Govt refers aluminium duty hike request to revenue department

 

  : The Ministry of Commerce & Industry has referred Aluminium Association of India's request for custom duty hike on metal to Department of Revenue.

  Earlier requests were examined by Department of Revenue as part of the Budget 2015-16 and had not been acceded to.

  Aluminium Association of India has requested for hiking basic custom duty on aluminium products from 5% to 10% and to increase basic custom duty on aluminium scrap to bring it at par with the duty on primary metal amid sliding prices of the metal in global market.

  Aluminium production was 2.047 million tons in 2014-15 while 1.12 million tons was imported in the fiscal year gone by.

  Domestic aluminium prices slumped 6.77% for the past five-straight trading weeks and traded in range of Rs 107.8-99.7 per kilograms on the Multi-Commodity and Exchange (MCX).

 

Pulses Physical Market Steady in Dabra

At Dabra market , Masoor Medium is trading at 5200-5300 per quintal, steady as against previous close. Chana Desi is offered at 4200-4300 per quintal, unchanged against previous close. nnbsp; Pulses in Dabra Market (Prices in per quintal) Market Commodity/Variety Price Change Absolute Dabra Masoor Medium 5200-5300 0 Dabra Chana Desi 4200-4300 0 nnbsp;

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Newai: Mustard in Physical Market Trading Steady

At Newai market , Mustard Seed Loose is trading at Rs. 4200-4250 per 10kg, unchanged as compared to previous close. Mustard in Newai Market (Prices in Rs. per 10kg) Market Commodity/Variety Price Change Absolute Newai Mustard Seed Loose 4200-4250 0 nnbsp; Note: The above mentioned prices are in Rs. per 10kg and arrivals are in .

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STOCKS: Corporation Bank Q1 net interest income Rs 10.81 bln vs Rs 9.44 bln yr ago

Kota: Soybean Trading Higher in Physical Market

At Kota market , Soybean Plant is trading strong at Rs. 3200-3225 per quintal, up by 0.78 per cent from previous trading day. Soybean Mandi is offered firm at Rs. 3100-3150 per quintal, up by 3.28 per cent as compared to previous day. Estimated market supply was at 15000 Bags, up by 2000 Bags as compared to previous day. Soybean in Kota Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Kota Soybean Plant 3200-3225 +25 Kota Soybean Mandi 3100-3150 +100 nnbsp; Note: The above mentioned prices are in Rs. per quintal and arrivals are in Bags

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India Jul CPI seen at 4%, RBI rate cut likely in Sep: BofAML

 

: India's retail inflation will likely fall to 4% in July, sharply lower than the Reserve Bank of India's target of 6% while industrial output will continue to remain weak, paving the way for a repo rate cut in September, Bank of America Merrill Lynch said Friday.

  A better than expected monsoon, lower oil prices have resulted in easing consumer, wholesale and agricultural inflation with the central bank likely to cut its lending rate by 25 basis points next month, Bank of America said.

   India's retail inflation quickened to 5.4% in June forcing the Reserve Bank to pause its rate cut cycle.

  Agflation is expected to be well under control while wholesale deflation is expected to further worsen to 2.9%, Bank of America estimates.

   India's industrial output is expected to expand 3.5% in June higher than 2.7% in May largely on base effects underscoring a slow recovery, the bank estimates.

  BoFAML believes that further rate cuts by the Reserve Bank of India is contingent upon lending rate cut by banks, which will also aid in boosting the anemic growth in industrial output, especially since credit growth has slipped below 10% owing to slower expansion in reserve money.

  "We think time is running out for further lending rate cuts this fiscal," said Indranil Sen Gupta. "With capital flows drying up it is difficult for the RBI to pump in sufficient reserve money to soften lending rates."