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Sugar export quota for 2022-23 soon

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The government will soon announce export quota of sugar for the next marketing year (2022-23) commencing on October 1, 2022, food secretary Sudhanshu Pandey said on Wednesday.

However, he did not disclose the volume of sugar to be allowed to be shipped. India exported a record 11.2 mt of the sweetener in the 2021-22 season while in the previous marketing year 7.1 mt of sugar was exported.

Meanwhile, Aditya Jhunjhunwala, president, Isma, urged the government to expedite the sugar export policy, stating that at least 8 mt of exports are necessary for the 2022-23 season, taking into consideration production estimates.

Isma has estimated that sugar production is expected to be 40 mt while around 4.5 mt would be diverted for ethanol production while domestic consumption would be around 27.5 mt.

Also Read: Sebi working on ASBA-like facility for secondary markets

Jhunjhunwala said that the government should allow any of the two prevalent systems followed in sugar exports in the last two years. The government had followed the minimum indicative export quota in 2020-21 and the open general license system in 2021-22.

“The exports of around 8 mt of surplus sugar after meeting domestic demand and diversion towards ethanol would help maintain domestic sugar prices which would boost the liquidity situation of mills and ensure farmers are paid for sugarcane on time,” he said.

Sugar production in 2021-22 is estimated to be more than 36 mt, against an earlier estimate of 35 mt.

Sugar industry has also asked for financial support for increasing ethanol production capacity in the next three years as the government has set a target of blending 20% of petrol with ethanol by 2025. Currently, 10% of the petrol is blended with ethanol.

The ethanol production sector will be requiring an investment of more than Rs 10,000 crore for creating an additional capacity of more than 400 crore litres for achieving 20% blending target.

Currently, out of 430 litres of ethanol produced in the country around 370 crore litres is contributed by the sugar industry.

ISMA also urged the government to increase the minimum support price (MSP) of sugar from the current level of Rs 31 per kg to at least Rs 36-37 per kg in commensurate with hike in fair and remunerative price (FRP) of cane. MSP of sugar was last announced in February, 2019.

Jhunjhunwala has said ‘the government had fixed MSP of sugar at Rs 31 per kg in February, 2019 when the FRP of sugarcane was Rs 275 per quintal. Since then, FRP of sugarcane has increased twice,’.

Since 85% of the sugar mills’ revenue comes from the sales of sugar, it is an important component to pay the cane price to farmers, he stated..

Unilever flags pricing pressure in India as inflation eases

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Global consumer goods major Unilever says the India market, its second-largest in the world, may see a deflation in pricing within skincare and fabric cleansing, as commodity inflation moderates. The India unit of the London-headquartered company reported a flat price-led growth last week for the September quarter as it cut product prices within laundry and personal care to shore up sales growth. Volume growth at 2% for the period was the lowest in six quarters.

Addressing investors on Thursday, Unilever’s outgoing CFO Greame Pitkethly said that a few categories in India were dependent on commodity prices.

Unilever named a new chief financial officer Fernando Fernandez on Thursday and replaced division heads as new chief executive officer Hein Schumacher promised to revive a company whose ability to win market share dropped to a record low.

The Dutch executive said Unilever will focus investment on its top 30 brands, which represent around three-quarters of revenue, to drive growth, while paring back other parts of its portfolio.

Schumacher also ruled out any major acquisitions and maintained the company’s long-term sales guidance as he spends more on marketing to restore competitiveness. The new approach marks a departure from the strategy of previous CEO Alan Jope, who was criticised for a failed effort to buy GSK Plc’s former consumer health business. Jope also emphasised the social purpose of Unilever’s brands, which some investors said came at the expense of profitability.

As far as India goes, Pitkethly, who will step down from the CFO role on December 31, said that urban areas remained resilient, while rural areas continued to remain subdued. A gradual recovery in rural growth was likely in the Indian market, he said, even as media intensity had increased with the resurgence of small players.

According to Hindustan Unilver‘s (HUL’s) latest investor presentation, the market value growth of regional players over the last three months was 1.4 times that of large brands in tea, and within detergents, regional brands gained six times faster in the same period.

The growing pressure from small brands has prompted HUL to bring its focus on its ‘Winning in Many Indias’ strategy, which classifies India into 15 consumer clusters. The company is also focusing its attention on its 19 core brands to arrest market share loss notably at the mass end of its portfolio.

Flipkart Wholesale launches festive sale for B2B customers; check details

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Festive sales: Flipkart Wholesale, the digital B2B wholesale platform of e-commerce platform Flipkart, on Thursday, announced the launch of the Diwali Shopotsav festive season sale for its B2B members from October 25 to November 12. The sale would be live across the 26 Flipkart stores and the Flipkart Wholesale app.

The sale event will provide deals on various items for business customers across categories, including home and kitchen appliances. The platform has planned flash sales to provide various products for one rupee.

In other initiatives to support small businesses, Flipkart runs the Samarth initiative focused on artisans, weavers and small entrepreneurs, which registered a 300 per cent growth in sellers over the last year. According to the company, the program has positively impacted 15 lakh lives.

Also read: Flipkart’s seller count crosses 1.4 million ahead of Big Billion Days sale this festive season

Moreover, sellers under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi) — a growth and learning platform from the controlling stakeholder of Flipkart, comprising training and support for MSMEs have recorded a year-on-year increase of over 70 per cent in sales through Flipkart’s Big Billion Days Sale, the company had said in a statement. Launched in 2019, Walmart Vriddhi said it has empowered 40,255 MSMEs across the country, providing them with the tools and knowledge needed to thrive in the digital age.

Also read: Indian suppliers, partners to help Walmart export $10B of Indian goods annually by 2027: CEO Doug McMillon

On Wednesday, Amazon Business, the wholesale unit of e-commerce company Amazon in India had also announced offerings for its business customers during its current Great Indian Festival Sale 2023. The company had said that customers on Amazon Business can save up to 28 per cent extra with GST invoice and 40 per cent more with bulk purchase discounts on over 15,000 GST-enabled products.

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Three new basmati rice varieties show high yield

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Three new basmati rice varieties, which possess in-built resistance to bacterial blight and blast diseases, thus ensuring lesser usage of pesticides, sown for the first time by farmers of Punjab, Haryana and western Uttar Pradesh this kharif season, have shown promise.

Just a few weeks prior to harvesting, the crop conditions look robust and yields are expected to be higher this season, according to preliminary assessment by Indian Agricultural Research Institute (IARI), Pusa, Delhi.

“Increase in adoptability of new basmati rice varieties amongst farmers in the next couple of seasons, would help recapitulate the country’s basmati rice exports to European Union (EU) which had been hit by several rejection of export consignments due to presence of pesticide residue,” Singh of IARI, an institute affiliated to the Indian Council for Agricultural Research, told FE.

Also read: MCX crude oil Oct futures: Wait for crude to cross Rs 7,150/bbl; check key levels to watchout for next week

Exports of aromatic and long grain rice to the EU have declined to 0.2 million tonne (mt) annually from 0.5 mt a few years back.

IARI had provided seeds of new basmati varieties to around 10,000 farmers in key growing regions in three northern states for helping in seed multiplication from the next season onwards. The varieties have been sown in around 5,000 acres in the current kharif season.

“There has not been any pest attack so far and the crop condition of PB1847 variety is far better than other varieties,” Harpreet Singh, a farmer from Sangrur district, Punjab, who has sown the rice variety in 1.5 acre of his 10 acre of land, said.

According to IARI scientists, new varieties would gradually replace the existing basmati rice varieties PB1121, PB1509 and PB6, which are cultivated in more than 90% of the about two million hectares of aromatic and long-grain rice-grown area.

“Existing key varieties over the years have been susceptible to bacterial blight and blast diseases, leading to excessive use of pesticides by farmers, thus increasing reports of rejection of export consignments due to presence of pesticide residue,” Singh of IARI said.

Also read: Sky-high valuations of unicorns likely to start heading south

Scientists say that for managing bacterial blight disease and blast, farmers use antibiotics and fungicides, which is not a sustainable approach

“Newly-introduced basmati rice varieties are expected to hugely reduce pesticide consumption and improve the quality of rice,” Vijay Setia, former president of the All India Rice Exporters Association and an exporter, said.

Rupee likely to depreciate on strong dollar, bond yields; USDINR to trade with positive bias in this range

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The Indian rupee is likely to depreciate on Monday amid strong dollar, bond yields, and risk aversion in equity markets. USDINR(Spot) may trade positive and quote in the range of 81.05 and 81.50. Rupee depreciated 30 paise to close at a fresh lifetime low of 81.09 against the US dollar in the previous session, while it slumped by 83 paise on Thursday, its biggest single-day loss in around seven months. Finance Minister Nirmala Sitharaman on Saturday said that rupee ‘held up very well’ against the US dollar in comparison to other currencies. “If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” Sitharaman said.

Also Read: Share Market LIVE: Nifty, Sensex likely to open in red amid weak global cues; Harsha Engineers listing today

“Rupee fell to fresh all-time lows on Friday as the dollar continued to strengthen as fears grew that a Fed prescription of raising interest rates to tame inflation will drag major economies into recession.The pound weakened further after the UK govt announced huge debt-financed tax cuts that will boost borrowing, sending UK bond yields vaulting higher in their biggest daily increases in decades. The currency is now down 10% since the start of July and on track for its worst quarter since 2008, pressured by the strong dollar, sluggish British growth and red hot inflation.”

“During the weekend, North Korea fired a ballistic missile towards the sea off its east coast ahead of planned military drills by South Korean and U.S. forces involving an aircraft carrier and a visit to the region by U.S. Vice President Kamala Harris. Also, political instability in China has disturbed the overall economic sentiment and is keeping the Chinese Yuan weighed down. We expect the USDINR(Spot) to trade positive and quote in the range of 81.05 and 81.50.”

Suvodeep Rakshit, Senior economist at Kotak Institutional Equities

“The INR was trading in a range of 79-80 against the USD prior to the September FOMC meeting. After the FOMC meeting, a distinctly more hawkish Fed implied a strengthening dollar. The INR range also had to shift higher which has been supported by RBI interventions. We expect the INR to range between 79-83 for rest of FY23 on the back of USD strength, risks for CAD remaining wider than usual and limited room for lesser FX interventions and let the INR depreciate gradually to address external imbalances. Some of the favourable factors could be lower crude and other commodity prices and FPI debt flows in case of an announcement of bond index inclusion.”

Amit Pabari, MD, CR Forex Advisors

“Indian Rupee tested all-time-low on Friday. After hitting a low of 81.22, it was seen recovering back to 80.77, probably RBI hammered a few yards of USD. But still, it was seen closing at 80.98 as importers rushed to cover USD. Amid a liquidity deficit of more than 21,000 crores in the banking system, RBI will have lesser room to step in and curb rates and volatility. Despite the deficit, RBI might have used its reserves as FX storage fell by another $5.22 billion to $545.65 billion.”

Also Read: Will bears drag Nifty to 17150 or bulls stage a comeback? 5 things to know before market opening bell

“The upcoming RBI’s monetary policy, which is due on the 30th Sep will be important as the announcement on the repo rate hike, cut in CRR, and changes in stance will be watchful. Nonetheless, currency market players want an early dose of injection to calm down the shaky nerves. However, further strength in the USD globally could not keep the Rupee trading at an exceptionally fine. Overall, we expect the USDINR pair to remain volatile with downside support at 80.50 and strong bullish momentum could not rule out 82.50 levels on the upside,” Pabari added.

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

WAPCOS files IPO papers with Sebi; government to divest stake

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Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, Government of India, according to the Draft Red Herring Prospectus (DRHP).

WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. The company also provides its services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control.

Also read| Harsha Engineers premium listing on BSE, NSE, shares gain 36% from IPO price: debut at Rs 450 on bourses

Some of the listed peers in the segment are Ircon International, Rites, Engineers India, NBCC, and Va Tech Wabag. As on March 2022, the company’s order book stood at Rs 2,533.93 crore and Rs 18,497.33 crore for construction contracts. So far in the current fiscal, the Centre has collected Rs 20,557 crore by way of divestment proceeds through the Life Insurance Corporation of India IPO and Rs 3,000 crore from minority stake sale in ONGC.

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The government has pegged divestment target at Rs 65,000 crore for the current financial year. IDBI Capital Markets & Securities Ltd and SMC Capitals Ltd are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE

UPSI: SC junks Sebi plea in Bajaj Auto case

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The Supreme Court on Monday rejected the Sebi’s appeal seeking to penalise a former stock broker in the case of circulation of unpublished price sensitive information (UPSI) through WhatsApp messages in the scrip of Bajaj Auto.

A Bench led by Chief Justice UU Lalit dismissed the Sebi’s appeal against the Securities Appellate Tribunal’s (SAT) order in March last year that had set aside the penalty of Rs 15 lakh imposed on Shruti Vora for allegedly forwarding UPSI of six companies on WhatsApp.

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“They are secondary chain. They have just forwarded the messages. It would mean upsetting everything and putting the burden again on them, which we are not willing to do… On the facts and circumstances of the case, we find no reason to entertain the appeal,” the CJI said, adding that the investigative machinery was not able to find the source of information.

UPSI refers to any information related to a company or its securities that is not generally available and is likely to materially affect the price of the securities.

Senior counsel CU Singh, appearing for Sebi, argued that the identified messages “accurately” matched the financial results finally published by the companies and as per the PIT norms, any person who is in possession of UPSI is regarded as an insider. He said that Vora being insider (stock broker) had communicated the UPSI related to Bajaj Auto as she was also advising insurance companies. This is in violation of PIT (Prohibition of Insider Trading) Regulations, he contended.

Sebi had initiated a preliminary examination on circulation of UPSI through WhatsApp groups, during which search and seizure operations for 26 entities were conducted and approximately 190 devices, records etc, were seized. The investigation revealed that Kumar and Vora communicated the UPSI related to Bajaj Auto – total income, EBITDA and PAT for the quarter ended March 2017 a few days before the results were due. Bajaj Auto was one of the firms whose quarterly financial results for the fourth quarter of 2016-17 closely matched the messages circulated in the WhatsApp chats.

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SAT, while ruling in favour of the two individuals, had observed that the source of these messages could not be established by Sebi and it could not find any leakage of information. It had accepted the stand of Vora and Agarwal that the messages had originated from brokerage houses or some platforms and were already available in the public domain.

The tribunal had held that ‘information constituted UPSI only when the person getting such information was aware that such information was unpublished, and price sensitive in nature’ and that such knowledge can be established on the basis of preponderance of probabilities on attendant circumstances.

Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR pair may trade in this range

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The Indian Rupee is likely to depreciate on strong dollar and risk aversion in markets as investors remain cautious ahead of US Fed meet on 20-21 September. USDINR spot price is expected to trade in a range of Rs 79-80.50 in the next couple of sessions, according to forex analysts. In the previous session, Rupee marked its worst week in five as risk sentiment was hit by the Chinese yuan weakening past 7 per dollar to breach a key psychological level for the first time in two years. The local unit settled 0.1% lower at 79.74 per dollar, recouping some of the day’s losses when it had hit an over one-week low. For the week, the rupee declined 0.2%, its biggest loss since the week ended 12 August.

Also Read: Share Market LIVE: Nifty, Sensex stare at positive start; India’s CAD to remain within 3% of GDP, says RBI

“Concerns over aggressive rate hike expectations by Federal Reserve may also put downside pressure on Rupee. However, easing crude oil prices may support Rupee at lower levels. Markets may also take cues from FII fund flows data. Trades may also take cues from US consumer sentiment which is expected better than previous reading. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.50 in next couple of sessions.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“USDINR spot closed 4 paise higher 79.74 in a day of quiet trading. Rise in dollar index, firm US bond yields and weakness in equities contributed to the demand for the US Dollars but exporter selling and suspected central bank intervention capped advance. Over the next week, USDINR may slip into a narrow range of ahead of US FOMC. We expect a range of 79.40 and 80.00 on spot.”

Yes Securities Research

“US Dollar index rallied while Treasury yields surged after data showed U.S. consumer prices rising faster than expected in August, prompting bets for more aggressive Federal Reserve rate hikes. Decline during the week found support near 79.20, recovery thereafter was swift which ensures immediate support near 79.40. USDINR September future is likely to oscillate between 79.40 – 80.30 zone.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee in the last few sessions consolidated in a narrow range and volatility remained low even after inflation number from the US and the UK came above estimates. On Friday, the dollar fell marginally against its major crosses even after University of Michigan’s preliminary September reading on the overall index on consumer sentiment came in at 59.5, up from 58.6 in the prior month. Broadly, the dollar could continue to get support ahead of the FOMC policy statement. Most market participants expect a high chance of a 75-basis-point rate hike at this week’s meeting and some even expect a 100-bps increase.”

Also Read: Will bulls stage a comeback or bears drag Nifty to 17150? 5 things to know before share market opening bell

“The Rupee was slightly weighed down after the offshore yuan past the critical threshold of 7 per dollar for the first time in more than two years overnight. On the other hand, pound remained under pressure after retail sales fell much more than expected in August, in another sign that the economy is sliding into a recession as the cost of living crunch squeezes households’ disposable spending. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.40 and 80.05.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Petrol and Diesel Price Today, 10 Sep 2022: Fuel prices unchanged; Check rates in Delhi, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 10 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. Since the central government excise duty cut, only two states have reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also Read: FM Sitharaman’s fight against inflation: Centre, state govts collectively responsible to tame rising prices

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

US sanctions on Indian firm may abort Delhi’s plans to resume purchase of Iranian crude

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Washington’s decision to impose sanctions on Mumbai-based petrochemical trading company Tibalaji Petrochem Pvt Ltd for dealing with Iran may pull the plug on a reported plan by Delhi to resume purchase of Iranian crude, after a four year gap.

Ever since the US announced the sanctions on Iran in 2018-19 for walking out of a nuclear pact, India hasn’t been purchasing sweet crude from the Western Asian country, which used to account for over 10% its crude imports. However, the prospect of a rethink by India looked bright after prime minister Narendra Modi met Iranian president Ebrahim Raisi in Samarkand, Uzbekistan on September 16, on the sidelines of the 22nd meeting of the council of heads of states of the Shanghai Cooperation Organisation. Iranian officials have since sounded optimistic about India’s willingness to restart import of crude from Iran.

What boosted the Iranian side’s confidence about revival of India-Iran oil trade is open assertions by senior Indian government functionaries about the country’s resolve to buy discounted Russian crude, notwithstanding the western sanctions on Moscow.

India’s imports from Russia jumped 414% between April and July from a year before to $13.4 billion. Of these, purchases of oil and oil products accounted for as much as $11.2 billion, up almost 773% from a year earlier.

Washington has in recent months been targetting Chinese companies which it believed were aiding export of Iran’s petrochemicals, as the chances of reviving the nuclear pact with Tehran have become slimmer.

Also Read: Plan for extra excise duty on unblended petrol, diesel deferred

According to a Reuters report, the US Treasury Department slapped sanctions on a network of companies involved in what it said was the sale of hundreds of millions of dollars worth of Iranian petrochemical and petroleum products to South and East Asia. The action targeted Iranian brokers and front companies in the United Arab Emirates, Hong Kong and India, the Treasury said. “India-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars’ worth of Triliance-brokered petrochemical products, including methanol and base oil, for onward shipment to China,” it added.

Washington also iterated that it would continue to accelerate enforcement of sanctions on Iran’s petroleum and petrochemical sales so long as Tehran continues to accelerate its nuclear programme. “So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in a statement.

Already, following Russia’s attack on Ukraine, the US and its European allies decided to block certain Russian banks from the SWIFT financial-messaging infrastructure for cross-border payment. VTB, Russia’s second-largest bank by assets, VEB, another big player, and five smaller ones have been cut off from the SWIFT. This has adversely affected India’s trade transactions with Russia. While transactions can still happen through the Russian banks that are not under sanctions yet, foreign banks are not keen to deal with them in a big way.

Moscow had offered New Delhi rupee-rouble trade using Russia’s messaging system SPFS.

On its part, the Reserve Bank of India (RBI) had in July notified a new mechanism to settle international trade in rupees to reduce the depreciation of the domestic currency against the dollar. Already, Uco Bank and Yes Bank have firmed up arrangements with Russian banks under this mechanism, and more banks are supposed to follow suit.