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Wednesday, 1 August 2018

Cotton textile exporters demand tax refund on inputs already acquired

Cotton textile exporters on Tuesday urged the Goods and Services Tax (GST) Council to allow accumulated "Input Tax Credit" (ITC) on fabrics available with weavers as on July 31 for adjusting GST payment on outward supplies - both domestic and export.

Although the GST Council, on July 26, recommended to allow refund of unutilised ITC to taxpayers in the textiles sector, the notification had, however, also stated that the accumulated credit lying unutilised as on July 31, 2018 will lapse.

"This will lead to serious problems for the textiles sector as the costs will go up on the available stocks as on July 31, 2018," Cotton Textiles Export Promotion Council (TEXPROCIL) Chairman Ujwal Lahoti said in a statement.

According to Lahoti most of the dyes and chemicals, packing materials, fibre and yarn used by the textiles sector attract 12 per cent to 18 per cent GST, whereas the rate on fabrics is only 5 per cent leading to accumulated ITC on account of inverted duty structure.

The "Section 54" of the CGST Act allows "refund of unutilized Input Tax Credit shall be allowed where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies," the statement said.

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Nickel futures up on increasing demand

June 07, 2018 Agri Commodity Tips, agri-commodity, Commodity MCX live Price, Commodity Tips, intraday, MCX, Nickel futures, Today Commodity MCX live Price No comments

Nickel futures were trading higher during the noon trade in the domestic market on Thursday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

At the MCX, nickel futures for June 2018 contract is trading at Rs 1052.70 per kg, up by 0.89 per cent, after opening at Rs 1049.20, against a previous close of Rs 1043.40. It touched the intra-day high of Rs 1054.30

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Nickel futures dip on subdued demand

June 06, 2018 Agri Commodity Tips, agri-commodity, Commodity market, Commodity MCX live Price, Commodity MCX live Price Daily, Commodity MCX live Price Today, Commodity Tips, Nickel futures tips No comments

Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME.

Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for June 2018 contract is trading at Rs 1055.60 per kg, down by 0.16 per cent, after opening at Rs 1051, against a previous close of Rs 1057.30. It touched the intra-day low of Rs 1050.40

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Copper trading range for the day is 455.8-472.8

May 28, 2018 Agri Commodity Tips, Commodity MCX live Price, Commodity Tips, Copper trading 1 comment

Copper trading range for the day is 455.8-472.8.

Copper prices dropped after U.S. President Donald Trump said any trade deal with top metals consumer China would need a different structure.

The global world refined copper market showed an 86,000 tonnes surplus in February, compared with a 23,000 tonnes surplus in January.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange unchanged.

Warehouse stock for Copper at LME was at 293450mt that is down by -6675mt.

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Silver rises on strong global cues

May 09, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, Market analysts, Mcx live Rate, Silver Future No comments

Silver futures were trading higher in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

At the MCX, silver futures for July 2018 contract closed at Rs 39,850 per kg, up by 0.13 per cent, after opening at Rs 39,949 against a previous close of Rs 39,797. It touched the intra-day high of Rs 39,950.

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Zinc futures were trading higher demand

May 09, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, Mcx live Rate, Zinc futures No comments

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets.

Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for May 2018 contract was trading at Rs 208.35 per kg, up by 0.75 per cent, after opening at Rs 207.50, against a previous close of Rs 206.80. It touched the intra-day high of Rs 208.80.

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Higher gold prices to weaken jewellery demand growth

May 08, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, gold jewellery demand, MCX Tips, Share Market tips, Stock Market Tips No comments

Higher gold prices and tightened credit availability are expected to weaken growth in jewellery demand by 2-4 per cent during 2018, a credit rating agency said on Monday.

"The agency expects the jewellery demand growth to weaken by 2-4 per cent for CY2018 (Calendar year 2018), owing to higher gold prices and subdued financing environment. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply," ICRA said.

However, over the medium to long term, it expects the gold jewellery retail industry to record a 6-7 per cent volume growth, supported by stable rural and wedding demand, cultural affinity for gold, rising disposable income and favourable demographic profile.

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India’s exports of finished steel jump 16.7% to 9.621 MT in FY18

May 08, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, MCX Tips, Share Market tips, steel export, Stock Market Tips No comments

India’s total export of finished steel increased by 16.7% and stood at 9.621 million tonnes (MT) in 2017-18. According to data compiled by the Joint Plant Committee (JPC), the country had exported 8.242 MT of finished steel during 2016-17 fiscal.

Of the total export in 2017-18, the contribution of the non-alloy steel segment stood at 8.727 MT, while the rest was the contribution of the alloy steel segment including stainless steel.

In March 2018, the overall export fell sharply by 56.3% and stood at 0.708 MT from 1.621 MT during the same month a year ago. Import of total finished steel rose by 3.5% to 7.482 MT in FY18 compared to 7.226 MT in the preceding fiscal.

However, the overall import during March fell by 19.7% to 0.482 MT as against 0.600 MT during the same month in 2017.

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Punjab, Haryana wheat procurement crosses 206 lakh tonnes @HighLight Updates

May 07, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, Haryana wheat, Punjab No comments

Making it another bumper rabi crop, food grain states Punjab and Haryana have procured over 206 lakh tonnes of wheat this season, food and supplies officials in both states said on Monday.

In Punjab, the wheat procurement was over 122.1 lakh tonnes as compared to 113 lakh tonnes procured in the same period last year. Over 121.6 lakh tonnes (99.6 percent) has been procured by government agencies.

Officials said that out of the wheat procured, nearly 102 lakh tonnes have been lifted from grain markets for storage.

In Haryana, nearly 84 lakh tonnes of wheat has been procured so far this season. The procurement is higher than the corresponding period last year.

State procurement agencies had procured 74.25 lakh tonnes wheat in the entire season. Procurement in both states started on April 1.

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Cardamom futures up on rising demand @HighLight Updates

May 07, 2018 agri-commodity, cardamom futures, Commodity Tips, Intraday Cash Tips, MCX Tips No comments

Cardamom futures were trading higher during the morning trade in the domestic market on Monday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for May 2018 contract was trading at Rs 920 per kg, up by 0.52 per cent, after opening at Rs 920.50, against a previous close of Rs 915.20. It touched the intra-day high of Rs 920.5.

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Mentha oil futures up on rising demand @HighLight Updates

May 07, 2018 agri-commodity, Commodity MCX live Price, Commodity Tips, MCX Tips, Mentha oil futures No comments

Mentha oil futures were trading higher during the morning trade in the domestic market on Monday amid pick-up in demand at domestic spot market and restricted supplies from producing regions.

Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.

At the MCX mentha oil futures for May 2018 contract was trading at Rs 1339 per kg up by 2.98 per cent after opening at Rs 1309 against the previous closing price of Rs 1300.30. It touched the intra-day high of Rs 1342.

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March 14, 2018 Commodity Tips, futures trading tips, GTL Infra, Highlight Calls, nifty50, Opening Bell, Sensex, Share Market tips, Stock Market Tips No comments

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March 14, 2018 Commodity Tips, futures trading tips, Highlight Calls, nifty50, Sensex, Share Market tips, Stock Market Tips No comments

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Sensex drops over 100 points, Nifty slips below 10,400; Fortis rallies 4%

March 14, 2018 closing bell, Commodity Tips, futures trading tips, Highlight Calls, Opening Bell, Sensex, Share Market tips, Stock Market Tips No comments

NEW DELHI: Domestic stocks started Wednesday on a shaky wicket after dismissal of US Secretary of State roiled markets worldwide. The BSE Sensex dropped over 100 points to 33,766 while the broader NSE Nifty slipped below the crucial 10,400, down 32 points at 10,394.

Sentiment across the globe soured after US President Donald Trump fired his Secretary of State Rex Tillerson, extending a shake-up of his administration, amid growing fears of protectionism. Trump announced he would replace Tillerson with CIA Director Mike Pompeo.

Fortis Healthcare was trading 5 per cent up at Rs 160 on the BSE after reports that Malaysia's IHH Healthcare was set to launch a voluntary open offer to buy non-promoter shares of Fortis Healthcare in the next few days, nine months after walking out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were then in control. PSU banks once again proved to be a soft spot.

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Wednesday, 1 August 2018

Although the GST Council, on July 26, recommended to allow refund of unutilised ITC to taxpayers in the textiles sector, the notification had, however, also stated that the accumulated credit lying unutilised as on July 31, 2018 will lapse.

"This will lead to serious problems for the textiles sector as the costs will go up on the available stocks as on July 31, 2018," Cotton Textiles Export Promotion Council (TEXPROCIL) Chairman Ujwal Lahoti said in a statement.

According to Lahoti most of the dyes and chemicals, packing materials, fibre and yarn used by the textiles sector attract 12 per cent to 18 per cent GST, whereas the rate on fabrics is only 5 per cent leading to accumulated ITC on account of inverted duty structure.

The "Section 54" of the CGST Act allows "refund of unutilized Input Tax Credit shall be allowed where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies," the statement said.

Thursday, 7 June 2018

At the MCX, nickel futures for June 2018 contract is trading at Rs 1052.70 per kg, up by 0.89 per cent, after opening at Rs 1049.20, against a previous close of Rs 1043.40. It touched the intra-day high of Rs 1054.30

Wednesday, 6 June 2018

Monday, 28 May 2018

Copper trading range for the day is 455.8-472.8.

Copper prices dropped after U.S. President Donald Trump said any trade deal with top metals consumer China would need a different structure.

The global world refined copper market showed an 86,000 tonnes surplus in February, compared with a 23,000 tonnes surplus in January.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange unchanged.

Warehouse stock for Copper at LME was at 293450mt that is down by -6675mt.

Wednesday, 9 May 2018

Silver futures were trading higher in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

At the MCX, silver futures for July 2018 contract closed at Rs 39,850 per kg, up by 0.13 per cent, after opening at Rs 39,949 against a previous close of Rs 39,797. It touched the intra-day high of Rs 39,950.

Zinc futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets.

Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market.

At the MCX, zinc futures for May 2018 contract was trading at Rs 208.35 per kg, up by 0.75 per cent, after opening at Rs 207.50, against a previous close of Rs 206.80. It touched the intra-day high of Rs 208.80.

Tuesday, 8 May 2018

Higher gold prices and tightened credit availability are expected to weaken growth in jewellery demand by 2-4 per cent during 2018, a credit rating agency said on Monday.

"The agency expects the jewellery demand growth to weaken by 2-4 per cent for CY2018 (Calendar year 2018), owing to higher gold prices and subdued financing environment. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply," ICRA said.

However, over the medium to long term, it expects the gold jewellery retail industry to record a 6-7 per cent volume growth, supported by stable rural and wedding demand, cultural affinity for gold, rising disposable income and favourable demographic profile.

India’s total export of finished steel increased by 16.7% and stood at 9.621 million tonnes (MT) in 2017-18. According to data compiled by the Joint Plant Committee (JPC), the country had exported 8.242 MT of finished steel during 2016-17 fiscal.

Of the total export in 2017-18, the contribution of the non-alloy steel segment stood at 8.727 MT, while the rest was the contribution of the alloy steel segment including stainless steel.

In March 2018, the overall export fell sharply by 56.3% and stood at 0.708 MT from 1.621 MT during the same month a year ago. Import of total finished steel rose by 3.5% to 7.482 MT in FY18 compared to 7.226 MT in the preceding fiscal.

However, the overall import during March fell by 19.7% to 0.482 MT as against 0.600 MT during the same month in 2017.