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CV ALERTS: BUDGET UPDATE: SERVICE TAX AT 10%, CENTRAL EXCISE DUTY AT 10%, BASE RATE ON EXCISE DUTY AT 5% VS 4%.
CV ALERTS: BUDGET UPDATE: IT EXEMPTION LIMIT RAISED TO RS.1.8 LK, MAT RAISED TO 18.5% OF BOOK PROFITS, SURCHARGE ON DOMESTIC COMP CUT TO 5 % VS. 7.5%
BUDGET UPDATE: IT EXEMPTION LIMIT RAISED TO RS 1.8 LAKH FROM RS 1.6 LAKH, SENIOR CITIZEN ELIGIBILTY REDUCED TO 60 YRS, MAT RAISED TO 18.5% OF BOOK PROFITS, SURCHARGE ON DOMESTIC COMPANIES CUT TO 5 PERCENT FROM 7.5 PERCENT
CV ALERTS: BUDGET UPDATE: IT EXEMPTION LIMIT RAISED TO RS 1.8 LAKH FROM RS 1.6 LAKH, SENIOR CITIZEN ELIGIBILTY REDUCED TO 60 YRS, MAT RAISED TO 18.5% OF BOOK PROFITS, SURCHARGE ON DOMESTIC COMPANIES CUT TO 5 PERCENT FROM 7.5 PERCENT.
CV ALERTS: BUDGET UPDATES: TO ALLOCATE 6000CR TO PSU BANKS, 5000 CR TO SIDBI, ALLCATION FOR FARM DEVELOPMENT INCREASED TO 7860 CRS
CV ALERTS: BUDGET UPDATES: FII LIMIT IN CORPORATE BONDS RAISED TO $ 40 BILLION, PROPOSES TO ALLOCATE RS 6000 CR FOR SOME PSU BANKS, PROVIDE RS 2000 CRORE FOR WAREHOUSING FACILITIES
CV ALERTS: BUDGET UPDATES: DTC TO BE EFFECTIVE APRIL 1, 2012; RETAIN DIVESTMENT TARGET OF RS 40,000 CRORE; TO HAVE DIRECT CASH SUBSIDY FOR KEROSENE, FERTILISERS, WORKING ON OIL SUBSIDY PLANS
CV ALERTS: BUDGET UPDATES: TO ALLOCATE 6000CR TO PSU BANKS, 5000 CR TO SIDBI, ALLCATION FOR FARM DEVELOPMENT INCREASED TO 7860
NIFTY SPOT LEVELS
SUPP 1: 5195
SUPP 2: 5128
RES 1: 5376
RES 2: 5490
BANK NIFTY LEVELS
SUPP 1: 10040
SUPP 2: 9870
RES 1: 10510
RES 2: 10800
Indian pepper futures dropped sharply on continued selling pressure on weak export demand amid higher arrivals. The NCDEX pepper for the March delivery touched the low of Rs. 23360 and the contract ended the last session down at Rs. 23585, down Rs. 111 or 0.46% over the last close. The open interest added 2.31% to 10069 tonnes, indicating short selling and volume traded declined to 3,585 tonnes from 6,755 tonnes.
According to International Pepper Community (IPC) report, export of black pepper from India during 2010(Jan- Dec) plunged 21.6% to 16,700 tonnes as compared to 21,300 tonnes in the previous year(2009). However, there are reports of higher imports of pepper into the country.
Indonesia continued to the major supplier of whole black pepper to the US market, shipping 25,174 mt (48%), followed by Brazil (11,517 mt), Vietnam (10,241 mt) and India (4,064 mt). These four countries supplied 98% of whole black pepper to the United States. Indonesia also remains the most important source for whole white pepper, supplying 3,255 mt (56%), followed by Vietnam 1,918 mt (33%). These two countries supplied 88%.
Production of pepper in India in 2010-11 is projected to be 48 thousand tonnes (according to the Spices Board) as compared to 50 thousand tonnes last year. However, there are expectations that this estimate would be lowered further on account of the disease attacks and erratic rainfall in the major growing areas particularly Kerala and Karnataka. Arrivals from the fresh crop have started in the spot markets of Kerala, but in very small quantities.
There are reports that harvesting in Vietnam has commenced in small quantity and the prices offered by them in the international market for their 550Gl are around $4,500/tonne. Arrivals are likely to gain momentum by March. The pepper market could see some downward bias in the coming days with more pepper arriving from the hinterlands as harvest progress. Globally too, the market is seen easing with Vietnam devaluing its currency and increasing its production estimates for the year.
Vietnam is the largest pepper exporter and producer in the world. In 2010, Vietnam earned $419 million from shipping abroad 116,000 tonnes of pepper and continued taking the lead in pepper exports worldwide. According to the Ministry of Agriculture and Rural Development, despite a year-on-year shrink of 13.3 per cent in volume, pepper export turnover rose 22.5 per cent mostly due to the global increase of pepper price.
According to International Pepper Community (IPC) report, export of black pepper from India during 2010(Jan- Dec) plunged 21.6% to 16,700 tonnes as compared to 21,300 tonnes in the previous year(2009). However, there are reports of higher imports of pepper into the country.
Indonesia continued to the major supplier of whole black pepper to the US market, shipping 25,174 mt (48%), followed by Brazil (11,517 mt), Vietnam (10,241 mt) and India (4,064 mt). These four countries supplied 98% of whole black pepper to the United States. Indonesia also remains the most important source for whole white pepper, supplying 3,255 mt (56%), followed by Vietnam 1,918 mt (33%). These two countries supplied 88%.
Production of pepper in India in 2010-11 is projected to be 48 thousand tonnes (according to the Spices Board) as compared to 50 thousand tonnes last year. However, there are expectations that this estimate would be lowered further on account of the disease attacks and erratic rainfall in the major growing areas particularly Kerala and Karnataka. Arrivals from the fresh crop have started in the spot markets of Kerala, but in very small quantities.
There are reports that harvesting in Vietnam has commenced in small quantity and the prices offered by them in the international market for their 550Gl are around $4,500/tonne. Arrivals are likely to gain momentum by March. The pepper market could see some downward bias in the coming days with more pepper arriving from the hinterlands as harvest progress. Globally too, the market is seen easing with Vietnam devaluing its currency and increasing its production estimates for the year.
Vietnam is the largest pepper exporter and producer in the world. In 2010, Vietnam earned $419 million from shipping abroad 116,000 tonnes of pepper and continued taking the lead in pepper exports worldwide. According to the Ministry of Agriculture and Rural Development, despite a year-on-year shrink of 13.3 per cent in volume, pepper export turnover rose 22.5 per cent mostly due to the global increase of pepper price.
The BSE Sensex provisionally fell 0.7 percent on Tuesday, with financials leading the losses, as turmoil in Libya sent world stocks lower.
The 30-share BSE index provisionally ended down 0.69 percent or 127.84 points at 18,310.47 with 25 components declining.
The 50-share NSE index provisionally closed down 0.8 percent at 5,472.65.
MORNING BELL!!!!
NIFTY +1.60 @5456.60,SENSEX +30.91 @18238.54
NIFTY SPOT LEVELS
SUPP 1: 5401
SUPP 2: 5343
RES 1: 5558
RES 2: 5660
BANK NIFTY LEVELS
SUPP 1: 10778
SUPP 2: 10630
RES 1: 11177
RES 2: 11428
WORLD MARKET
HANG SENG -116.70, NIKKE -38.71, SHANGHAI +0.09, DOW +73.11, NASDAQ + 2.37, SGX NIFTY +11
NIFTY +1.60 @5456.60,SENSEX +30.91 @18238.54
NIFTY SPOT LEVELS
SUPP 1: 5401
SUPP 2: 5343
RES 1: 5558
RES 2: 5660
BANK NIFTY LEVELS
SUPP 1: 10778
SUPP 2: 10630
RES 1: 11177
RES 2: 11428
WORLD MARKET
HANG SENG -116.70, NIKKE -38.71, SHANGHAI +0.09, DOW +73.11, NASDAQ + 2.37, SGX NIFTY +11
The Bombay Stock Exchange benchmark Sensex was down by over 97 points at mid-session today, with early gains erased by the emergence of profit-booking.
The Sensex, which rose by nearly 1,045 points in the past five trading sessions, fell by 97.72 points to 18,409.10 points at mid-session today. The gauge had climbed by 1 per cent at the onset of trade, but was unable to keep up the momentum.
In a similar fashion, the wide-based National Stock Exchange's Nifty was also trading 17.80 points lower at 5,528.65 at mid-session today.
Stockbrokers said profit-booking of the gains made by bluechips during the previous five sessions dragged the Sensex down.
In particular, realty, auto and oil and gas stocks were under selling pressure at prevailing higher levels.
The Sensex, which rose by nearly 1,045 points in the past five trading sessions, fell by 97.72 points to 18,409.10 points at mid-session today. The gauge had climbed by 1 per cent at the onset of trade, but was unable to keep up the momentum.
In a similar fashion, the wide-based National Stock Exchange's Nifty was also trading 17.80 points lower at 5,528.65 at mid-session today.
Stockbrokers said profit-booking of the gains made by bluechips during the previous five sessions dragged the Sensex down.
In particular, realty, auto and oil and gas stocks were under selling pressure at prevailing higher levels.
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