mittal (Welspun), Jindal (Jindal power), among others.
The private power producers are also likely to discuss with the Minister non-viability of some power projects due to reluctance of some bankers in extending loans. (PTI)

NEW DELHI, June 20: Silver futures prices today rose further by 0.41 per cent to Rs 44,700 per kg after participants created speculative positions largely in tandem with a firming trend in precious metals in the global markets.
At the Multi Commodity Exchange silver for delivery in September rose by Rs 184, or 0.41 per cent, to Rs 44,700 per kg in a business turnover of 159 lots.
Similarly, the white metal for delivery in July contracts traded Rs 172, or 0.39 per cent, higher at Rs 44,483 per kg in a turnover of 1,027 lots.
In the international market silver rose by 4.30 per cent to USD 20.76 an ounce in New York yesterday.
Analysts said a firming trend in global market as expectations that borrowing costs in the US will remain low and escalating violence in Iraq and tension in Ukraine boosted demand for safe-haven influenced sivler futures prices. (PTI)

NEW DELHI, June 20: Mentha oil prices were up by 0.39 per cent to Rs 771 per kg in futures trading today, as speculators indulged in creating fresh positions, tracking a firm trend at spot market on increased demand.
Besides, restricted arrivals from Chandausi in Uttar Pradesh also supported the uptrend.
At the Multi Commodity Exchange, mentha oil for delivery in June rose by Rs 3, or 0.39 per cent, to Rs 771 per kg in business turnover of 177 lots.
Similarly, the oil for delivery in July contract traded higher by Rs 2.60, or 0.33 per cent, to Rs 783.50 per kg in 69 lots.
Analysts said besides increased demand from consuming industries in the spot market, restricted arrivals from Chandausi in Uttar Pradesh mainly led to the rise in mentha oil prices in futures trade. (PTI)

NEW DELHI, June 20: Tracking a firm global trend, zinc prices were higher by 0.77 per cent to Rs 130.40 per kg in futures trade today as speculators created positions.
Besides, increased demand from consuming industries in the spot market supported the uptrend.
At the Multi Commodity Exchange, zinc for delivery in June rose by Re 1, or 0.77 per cent to Rs 130.40 per kg in business turnover of 1,857 lots.
In a similar fashion, the metal for delivery in July contracts traded higher by the same margin to 131.10 per kg in 231 lots.
Globally, zinc for delivery in three months climbed 0.9 per cent to USD 2,173 a metric tonne, the highest since February 2013 on the London Metal Exchange (LME).
Analysts said fresh positions built-up by speculators in tandem with a firm global trend on concern that supply will remain tight amid falling exchange inventories, mainly led to rise in zinc prices at futures trade.
Meanwhile, stockpiles tracked by the LME have dropped 28 per cent this year to the lowest since December 2010. (PTI)

NEW DELHI, June 20: Indian companies need to focus on innovation to boost the manufacturing sector that will help the government to achieve inclusive growth, a senior official said today.
“We need to succeed in manufacturing. Success in manufacturing without innovation is going to be difficult,” National Manufacturing Competitiveness Council (NMCC) Member Secretary Ajay Shankar said here at a CII function.
NMCC was set up by the government to suggest ways to enhance competitiveness in the manufacturing sector of the country.
He said that companies should encourage junior employees to come out with new and innovative ideas.
The sector’s growth is fundamental for inclusive growth of the country, he added.
The government is taking several steps to boost manufacturing sector growth as it would lead to job creation and boost country’s economy.
The government had already announced a national manufacturing policy (NMP) that aims at raising the share of manufacturing to 25 per cent of GDP by 2022 from the current 16 per cent.
The NMP envisages setting up of national investment and manufacturing zones, which are industrial townships, benchmarked to the best manufacturing hubs in the world.
Manufacturing, which constitutes over 75 per cent of the index, declined 1.2 per cent in March against a growth of 4.3 per cent a year earlier.
During FY 2013-14, the sector’s output contracted 0.8 per cent as compared with 1.3 per cent growth previously. (PTI)

MUMBAI, June 20: The demand for cement in southern region is expected to rise by 5-7 per cent in FY’15 as compared to 1 per cent Y-o-Y growth in FY’14, a report said.
Cement plant utilisation trend in southern states is expected to pick up in the current fiscal as compared with the previous year, and overall demand in the region should go up by 5-7 per cent in FY 2014-15, as against 1 per cent Y-o-Y growth a year ago, Karvy Broking said in its report.
This along with limited capacity expansion in south should boost plant utilisation in the region, Karvy Broking Analyst Rajesh Kumar Ravi said.
Among southern states, Andhra Pradesh market demand is 21 million tonnes per annum and it is expected to grow at 10-12 per cent this fiscal, as against 6 per cent y-o-y in the previous financial year.
The demand in Tamil Nadu is 20 million tonnes per annum and is expected to grow at 4-5 per cent in FY’15, as compared to 4 per cent decline in the previous year.
Karnataka’s demand stands at 16 million tonnes per annum and is likely to increase by 3-5 per cent in FY’15. The cement demand in Kerala is 10 million tonnes per annum and expected to grow at 8-10 per cent in the current financial year, as compared with 5 per cent growth a year ago.
The expert highlighted that demand recovery in the southern region initially will be from infrastructure projects as political stability has set in the Andhra Pradesh region.
Both pending and new infrastructure projects in AP (combined) should boost double digit demand growth in the state. Post the bifurcation of the AP, Vizag, Vijayawada and Tirupati would emerge as key cities, Ravi said.
He expects Vizag to emerge as the main hub while Vijayawada and Tirupati would become commercial and IT hubs respectively.
These should boost cement demand from pick up in both housing and infrastructure activities in these regions. (PTI)

NEW DELHI, June 20: Copper rose by 1.04 per cent to Rs 413.20 per kg in futures trade today as speculators created fresh positions taking positive cues from the overseas markets.
At the Multi Commodity Exchange, copper for delivery in June rose by Rs 4.25, or 1.04 per cent, to Rs 413.20 per kg in business turnover of 6,131 lots.
Similarly, the metal for delivery in August traded higher by Rs 3.50, or 0.85 per cent, to Rs 415.85 per kg in 542 lots.
Globally, copper for delivery in three months rose 0.5 per cent to USD 6,756 a tonne on the London Metal Exchange.
Market analysts attributed the rise in copper futures to a firming global trend.
Meanwhile, copper for delivery in three months rose 0.5 per cent to USD 6,756 a tonne on the London Metal Exchange. (PTI)

NEW DELHI, June 20: HPCL-Mittal Energy Ltd, a joint venture of steel tycoon L N Mittal and Hindustan Petroleum, shut a small unit at its Bhatinda refinery after a minor fire.
No one was injured in the fire that was brought under control, HMEL CEO & Managing Director Prabh Das said.
The fire was reported today morning at one of the pipelines from the vacuum gas oil (VGO) unit, which removes sulphur from crude oil.
“It was quickly put-out,” he said, adding the VGO unit had to be shut down because of the fire but the rest of the 9 million tonnes a year refinery is operating normally. (PTI)