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Reduction in the cost of borrowing and improved income opportunities will boost revenues and can increase the bottom line of the new entities. In the latest episode of the mini-budget press meet series, Finance Minister Nirmala Sitharaman announced another major measure towards making India a $5-trillion economy. To create global sized banks, the merger of 10 public-sector banks (PSBs) into four entities was announced so that the struggling sector is streamlined, revived and rejuvenated. From a global perspective, we don’t have a single bank among the Top 20. For example, five biggest banks of China, which find a place in the Top 20 list, have contributed to growth in all major sectors. Lower funding costs and technological scalability of large banks assure that banking services are accessible to the last person. Post mergers, more than 80 percent of the PSB business will be with 12 banks that will ensure they have a strong business book with an all-India presence...

Experts say that there is a possibility double-digit earnings growth could be seen after the September quarter. We are in the middle of earnings season and top companies have already announced their June quarter numbers. FMCG majors including ITC reported profit growth while Britannia Industries reported a marginally fall in profit. With the auto sector in a slump, Mahindra & Mahindra posted a 29 percent year-on-year (YoY) drop due to weak demand across segments. "Unless there is revival happening there would not be any pick up in corporate profitability and earnings. A combination of fiscal measures and monetary measures are required to achieve this," said Joseph Thomas, Head of Research at Emkay Wealth Management. The June quarter is likely to mimic the March quarter with financials leading the growth while consumer discretionary, consumer staples, industrials, material, and real estate could post declining trend sequentially in the top-line growth....

Wheat arrivals across agrarian state Punjab have peaked to 10 lakh tonnes daily and the state is heading for record-breaking wheat procurement of 132 lakh tonnes this season, officials said on Tuesday. Food and Supplies Department officials also admitted that there was a glut-like situation of wheat in certain grain markets with the arrival of the harvested crops much more than the capacity to lift it. "Over 60 per cent of the crop has already arrived in the mandis (grain markets). The arrivals have peaked with more than 10 lakh tonnes arriving daily for the past 3-4 days and with the 3-5 per cent anticipated increase in wheat production, the state was heading towards a record breaking purchase of more than 132 lakh tonnes," a spokesperson for the department said. He said that despite adverse weather conditions and untimely rains in March and April, the department had so far procured 79.66 lakh tonnes of wheat till April 29 and Rs 4,300 crore has been so f...

On the production front, the government has pegged wheat output slightly lower at 99.12 million tonnes this year compared to last year’s 99.7 million tonnes. Wheat prices were in a downtrend in Q1 2019 due to huge stockpiles and a bumper crop for the third year in a row. Since the beginning of the year, prices of wheat at various spot markets have declined 12-15 percent. In the futures market, too, prices fell below Rs 1,800. Food Corporation of India (FCI) data showed wheat stocks of 16.99 million tonnes as on April 1, 2019 which is more than double the strategic and buffer requirement. Harvesting of wheat is going on in full swing and physical markets are flooded with huge supplies. In the last 2-3 trading sessions, however, prices of wheat have recovered on expectations that the government might soon, to curb imports, increase customs duty on wheat from 30 percent to 40 percent. Although imports are not viable at the prevailing rates, they may turn attractive i...

Asian rice exporting hubs saw tepid activity this week, with prices for the staple from top exporter India dipping on lower demand, while Bangladesh mulled a review of its ban on exports of the grain. India's 5 percent broken parboiled variety was quoted around $377-$380 per tonne, down from last week's $387-$390. Demand from African buyers was weak as they have ample inventories, said Nitin Gupta, vice president, rice business at Olam India. Aggressive selling of old inventories by China at lower prices has also weighing on prices, he added. The country's rice exports for April-February dropped 9.4 percent from a year earlier to 10.57 million tonnes, as leading buyer Bangladesh trimmed its purchases due to a bumper local harvest, a government body said. On Thursday, Bangladesh's commerce minister said a long-standing ban on rice exports will be discussed after strong pleas from traders to lift the restriction. "If we have surplus, w...

Rice export prices in India rose to their highest level in more than seven months as the rupee appreciated, denting demand while trading companies in Vietnam increased domestic buying to fulfill new overseas deals. India's 5 percent broken parboiled variety was quoted around $392-$395 per tonne this week, up from $386-$389 last week. "Demand has been moderating due to the price rise. African buyers are not ready to pay higher prices," said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian rupee was trading near its highest level in seven months, trimming returns from overseas sales for traders in the world's largest rice exporter. In Vietnam, rates for 5 percent broken rice were in line with last week's $360 a tonne. "Demand for Vietnamese rice is seen rising, with key trading companies increasing their purchases from farmers for deals they have signed with customers from Malaysia, Philippines, and I...

Rice export rates in India rose this week due to an appreciation in the rupee, even as demand remained moderate, while Thai traders struggled with a lack of interest from foreign markets due to high prices. India's 5 percent broken parboiled variety rose to $386-$389 per tonne from last week's $383-$386. "The rising rupee is forcing us to raise prices. Demand is moderate," said an exporter based at Kakinada in the southern state of Andhra Pradesh. The rupee was trading near its highest level in more than two months, trimming returns from overseas sales for traders in the world's biggest exporter of the staple. In Thailand, the world's second-biggest rice exporter, benchmark 5 percent broken rice prices were quoted at $380-$385, free on board Bangkok, mostly unchanged from last week's $380-$390. Demand remained flat and the price fluctuation was due to the exchange rate between the local currency baht and the U.S. dollar, traders...

Cotton Association of India has scaled down its estimate for output in 2018-19 (Oct-Sep) to 33.0 mln bales, compared with the final output of 36.5 mln bales last year, largely due to the expectation of a smaller crop in Telangana, Andhra Pradesh, and Karnataka because of scanty rains. The cotton production in Pakistan up to Feb 15 stood short by 6.83 percent at 10.7 million bales over the corresponding period last year. This is the seventh consecutive year the country is faced with a short crop of around 4.8m bales from a record production of around 15m bales achieved in 2011-12. According to trade sources, in order to meet the shortfall, textile spinners are likely to import up to 3.5m to 4m bales, burdening foreign exchange reserves by around $1 to $1.2 billion. World supplies of cotton are expected to rise by 1M bales, with production rising globally by 6.8% amid higher crop yields, the USDA said. US production is expected to rise by 22.5M bales, driven by an incre...

US sanctions against the oil industries of OPEC members Iran and Venezuela have also supported futures. Oil prices fell about 1 percent on March 8 after disappointing US job growth revived concerns about a slowing global economy and weaker demand for oil. With surging US oil supply also unsettling markets, Brent crude futures fell 56 cents, 0.8 percent, to settle at $65.74 a barrel. The international benchmark gained 1 percent for the week. US West Texas Intermediate (WTI) crude futures fell 59 cents, or 1 percent, to settle at $56.07 a barrel. WTI still ended 0.5 percent higher for the week, however. US job growth almost stalled in February, with the economy creating only 20,000 jobs amid a contraction in payrolls in construction and several other sectors. The report dragged down US stock markets, along with oil futures. Financial markets also took a hit after comments on Thursday from European Central Bank President Mario Draghi that the European econo...

कॉटन वायदा (मार्च) की कीमतों में 21,120 रुपये तक बढ़त दर्ज किये जाने की संभावना है। ऐसी खबर है कि भारतीय कारोबारियों ने अगले दो महीने में चीन को 5 लाख बेल कपास निर्यात करने के लिए करार किया है। इस बीच एमसीएक्स के अधिकृत गोदामों में कपास का भंडार पिछले वर्ष की समान अवधि के 1.16 लाख बेल की तुलना में 56% बढ़ कर 1.81 लाख बेल के उच्चतम स्तर पर पहुँच गया है। हाजिर बाजारों में नयी फसल की आवक और सुस्त कारोबार के कारण चना वायदा (मार्च) की कीमतों को 4,175 रुपये के स्तर पर बाधा रहने की संभावना है। मध्य प्रदेश और राजस्थान में नाफेड द्वारा दालों की बिक्री के कारण बिकवाली का दबाव देखा जा रहा है। रबी सीजन 2018 के दौरान नाफेड द्वारा खरीदा गया चना 27 फरवरी तक 27,24,051.17 टन था, जिसमें से 7,81,115.16 टन की ही बिक्री हुई है और 19,42,936.01 टन चना सरप्लस है। मेंथा ऑयल वायदा (मार्च) की कीमतों के तेजी के रुझान के साथ 1,595-1,630 रुपये के दायरे में कारोबार करने की संभावना है। उत्पादन क्षेत्रों में मौसम के खराब रहने से बुआई में देरी के कारण कीमतों को मदद मिलने की संभाव...

सोयाबीन वायदा (मार्च) की कीमतों के 3,725 रुपये के स्तर पर बाधा रहने की संभावना है और बढ़त पर रोक लगी रह सकती है। वर्तमान समय में भारतीय सोयामील की तुलना में दक्षिण अमेरिकी सोयामील की कीमतें काफी कम है। इसलिए भारतीय सोयामील की निर्यात माँग में कमी जारी रहने की संभावना है और घरेलू कीमतों पर दबाव बरकरार रह सकता है। घरेलू बाजारों में अधिक आपूर्ति के कारण सीपीओ वायदा (मार्च) की कीमतों में गिरावट होने की संभावना है और कीमतों में 542 रुपये तक गिरावट हो सकती है। कुवालालम्पुर सम्मेलन में औद्योगिक सूत्रों के अनुसार मलेशिया और इंडोनेशिया में पॉम ऑयल के बढ़ते उत्पादन अनुमान के कारण बीएमडी में पॉम ऑयल की कीमतों में गिरावट हुई है। बाजार की नजर 11 मार्च को जारी होने वाले मलेशियन पॉम ऑयल बोर्ड के आँकड़ों पर रहेगी। सरसों वायदा (अप्रैल) की जवाबी खरीद को 3,845 रुपये के स्तर पर बाधा का सामना करना पड़ सकता है। 2018-19 में देश में सरसों का उत्पादन पिछले वर्ष के 71.5 लाख टन की तुलना में 19% की उछाल के साथ 85 लाख टन होने का अनुमान है। प्रमुख उत्पादन क्षेत्रों में बेहतर मौसम के कारण मौजूदा सीजन में उत्...

The Union Food Ministry on Tuesday said the sugar sale quota for March has been increased to 24.5 lakh tonne (LT) for domestic sales and dispatches to help millers earn more and clear cane arrears. Besides, the sugar industry has recently been advised to go for advance booking of sugar sales to bulk consumers, the Ministry said in a statement. The quota was 23.54 lakh tonne in February.  The increase in the quantity of the stock to be sold in the open market in March comes after the increase in the minimum selling price (MSP) from Rs 29 to Rs 31 per kg in mid-February. The rise in quota is "to provide an opportunity to mills to realize maximum revenue from sales at enhanced MSP to improve their liquidity to clear cane price arrears of farmers", the statement said. Sugar mills cannot sell their sugar at ex-mill prices which is below MSP and any violation of the same would attract severe penal action. Total sugar production in the country is expe...

A bumper harvest has led to a crash in turmeric prices in India, the world’s biggest producer and exporter of the bright yellow spice, causing furious farmers to stage protests in key growing regions demanding government help, growers and traders said. Turmeric, which holds antioxidant and anti-inflammatory properties, has been gaining in popularity among health-conscious consumers around the world in recent years. But it is still predominantly used in a variety of tangy Indian curries, aromatic biryani, and other food products. Indians also consider turmeric auspicious and it is smeared onto the faces of both the bride and groom ahead of weddings in a ceremony meant to bring good health. This year's bumper crop is the result of a boom in last year's planting after prices soared in 2018 due to lower output and depleted stocks. Now, prices have slumped nearly 24 percent since the beginning of 2019 thanks to mounting stocks at wholesale markets. "Turmer...

All the commodities in the edible oil portfolio extended its weakness yesterday as well. The March contract of soybean in NCDEX hit seven month low in sync with weakness in U.S CBOT soybean prices on back of higher supply of new crop in Brazil. The most active mustard seed futures traded settled lower due to the expectation of higher output during this rabi season. India's mustard output for 2018-19 (Jul-Jun) is seen at 8.4 mln in, higher than last year's 8.3 mln in, according to the second advance estimates released by the farm ministry. Contracts of refined soy oil fell on the NCDEX and CPO in MCX fell yesterday due to lack of lustier demand in the spot markets along with ample stocks in the domestic market. A cut in base import price on edible oils also weighed on sentiments. Exports from Malaysia were estimated to have fallen 14.5% on month to 1.3 mln in February, cargo surveyor AmSpec Agri Malaysia said. Farmers across the country planted mustard over...