Rupee Closes Stronger Against Us Dollar At 66.43; Iip, Cpi Data Eyed

The Indian rupee on Monday pared most of its intraday gains and closed marginally higher against the US dollar, a day ahead of the release of the macroeconomic data. Intraday, the rupee gained as much as 0.2% against the dollar.

The home currency closed at 66.43, up 0.05% from its previous close of 66.47. The rupee opened at 66.47 and touched a high and a low of 66.33 and 66.48, respectively, in intraday trade.

Traders are cautious ahead of the Index of Industrial Production (IIP) and Consumer Price Index (CPI)-based inflation data, due on 12 April. According to Bloomberg estimates, IIP will be at 1% in February as against -1.5% in January. CPI will be at 5% in March as compared with 5.18% in February.

The markets will remain closed on Thursday on account of Ambedkar Jayanti and on Friday on account of Ram Navmi.

India’s benchmark Sensex rose 1.41%, or 348.32 points, to close at 25,022.16. So far this year, the Sensex has fallen 4.2%.

Most Asian currencies closed higher. South Korean won was up 0.63%, Malaysian ringgit was up 0.33%, Singapore dollar 0.28%, Taiwan dollar 0.16%, Thai baht 0.12%, Indonesian rupiah 0.08% and Hong Kong dollar 0.05%. However, China renminbi was down 0.12% and Japanese yen 0.08%.

Meanwhile, India’s 10-year bond yield closed at 7.418% as compared with its Friday’s close of 7.448%.

So far this year, the rupee has weakened 0.42%, while foreign institutional investors have bought $1.06 billion from local equity and sold $606.9 million in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.101, down 0.14% from its previous close of 94.235.

US President Barack Obama is slated to meet Federal Reserve chairperson Janet Yellen on Monday to discuss the economy and Wall Street reform, according to a Bloomberg report.

source:- livemint.com

Dist Records Highest Ever Grape Export

Nashik: The export of grapes from Nashik has increased by 44.6% in the current grape season (December-April), the highest ever in the district.

At 67,239 metric tonnes, the district had recorded its highest grape export during 2013-14 season. Now, export figures have touched an all-time high of 71,966 metric tonnes. Grape export is likely to continue till April 30.

Sources in the agriculture department said, "The export of grapes from the district reached 71,966 metric tonnes by April 9 in the current season, as against 49,768 metric tonnes last season (2014-15) because of better climatic conditions."

Unseasonal rains and hails had badly damaged vineyards in the district last season. As a result, grape export from the district had declined by 26% to 49,768 metric tonnes during 2014-15, as against 67,244 metric tonnes in the 2013-14 grape season.

Jagannath Khapre, president of the Grape Exports Association of India), said, "Nashik district contributes 90% of the total grape export from Maharashtra. The state has exported 79,784 metric tonnes of grapes so far, including 71,966 metric tonnes from the district. Grape export from Nashik may touch 75,000 metric tonnes during the current season, which may continue till April-end."

"The climatic conditions were better in the current grape season that led to rise in export from the district. Last year, unseasonal rains and hails had damaged vineyards, but the situation was better this season. The grape export from South Africa to European countries ended very early, while there was also shortage of grapes in Chile, another major grape exporting country. It led to overall rise in grape export," he added.

The total areas under grape plantation across the country is estimated at 3.50 lakh acres, including 2.75 lakh acres in Maharashtra. The remaining 75,000 acres is spread across Karnataka, Andhra Pradesh and Telangana. The grape production of the country is estimated at 28 lakh metric tonnes, including 22 lakh metric tonnes in Maharashtra alone.

 

 

Source :timesofindia.indiatimes.com
 

Powered By India, Swift Races Past 50 Lakh Sales Mark Globally

TOKYO/NEW DELHI: Suzuki Motor Corporation (SMC) today said its compact hatchback Swift has crossed 50 lakh cumulative sales mark globally out of which India accounted for 54 per cent.

The company sold 54 per cent of the 50 lakh units in India, 17 per cent in Europe, 10 per cent in Japan and 19 per cent in other parts of the globe.

"The Swift is truly a world strategic car, having been produced in countries including Japan, Hungary, India, China, Pakistan and Thailand, and favoured and widely accepted globally from emerging market such as India, to developed market such as Japan and Europe," SMC said in a statement.

Since its launch in 2004, the Swift has brought innovative changes to Suzuki's car-making, earning high appraisal for its sporty, stylish, and fun to drive character, it added.

In India, where it was launched in May 2005, the Swift steadily increased its sales in line with the market expansion due to economic growth and by adding diesel and sedan variants.

So far 27 lakh units of hatchback Swift and compact sedan Swift DZire have been sold in the country. Currently, the Swift brand accounts for around thirty per cent (4.3 lakh) of the annual sales of Suzuki in India, SMC said.

 

Source :economictimes.indiatimes.com
 

Rajesh Exports Wins Export Order Worth Rs 1,188 Crore

NEW DELHI: Jewellery exporter and retailer Rajesh ExportsBSE 2.31 % today said it has won a Rs 1,188-crore export order from the United Arab Emirates.

In a BSE filing, Rajesh Exports said it "has bagged an export order worth Rs 1,188 crore of designer range of gold and diamond-studded jewellery and medallions from the UAE".

The company said this order will be executed from its manufacturing facility in Bengaluru and is to be completed by June 30.

Rajesh Exports stock was trading at Rs 612.50, up 3.45 per cent, from the previous close on BSE.

 

 

Source :economictimes.indiatimes.com

India-Iran Sign Agreements On Crude Oil Imports, Gas Field Development

NEW DELHI: Eyeing to step up energy partnership in the post-sanctions period India and Iran have signed an agreement that involves crude oil imports, petrochemical complexes and gas fields development besides Delhi making an announcement of $20 billion for strategic Chabahar Port complex during ongoing two-day visit of Oil Minister Dharmendra Pradhan to Tehran.

Pradhan who met his Iranian counterpart Bijan Zanganeh in Tehran Saturday also discussed on increasing India's import of Iranian oil from its current 350,000 barrels a day. "We hope this number will increase now that sanctions have been lifted," Zanganeh told Iranian news agency Shana after his meeting with Pradhan.

A high-level delegation of Indian major oil and energy firms who accompanied the Minister, also evinced interest in Iran's oil, gas and petrochemical projects, government sources here said.

The two ministers signed a cooperation agreement encompassing oil exports, petrochemical operations and gas-field development on the occasion, sources said.

Pradhan addressing a joint press conference on Saturday with his Iranian counterpart said, "Iran and India's energy ties are no longer limited to crude oil imports," and that India was ready to invest $20 billion in the port of Chabahar in Southeastern Iran. He added that "energy sector can be determining in development of Tehran-New Delhi relations." India has already extended over $ 100 million Line of Credit for berths and jetties at Chabahar.

India's participation at Farzad-B gas field topped discussions between the two Ministers, sources informed. Last year ONGC submitted a proposal of $ 3 billion for development of Farzad-B field.

In fact the most important item in Zanganeh discussions with Pradhan was the investment to develop Farzad-B offshore gas field, sources said. "It was decided that Iranian and Indian sides agree on the schedule of implementing the project which is a demanding job and take time," sources quoting the Iranian Minister said.

Post sanction Iran wants to cultivate closer ties with countries in the East and India's close relationship with Iran is an added advantage, Iranian government sources said, adding the Minister also discussed pending oil payments issue by India with the banking authorities in Tehran.

 

Source :economictimes.indiatimes.com