FG floats agricultural commodity trade centre

The national has taken some steps towards digitalizing the country’s agricultural goods market, that stakeholders believe had been at infancy stage for many years, by the establishing the agricultural market info centre.

This new initiative was unveiled in Nigerian capital recently by the Ministry of Agriculture and Rural Development throughout a capability building coaching workshop for workers members UN agency can handle the centre nationwide.

Addressing participants at the workshop, the Permanent Secretary of the ministry, Dr. Bukar Hassan, aforementioned that the resolve of presidency to pursue smartly exportation of agricultural commodities was the force behind the institution of the centres.

He explained that the country’s agricultural market setting was lacking a reliable and digitalized information base, creating it tough for investors associated exporters of agriculture commodities to create an educated selection.

Hassan explicit that there was got to promote investment, production, processing, selling and exportation of agricultural turn out through a harmonized info sharing system, that he aforementioned would boost the economic recovery programme of this administration.

“It has become imperative to market agricultural market info to help investment production, processing, selling and exportation of agricultural turn out  of the country,” he said.

“It is thus, apparent that investors, marketers and exporters of agricultural export turn out from the country would undoubtedly would like a additional reliable single purpose of contact to facilitate tailored agricultural market info support services and top quality market information for educated investment higher cognitive process across the agricultural worth chains.”

Participants drawn from the thirty six states of the federation, and therefore the FCT were sceptred with laptops and alternative operating tools for the operations of the data centres.

In his remarks, the Director Agric-business and Market Development, Alhaji Musibau Azeez, explained that the target of the capability building workshop was to supply necessary skills for the officers UN agency would be concerned within the operations of the centres.

Azeez, UN agency was painted by Engr. Daniel Udo, conjointly noted that coaching and empowering the officers became necessary as a result of they'd would like a digitalized platform to gather, collate, analyses, transmit and propagate relevant agricultural info associated with agricultural commodities costs.

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Rupee opens higher against US dollar

At 9.15am, the rupee was commercialism at 63.49 a dollar, up 0.30% from its Wednesday’s shut of 63.69
Mumbai: The rupee strong against USA dollar on Th, following gains within the Asian currencies markets.
The rupee opened at 63.53 a dollar. At 9.15am, the house currency was commercialism at 63.49 a dollar, up 0.30% from its Wednesday’s shut of 63.69.

Bond yield rose previous auction due later within the day once the govt can sell less debt than earlier planned. the govt can provide Rs11,000 large integer of notes compared to Rs15,000 large integer planned, Bloomberg according.

The 10-year bond yield was at 7.308% compared to its previous shut of 7.276%. Bond yields and costs move in opposite directions.

The benchmark Sensex fell 0.14%, or 52.24 points, to 36,109.40. thus far this year, it's gained half dozen.18%.

So far this year rupee gained 0.5% whereas foreign investors have bought $1.62 billion and $972 million in equity and debt market severally.

Traders square measure cautious previous the last full-year Union budget on one February before the 2019 elections and bank of India’s bi-monthly policy on seven February.

Asian currencies were commercialism higher as dollar weakened to a few year low once yank country treasury secretary Steven Mnuchin supported the dollar’s decline as a profit to the American economy and Commerce Secretary Wilbur Ross same the USA would fight more durable to shield its exporters, Bloomberg according.

South Korean won was up 0.88%, Taiwan dollar 0.63%, Thai tical 0.50%, Malaysian Malaysian monetary unit 0.34%, China renminbi 0.31%, China Offshore 0.24%, Indonesian Indonesian monetary unit 0.23%, Japanese yen 0.11%, dollar 0.11%.

The dollar index, that measures the USA currency’s strength against major currencies, was commercialism at 89.075, down 0.15% from its previous shut of 89.206.

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Caught in Reliance Jio vs Airtel crossfire, Idea Cellular calls for peace

Idea Cellular might have raised the flag of truce, however it’s another matter if this can facilitate, because the massive boys, Reliance Jio and Airtel, have to be compelled to decision a peace.

Among the medium firms that have survived the relentless onslaught of Reliance Jio Infocomm Ltd, plan Cellular Ltd is that the most precariously placed.

Its pre-tax loss rose to thirty second of revenue within the December quarter, and its income of Rs1,223 large integer was simply enough to require care of finance prices (Rs1,149 crore).

Ebitda stands for earnings before interest, tax, depreciation and amortization.

So it wasn’t entirely shocking once plan Cellular’s management recommended on a decision with analysts that it desires nothing to try to with the most recent downward tariff revisions.
“We don't need to be a worth somebody,” Himanshu Kapania, director of plan, aforesaid on the decision.

Explaining its latest tariff revisions, Jio aforesaid last week that if competitors matched its tariffs, it'd provide its customers 2 hundredth a lot of price. Some incumbents had tried to match the company’s tariffs within the December quarter.

A moot question is what happens if incumbents keep making an attempt to match Jio’s tariffs. nearly as if he were addressing the question, Kapania aforesaid on the decision, “We can keep an inexpensive distance...we will be competitive, however we'll not be a reduction somebody.”

Idea might have raised the flag of truce, however it’s another matter if this can facilitate. the massive boys, Jio and Bharti Airtel Ltd, have to be compelled to decision a peace.

Meanwhile, comparatively smaller firms like plan are caught between the proverbial devil and therefore the deep ocean.

If they cut tariffs, it'll result in Arpu (average revenue per user) erosion and impact profit additional.

If they don’t match prevailing tariffs, there may be subscriber and revenue loss, which is able to once more lead to profit erosion.

In short, it’s clearly premature to decision the December quarter as a bottom. except the impact of Jio’s latest worth revisions, incumbents will be hit by a discount in international termination rates.

Idea’s solely hope is that things reverse quickly on the tariff front.

“We believe this can be a minor aberration and may correct itself during a short amount of your time,” Kapania aforesaid on the decision.

But it’s way more necessary what Jio thinks.

“Investors believe Jio will out-invest its competition, expand the lead on information capability and leverage its position to drive revenue-share,” analysts at Deutsche Bank aforesaid during a twenty four Jan note to purchasers.

Thus far, interesting high levels of money burn has been a part of Jio’s strategy, and there looks to be without stopping seeable to the current strategy.

In fact, some analysts are questioning what precisely is driving Jio’s valuation strategy, considering that it's currently the market leader within the mobile broadband class. each valuation modification in bundled voice and information plans impacts it the foremost. no matter Jio’s motivation, the very fact remains that extremely leveraged firms like plan are the worst hit by the tariff war.

The company’s contract with Vodafone Asian nation Ltd includes a clause that every company will solely bring an inexpensive pre-agreed level of debt (or a most leverage quantitative relation, to be precise) into the in corporate company.

With profits eating away at a quick clip, leverage ratios have gone haywire, and it remains to be seen however the 2firms tackle this quandary.

Against this background, it’s very little surprise plan is desperate for peace and desires the worth war to finish.
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Top stocks in focus on 24 January 2018

Domestic market is probably going to ascertain a negative gap on Wednesday, following peachy futures on the Singapore exchange (SGX Nifty) and cues from alternative Asian markets.

Nifty futures on the Singapore exchange were mercantilism 22.50 points, or 0.20 per cent, lower at 11,065.50 at 8.15 am, indicating a negative begin for the Nifty50 in Republic of India. Here may be a list of prime stocks that area unit doubtless to be focused in today's mercantilism session:

Bhushan Steel: ArcelorMittal has withdrawn from bidding for bankrupt Bhushan Power & Steel when it conducted due diligence on the Indian company. Tata Steel, JSW, Vedanta, AION Capital and a Dubai-based wealthy person stay within the fray for the bankrupt company sooner than the Jan 29 point.

 Amtek Auto: Lenders to Amtek AutoBSE -0.87 %, that is facing Rs 12,722-crore claims from creditors, have determined to reject the sole 2 offers they received — from Liberty House and Deccan worth Investors — unless the bidders raised the value. The offers are below the liquidation worth of the corporate .

 Biocon, Idea & Canara Bank: Biocon, plan Cellular, Kanara Bank, InterGlobe Aviation, KPTI Technologies, M&M monetary, Pfizer, Raymond, Mphasis and KEI IndustriesBSE -1.18 you're a number of the businesses which can announce their quarterly earnings on Tuesday.

 Procter & Gamble: Procter & Gamble's parent has according a 68 per cent come by quarterly profit, as a result of the sale of a piece of its beauty brands to Coty opposition last twelvemonth and a charge associated with the recent United States of America tax overhaul. cyberspace financial gain because of the corporate fell to $2.50 billion, or 93 cents per share, within the second quarter.

 United Spirits: India's largest liquor firm rumored a nine per cent decline year-on-year in its profits for the quarter terminated Dec at Rs 135 large integer, in the main attributable to higher promoting spends and exceptional things. The maker of McDowell's whisky aforementioned underlying income declined 2 per cent within the third quarter.

 Hindalco:  Novelis, the yank subisidiary of Aditya Birla flagship HindalcoBSE -1.34 the concerns declared that it'll invest around $300 million in an automotive metal sheet producing facility in Woodrow Wilson Guthrie, Kentucky, as a part of its plans to expand producing for automotive functions to fulfill the rising demand.

DLF: After the conclusion of the promoter's stake sale in its rental arm to Singapore sovereign wealth fund GIC, material possession major DLF is trying to create its development arm a zero net-debt company by March 2019, repaying the whole liability of Rs 13,000 crore.

Indiabulls Real Estate: Realty developer India bulls realty according 45.7 per cent on-year rise in consolidated income at Rs 85.3 large integer for the third quarter concluded Gregorian calendar month. Total financial gain for the quarter conjointly rose 339 per cent from a year agone to Rs 2,164.4 crore.

Havells India: HSBC has maintained 'buy' rating on Havells India BSE -0.66 attempt to revised target value to Rs 625 from Rs 620. With demand sick and needed foundation in situ, the HSBC expects Havells India's robust earnings growth momentum to continue.

RBL Bank: Net profit of the bank accumulated 28 per cent within the quarter to December 2017 as each interest and non-interest financial gain grew, the bank aforesaid. earnings accumulated to Rs 165 large integer or Rs 3.83 per share from Rs 129 large integer or Rs 3.27 per share a year agone, slightly under the Rs 173 large integer expected by a Bloomberg poll of analysts.

Edelweiss Financial Services: Edelweiss money Services (EFS) reported a 54 per cent year-on-year rise in financial gain driven by higher fees and commissions and premium income from the life assurance business. profits rose to Rs 2 large integer or Rs 2.57 per share within the quarter finished Gregorian calendar month 2017 from Rs 144 large integer or Rs 1.76 per share a year earlier.

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CBOT weekly outlook: Markets stabilize following USDA reports

Corn and soybean contracts on the Chicago Board of Trade (CBOT) are catching up following the discharge of U.S. Department of Agriculture (USDA) reports last Friday.

Corn “went down on Friday in response to the report. we tend to couldn’t file through it all yesterday. therefore we tend to truly finished up finding some short-covering and that i suppose the markets are simply quite sold-out out right away,” aforementioned Jack Scoville, a senior analyst at value Futures cluster in Chicago.

USDA’s production report raised the 2017-18 U.S. corn harvest, shocking traders UN agency had expected it to drop. Corn stocks were raised additionally.

Scoville feels the market is completed its downward trend and is prepared to stabilize, adding we tend to might even see a rally of ten cents to induce back to the $3.60-$3.70 per bushel vary (all figures US$).

With the executive department reports out, attention has currently turned to South America wherever there's potential for an outsized corn crop.

“We still have lots of corn down here. however on the opposite hand, the market hasn’t been able to do something with the draw back given some rather huge provides and a giant carryout projection for next year. therefore it acts like it’s happening,” Scoville aforementioned.

Soybeans, on the opposite hand, listed higher following Friday’s releases. executive department down its 2017-18 production forecast that was the alternative of what analysts had thought would happen.

 The March contract settled weekday at $9.69 per bushel, up nineteen cents since the report was free.
“It looks to be at an area wherever folks are willing to sell the market… it hasn’t extremely been able to run higher however it’s additionally quite in an exceedingly vary,” Scoville aforementioned.

As with the corn markets, interest has currently shifted to South America, wherever the harvest is quick approaching with crops presently within the flowering and pod filling stages.

“Given that the weather is a smaller amount than excellent, i feel there’s a note of caution here.
therefore I expect the market to be quite stormy and sideways over there,” Scoville aforementioned.

The big surprise from Friday’s releases was in winter wheat acres, that were larger than expected. The news sent the Chicago March contract down quite ten cents to shut Friday at $4.21 per bushel.

However, Scoville aforementioned, the market has seen some support on with Egyptians shopping for wheat. It closed Friday at $4.22 per bushel.

U.S. wheat, he said, is “relatively low cost right away. therefore i feel the very fact that the Egyptians are paying alittle bit extra money is quite optimistic for North American nation.”

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SEBI allows MCX to launch gold options

Capital and commodity market regulator SEBI has allowed MCX, the country’s largest commodity exchange, to launch choices trading in gold.

it will permit traders and hedgers to minimise their value risk at a fraction of value in comparison with at present on hand futures buying and selling.

Murgank Paranjape, Managing Director of MCX, proven the approval and informed BusinessLine that the trade is yet to make a decision on a company date (on the launch of gold choices) as the mock buying and selling continues to be occurring.

“We want to conduct few extra awareness situations when you consider that it's a new instrument for commodity traders. we can fix a date for the launch best after we are absolutely satisfied that members and bullion merchants are prepared,” he stated.

MCX has been conducting mock buying and selling for the reason that ultimate week of June.

Market sources said the exchange can be upgrading its expertise to handle increased participation 365 days after options launch and would be able to launch gold options by October.

With participation of 60-70 per cent of the individuals, mock buying and selling in choices has been smooth sailing so far but the trade will take a name handiest after 95 per cent of the individuals check the device, said sources.

Commodity futures

options buying and selling will deepen the market by using attracting new set of investors and motivate company participation. SEBI recently allowed class III Alternate funding funds to spend money on the commodity futures market.

It allowed and issued norms for the launch of commodity choices in June. The regulator has allowed just one commodity choice per alternate on a pilot foundation.

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China iron ore falls 7% on high supply

chinese iron ore futures tumbled 7% on Wednesday, the steepest single-day drop in more than two weeks, on issues over plentiful provide as shares of the steel-making raw subject matter on the usa's ports rose to the absolute best in as a minimum 13 years.

Iron ore's decline was once the sharpest amongst China's commodity futures after Moody's buyers carrier downgraded the united states's long-time period local and foreign currency echange supplier scores, warning its monetary potential would erode in coming years as economic boom slows and debt continues to mount.

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Gold trades lower in morning deals; silver up

Gold costs were trading decrease in morning exchange on Monday on account of subdued demand of valuable metals from jewellers, shops and industries amid agency equity markets.

MCX Gold used to be buying and selling zero.16 per cent or Rs forty six down at Rs 28,589 per 10 gram around 10.45 am (IST), whereas MCX Silver was once up 0.14 per cent or Rs fifty three at Rs 39,164 per 1 kg.

SPDR Gold belief GLD, the world’s greatest gold-backed change traded fund, said its newest holdings stood at 850.seventy one tonnes, stay unchanged from earlier business day. Holdings of the most important silver backed change-traded-fund (ETF), big apple's iShares Silver belief SLV, stood at 10,693.85 tonnes, stay unchanged from earlier trade day.

“we expect precious metals are like to change vary sure for the day, amid ongoing political concerns surrounding US President Donald Trump which might be expected to keep weighing on the dollar.”

according to Angel Broking, gold prices on the MCX are expected to alternate sideways on Monday. Market focal point has now shifted to promised tax cuts and infra spending with the aid of the usa president which in flip can pull down treasured metals.

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Sebi allows options trading in commodities

Capital market regulator the Securities and change Board of India (Sebi) announced the a lot-awaited commodity market reform of permitting exchanges to launch options contracts.

The transfer would deepen the domestic commodity market and provide farmers and different participants a brand new hedging instrument, in a less expensive method. Sebi additionally announced a single-licence regime, permitting stockbrokers to deal in commodities and vice versa. It mentioned within a year, it might allow a single licence for exchanges as neatly.

The move will assist the Multi Commodity change (MCX) to launch equities trading, and the national inventory alternate (NSE) and the BSE to foray into the commodity derivatives area.

Addressing the media after his first board meeting as Sebi chairman, Ajay Tyagi said in contrast to fairness derivatives, options in commodities would no longer be money-settled and exact pointers on it could soon be issued. Beside commodities, Sebi made a slew of other announcements on initial public offerings (IPOs), mutual funds (MFs) and the company bond market.

The regulator accorded a professional institutional purchaser (QIB) status on systemically necessary non-banking finance corporations (NBFCs). These have internet price of greater than Rs 500 crore. The transfer will supply NBFCs greater play in the IPO market, as just about half of the difficulty dimension is reserved for QIBs. previous, NBFCs needed to invest in the non-institutional category, which has only 15 per cent reservation.

to verify transparency in the usage of proceeds, Sebi stated all IPOs raising Rs 100 crore or more in fresh fairness capital must appoint a “monitoring agency”. The agency should make certain ample supervision and utilisation of the money raised.

Sebi also tightened the framework for such businesses. except now, the appointment of the monitoring company was mandatory only for IPOs that raised over Rs 500 crore.

Tyagi stated the transfer was once proposed on fears that capital raised in IPOs may be misused or siphoned off.

The regulator eased the preferential allotments norms for banks and sure monetary establishments. The six-month lock-in requirement on pre-preferential allotment shareholding will likely be waived. also, the norms that make an entity ineligible to take part in a preferential allotment if it has offered shares of the provider within the previous six months will also be cozy.

Sebi mentioned residents and non-resident Indian (NRIs) are usually not allowed to take direct or oblique publicity to the market participatory notes (p-notes). He said the rule of thumb was once presently in the form of steadily-asked questions (FAQs) and Sebi wished to provide it more criminal sanctity.

Tyagi stated there are no fears as such of NRIs’ cash coming into the market through the p-be aware route.

Sebi additionally allowed buying MFs through e-wallets, equivalent to Paytm, Mobikwik and Freecharge.

first of all, Sebi has taken a conservative means with the aid of allowing buy of units price up to Rs 50,000 per mutual fund each and every monetary yr.

also, redemptions of such investments may also be made most effective to a bank account of the unit holder. fee to e-wallets will not be allowed through credit cards or reward points.

Sebi also allowed speedy redemption facility for liquid schemes, to permit quicker redemptions.

“Mutual fund belongings crossing the Rs 18-lakh crore mark is just right. We want to go deeper.

We wish to make use of the publish-demonetisation impression and hence, can be taking many more resolution to assist MFs,” stated Tyagi. “Enabling payments via e-wallets adds another cost possibility,” stated Kaustubh Belapurkar, director – fund research, Morningstar funding Adviser India.

Sebi introduced a brand new framework for consolidation and re-issuance of debt securities aimed toward boosting the bond market and infusing more liquidity. Tyagi said the quantity mobilised in the course of the company bond market in 2016-17 used to be better than the bank credit boom in the united states.

What got here out of the meeting

Launch of choices in commodity derivatives: publicizes reform, allowing choices buying and selling in commodity market

Single broking licence for equities and commodities: Stockbrokers will probably be allowed to deal in commodities and vice versa. inside a yr, Sebi plans a single licence for exchanges as neatly

NRIs blocked in P-notes: Sebi clarified and strengthened the regulations to bar resident and non-resident Indians from taking direct and indirect exposure to Indian markets thru P-notes

Tighter monitoring of IPO proceeds: mandatory ‘monitoring agency’ for IPOs above Rs one hundred crore to verify enough supervision and utilisation of money raised.

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