Thursday, December 31, 2020
Monday, December 14, 2020
Monday, November 30, 2020
Saturday, November 14, 2020
Friday, October 30, 2020
Wednesday, October 14, 2020
Wednesday, September 30, 2020
Monday, September 14, 2020
Monday, August 31, 2020
Friday, August 14, 2020
Wednesday, August 5, 2020
Current trend expected to stay
The Covid-19 pandemic still seems far from peaking out, as the number of
cases continued to rise across the world. While market seems to be in a consolidation mode with
the momentum slowing down in the last couple of days. This trend is expected to
stay such since the Covid-19 uncertainties continue.
OPEC is planning on reversing some of the output
cuts initiated earlier this year heading into August, and any impact of this on
crude prices will be another factor to watch. The Reserve Bank of India is
likely to leave the repo rate unchanged in the forthcoming money policy due on
6th August 2020.
The sales percentage has increased in the midst of the Covid-19 pandemic
as customers prefer personal mobility over public transport. July auto sales
numbers showed a solid bounce back. Top industry players seem to be leading the
sector’s crawl back to normalcy amid an easing coronavirus lockdown. More than 250 companies will announce their financial
results next week for the quarter ended 30th June 2020.
The
benchmark RSS4 grade rubber closed at `.132.50 a kg
at Kottayam, while RSS3 grade closed at `.121.42 a kg
at Bangkok and Malaysian SMR20 closed at `.93.95 a kg.
On ICEX August 2020 futures closed at `.133.94 a
kg, September at `.131.00, October at `.134.37, November
at `.135.71, December at `.137.07 and January
2021 closed at `.138.43 a kg.
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Friday, July 31, 2020
Tuesday, July 14, 2020
Tuesday, June 30, 2020
Sunday, June 14, 2020
Sunday, May 31, 2020
Wednesday, May 27, 2020
GDP growth seen at 1.2% for Q4
The Reserve Bank
of India Governor, Shaktikanta Das, last week, announced that the economy is
going to contract in the current fiscal. He refrained from putting out a figure
but said that growth impulses could strengthen in the latter half of the
current fiscal.
India’s gross domestic product (GDP) is estimated to have
grown at 1.2% in the last quarter of 2019-20 as economic activity came to a
standstill in the last week of March 2020 due to the nationwide lockdown to
contain spread of Covid-19. While according to the SBI’s research report, the loss
of at least Rs.1.4 lakh crore during those seven days of lockdown and the GDP
growth is likely to be 4.2% for 2019-20.
The fourth quarter GDP growth number for 2019-20 will be
announced by the National Statistical Office (NSO) on 29th May 2020.
In the third quarter of 2019-20, GDP growth slipped to a
nearly seven-year low of 4.7%. In Q1 and Q2, GDP growth was 5.1% and 5.6%,
respectively. Subsequently, the annual 2019-20 GDP growth would be around 4.2%
as compared to 5% as it was projected earlier, the report said.
While ICRA has
estimated that the Indian economy will grow by 1.9% in the January-March period
while for the entire fiscal (2019-20), it projects a growth rate of 4.3%.
This is in stark contrast to a growth of 6.1 per cent registered in 2018-19. Similarly,
CRISIL has also forecast the economic growth for January-March quarter to
come in at a dismal 0.5% while it estimates 2019-20 growth at 4%.
The
benchmark RSS4 grade rubber closed at `.115 a kg at
Kottayam, while RSS3 grade closed at `.106.95 a kg
at Bangkok and Malaysian SMR20 closed at `.84.92 a kg.
On ICEX June 2020 futures closed at `.117.39 a
kg, July at `.117.48, August at `.116.92,
September at `.118.11, October at `.119.29 and November
closed at `.120.48 a kg. Tokyo Commodity Exchange June 2020 futures
series closed at ¥137.8 a kg, July at ¥143.5, August at ¥147.2, September at
¥149.5, October at ¥152.2 and the contract for delivery in November 2020 closed
at ¥154 a kg.
Thursday, May 14, 2020
Thursday, April 30, 2020
Saturday, April 18, 2020
Ensure strict compliance of lockdown
India’s Prime
Minister Narendra Modi had announced the extension of nationwide lockdown till 3rd
May to contain the spread of Covid-19. The Centre in its revised guidelines has
allowed certain relaxations in the notified services from 20th April in areas
without Hotspots. A series of directives have been put in place to ensure a
strict compliance of lockdown.
The Ministry
of Home Affairs came out with some guidelines about what activities have been
allowed and what will remain restricted. The ministry added that State and
union territory governments shall not dilute lockdown guidelines in any manner,
but they may impose stricter measures as per local requirements. The exemptions
given will not be applicable to the hotspots. Now, wearing a mask will be
mandatory across the nation.
The front-month contract in West Texas Intermediate, the New York-traded
benchmark for U.S. oil, plunged to as low as $17.31 per barrel on 17th April, marking
a bottom since 2001, as it headed for delivery. The contract settled at $18.27,
down 8% on the day and 18.5% on the week. While Brent, the London-traded
global benchmark for crude, performed better than US crude on Friday. Brent’s
front-month, which has already moved to June, settled at $28.08 per barrel, up
almost 1% on the day and 11.5% on the week.
There were
no transactions for benchmark RSS4 grade rubber at Kottayam due to lockdown,
while RSS3 grade closed at `.104.46 a kg at Bangkok and Malaysian SMR20
closed at `.86.38 a kg. On ICEX May 2020 futures closed at `.109.87 a
kg, June at `.110.36, July at `.114.64, August
at `.115.78, September at `.118.14 and October
closed at `.119.32 a kg. Tokyo Commodity Exchange April 2020 futures
series closed at ¥143.5 a kg, May at ¥142.9, June at ¥145.5, July at ¥149.3, August
at ¥151.2 and the contract for delivery in September 2020 closed at ¥153.9 a
kg.
Tuesday, April 14, 2020
Tuesday, March 31, 2020
Saturday, March 14, 2020
Saturday, February 29, 2020
Friday, February 14, 2020
Saturday, February 1, 2020
Budget 2020-21 Highlights related to industry
Indian Finance
Minister Niramala Sitharaman today presented
Union Budget 2020-21 in the Lok Sabha and introduced a new optional
personal income tax system and announced multi-billion dollar farm, infra and
healthcare package to revive growth in the country. Finance
Minister, Nirmala Sitharaman said the budget is to boost the income and
purchasing power of people. Finance Minister moots 16-point action plan to
boost agriculture and farmers welfare.
The minister
proposed raising customs duty on a variety of products ranging from tableware
and kitchenware, electrical appliances to footwear, furniture, stationery and
toys to give a level playing field to domestic companies and boost 'Make in
India'.
A scheme will be
introduced to provide subordinate debt to MSME entrepreneurs. The government
has also asked the Reserve Bank to extend the Debt Restructuring window for
micro, small and medium enterprises by a year to 31st March 2021, in measures
aimed at imparting a thrust to the MSME sector. Government plans to amend the
Companies Act to decriminalise civil offences.
New income tax slabs proposed
-10% income tax between `.5-7.5 lakh
-15% income tax for income between `.7.5-10 lakh vs 20% earlier
-20% income tax for income between `.10-12.5 lakh vs 30% earlier
-Over `.15 Lakh, continue to be 30%
-15% income tax for income between `.7.5-10 lakh vs 20% earlier
-20% income tax for income between `.10-12.5 lakh vs 30% earlier
-Over `.15 Lakh, continue to be 30%
The new tax regime shall be optional for taxpayers.
A simplified GST return shall be
implemented from the 1st April, 2020.
It will make return filing simple with features like SMS based filing for nil
return, return pre-filling, improved input tax credit flow and overall simplification.
Dynamic QR-code is proposed for consumer invoices. GST parameters will be
captured when payment for purchases is made through the QR-code.
Imports under Free Trade Agreements are
on the rise. Undue claims of FTA benefits have posed threat to domestic
industry. In the coming months, Rules of Origin requirements shall be reviewed,
particularly for certain sensitive items, so as to ensure that FTAs are aligned
to the conscious direction of our policy.
To boost the
economic growth, higher spending on infrastructure, rural development and agri
sector were announced. Finance Minister hiked the fiscal deficit target for current fiscal
to 3.8% of GDP, from 3.3%. For 2020-21, fiscal target seen at 3.5% of GDP. Nominal GDP growth for 2020-21 estimated at 10%.
The
benchmark RSS4 grade rubber closed at `.135 a kg at
Kottayam, while RSS3 grade closed at `.109.18 a kg
at Bangkok and Malaysian SMR20 closed at `.97.35 a kg.
On ICEX February 2020 futures closed at `.132.14 a
kg, March at `.133.95, April at `.137.50, May
at `.140.24, June at `.141.64 and July
closed at `.143.05 a kg. Tokyo Commodity Exchange February 2020
futures series closed at ¥161.9 a kg, March at ¥173.8, April at ¥179.3, May at
¥179.4, June at ¥180 and the contract for delivery in July 2020 closed at
¥181.2 a kg.
Friday, January 31, 2020
Tuesday, January 14, 2020
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