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Earnings beat estimates; strong recovery witnessed * Consolidated revenue grew 37% YoY to INR2.75b (est. INR2.4b), aided by a recovery in US business (up 57% YoY to INR1.6b). * Clean energy segment witnessed 98% YoY growth, followed by 59%/36% YoY growth in the medical/mobility segments. * EBITDA margin expanded by 470bp to 11% (est. 6.4%) despite gross margin contraction by 40bp YoY to 36.8%. Employee expenses/other expense as % of sales stood at ~17%/8.9% vs. ~22.7...
Company Update : Avalon Technologies Ltd - Motilal Oswal Financial Services
A miss on est. due to lower volumes and higher costs * JKLC’s 2QFY25 earnings were notably below our estimate due to lower-thanestimated volume (~11% miss) and higher-than-estimated opex/t (+3% vs. our est.). Consol. EBITDA declined ~59% YoY to INR893m (~42% below our estimate), and EBITDA/t was down ~55% YoY to INR360 (our est. at INR550). OPM dipped 6.6pp YoY to ~7% (est. ~11%). JKLC reported a net loss of INR140m (vs. estimated profit of INR262m) vs. PAT of INR927m in 2QFY24....
Company Update : JK Lakshmi Cement Ltd - Motilal Oswal Financial Services
In-line result; both India and the EU outperform the underlying industry * ENDU’s 2QFY25 consol. revenues grew 14% YoY to INR29.1b (in line). EBITDA rose 20% YoY to INR3.8b (in line), and adj. PAT was up 31% YoY at INR2b (in line). * Its 1HFY25 revenue/EBITDA/adj. PAT grew 15%/18%/28% YoY. India business: * Revenue grew 16.5% YoY to INR23b (inline) compared with underlying 2W industry production growth of ~10% YoY. There was an incentive of INR131m booked in 2...
Company Update : Endurance Technologies Ltd - Motilal Oswal Financial Services
Beat on EBITDA & PAT as strong margin offsets volume weakness * In 2QFY25, Gujrat Gas (GUJGA) reported EBITDA and PAT at 10%/17% above our estimates. The overall volume was down 4% vs our estimate, though this was offset by the EBITDA/scm margin coming in at INR6.4 (our est: INR5.6). The beat at the EBITDA level appears to be largely driven by gas cost optimization, as gross margin expanded from INR8.6/scm in 1QFY25 to INR10.4/scm in 2QFY25. In 3QFY25, we expect a sharp recovery in vol...
Company Update : Gujarat Gas Ltd - Motilal Oswal Financial Services
Operationally better than estimates * Apollo Hospitals’ (APHS) 2QFY25 revenues grew 15.3% YoY to INR55.9b (est INR54.0b). Healthcare services’ revenue grew 16.8% YoY to INR25.6b. Healthco’s revenue grew 15.3% YoY to INR20.8b. AHLL’s revenue grew 14.9% YoY to 3.7b * EBITDA margin expanded 160bp YoY to 14.6% (our est: 14.1%) due to lower employee/other expenses (down 80bp/130bp YoY as a % sales, respectively). * EBITDA grew 30% YoY to INR8.2b (our est:...
Company Update : Apollo Hospitals Enterprise Ltd - Motilal Oswal Financial Services
Robust India business performance drives EBITDA beat Highlights of standalone results: * Revenue stood at INR324b (-5% YoY/-2% QoQ), in line with our estimate of INR326. The QoQ decline was due to weak realization. * Steel production stood at 5.27mt, whereas deliveries stood at 5.1mt (+6% YoY/ +3% QoQ) against our estimate of 5.06mt. * ASP stood at INR63,404/t (-11% YoY/-5% QoQ) vs. our estimate of INR64,325/t. * EBITDA stood at INR66b (-4% YoY/-2% QoQ), bet...
Company Update : Tata Steel Ltd - Motilal Oswal Financial Services
Steady 2Q, in line with estimates * PWGR reported standalone (SA) revenue for 2QFY25 at INR102b (+5% YoY), just 2% below our estimate of INR104b. EBITDA came in at INR87.8b (+3% YoY), ~4% below our est. of INR91.3b, impacted by a sharp rise in opex. * Reported SA PAT was in line with our est. and stood at INR37.1b. Adjusted SA PAT of INR35b (+5% YoY) was 3% lower than our est. of INR36.2b. * On a consolidated basis, reported PAT came in at INR37.9b (flat YoY) and EBIT...
Company Update : Power Grid Corporation of India Ltd - Motilal Oswal Financial Services
Novelis 2QFY25: In-line performance * Shipments volume stood at 945kt (YoY/QoQ: +1%/ flat) against our estimate of 961kt. The growth was primarily led by strong demand from the beverage packaging segment offset by lower shipments to some specialty end markets and the automotive segment. Volumes were also impacted due to flooding-led production interruption at the Sierre plant. * Novelis (HNDL)’s 2QFY25 revenue stood at USD4.3b (YoY/QoQ: +5%/+3%) inline with our estimate ...
Company Update : Hindalco Industries - Motilal Oswal Financial Services
AUM declines ~4% and collection efficiency dips ~170bp sequentially Stage 3 (60+ dpd) rises ~100bp QoQ * CREDAG’s 2QFY25 disbursements declined ~19% YoY and ~11% QoQ to INR40b (PQ: ~INR45b). AUM decreased ~4% sequentially to INR251b (PQ: INR263b). ? Collection efficiency (including arrears) declined ~170bp QoQ to ~96.2% in 2QFY25 (PQ: 97.9%). * PAR 60+ and 90+ rose ~100bp QoQ and ~60bp QoQ to ~2.4% and ~1.7%, respectively. * CRAR stood at ~26.4% (PQ: 25.2%) during the period...
Company Update : Buy CreditAccess Grameen Ltd By Motilal Oswal Financial Services
Growth-centric capability expansion Happy Forgings (HFL) management value proposition: 1) significant market share gains from HFL’s best-in-class engineering capabilities, marked by rapid diversification & delivery of complex forged/machined components to auto/industrial segments 2) Constant focus on complex/critical parts and recent product additions to unlock new avenues: capability step-up from addition of 14k ton press line (in 3QFY23) helped expand product offerings from up ...
Company Update : Happy Forgings Ltd By Yes Securities Ltd
Deposits growth healthy; CASA ratio at 33.2% BANDHAN released its quarterly business update, highlighting the key trends for 2QFY25: * Gross advances (on and off the book and TLTRO investments) grew 21.4% YoY (+4% QoQ) to ~INR1.3t. * The deposit base stood at INR1.42t, growing 27.2% YoY (up 7% QoQ). CASA deposits grew 6.4% QoQ (up 9.5% YoY), resulting in CASA ratio at 33.2 (vs 33.45 in 1QFY25). * Retail deposits (including CASA) grew 16.4% YoY, up 4.9% QoQ. The proportion of Retai...
Company Update : Buy Bandhan Bank Ltd By Motilal Oswal Financial Services
Retail loans grew ~28% YoY; retail mix now at ~96% Wholesale loans could have potentially declined to ~INR37b * Retail disbursements for 2QFY25 rose ~12% YoY and ~2% QoQ to INR151b (PY: INR148b). * Rural business disbursements declined 5% YoY. Farmer finance disbursements grew 16% YoY and urban finance disbursements grew 29% YoY. * MFI disbursements declined only ~6% QoQ. It is noteworthy that while there was a significant decline in disbursements across the MFI sector, LTFH's...
Company Update : Buy L&T Finance Ltd By Motilal Oswal Financial Services
Advances growth healthy; CASA ratio improved 80bp QoQ Federal Bank (FB) released its quarterly update, underlining the 2QFY25 business numbers. The key highlights are as follows: * Gross advances grew 19.3% YoY to ~INR2.34t (4.3% QoQ). According to the internal classification of the bank, retail credit grew 23% YoY, while wholesale book posted a 13% growth YoY. With this, the share of retail in the total loan mix stood at 57% in 2QFY25. * The total deposit base grew 15.6% YoY (1.1% Q...
Company Update : Buy Federal Bank Ltd By Motilal Oswal Financial Services
Reports double-digit sales growth TTAN released its pre-quarterly update for 2QFY25. Here are the key highlights: TTAN added 75 stores during the quarter, and its total retail presence (including CaratLane) stood at 3,171 stores at the end of 2QFY25. Jewelry division * Standalone jewelry sales grew 26% YoY (ex-bullion) in 2QFY25 (vs. our estimates of 20% in 2QFY25 and 9% in 1QFY25 / 19% in 2QFY24). * Consumer demand significantly picked up momentum after the reduction in custom du...
Company Update : Titan Company Ltd By Motilal Oswal Financial Services
Germany's Development Minister Svenja Schulze, who is on a three-day visit to Gujarat to represent her country at the 4th Global Renewable Energy Investor's (RE-INVEST) meet here, has said that the problems of the world cannot be solved without India's involvement. In an exclusive conversation with IANS on Monday, Schulze, who is leading a delegation of around 20 representatives, emphasised the growing importance of India's involvement in solving global challenges and the p...
World problems can`t be solved without India`s involvement: German Minister
Business assets up ~22% YoY; Stage 2/Stage 3 rose by ~100bp/30bp QoQ CE stood at 95% (PY: 96% ) Key takeaways from Jun’24 business update: * Jun’24 disbursements grew ~3% YoY to ~INR43.7b. 1QFY25 disbursements grew 5% YoY to INR127b. * Gross business assets as of Jun’24 stood at ~INR1.06t, up 22% YoY/4% QoQ. * Jun’24 collection efficiency (CE) stood at 95% (vs. 96% in Jun’23). 1QFY25 CE stood at 94% (vs. 94% in Jun’23). * MMFS reported that i...
Company Update : Buy Mahindra Finance By Motilal Oswal Financial Services
Food inflation in India, driven by supply-side factors like adverse weather affecting crops, has remained at around 8% year-on-year since November 2023 and is unlikely to ease any time soon, despite early arrival of monsoon rains and forecasts of above-normal rainfall. Elevated prices of food, which accounts for nearly half of the overall consumer price basket, has kept headline inflation above the central bank's target of 4%, preventing it from cutting interest rates. WHAT IS DRIVI...
Explainer-Why food prices will remain high in India
PAT up ~6% QoQ led by growth in interest income and income from JVs/associates * For Jio Financial Services (JFSL), NII rose ~4% QoQ to INR2.8b in 4QFY24 (~INR2.7b in 3Q) and other income declined ~5% QoQ to INR1.4b due to lower commission income. * Operating expenses grew 3% QoQ to INR1b. Employee expenses rose ~16% QoQ because of the hiring of manpower and management team. * Credit costs stood at INR18m (vs. INR2m in 3Q). The profit contribution of JVs and associates increased ~17%...
Company Update : Jio Financial Services - Motilal Oswal Financial Services
Duct Iron Pipes and Specialized Ferro Alloys to be key products moving forward We went for Jai Balaji Industries’ plant visit at Durgapur, West Bengal where the company has its TMT bars producing DRI manufacturing capacity and DI Pipes producing Blast Furnace facilities cupped with backward integrated operations. Post the plant visit, we got to interact with the management as well. The key takeaways from our visit are provided below Capacity expansion plans to focus on capturing t...
Company Update : Jai Balaji Industries Ltd by Motilal Oswal Financial Services
Kotak Mahindra Bank (KMB) has shown a decline in performance over the last three years (3Y return: -7.4, 1Y return: -13.3%) compared to the returns of Bank Nifty (3Y return: 37.4%, 1Y return: 11.5%) and Nifty (3Y return: 43.6%, 1Y return: 21.6%). This underperformance can be attributed to several factors, including the stepping down of Mr. Uday Kotak, slower business growth relative to Kotak’s usual standards, and supervisory actions by the RBI. However, the bank has maintained strong a...
Company Update : Kotak Mahindra Bank Ltd by LKP securities Ltd
We attended the analyst day meet at Vedanta Ltd held on the 27th of February 2024. The analyst meet focused on the demerger story and potential value unlocking from the same. The meet also laid out the expansion plans under different verticals for the company. At the CMP, the company currently trades at 5.01x EV/EBITDA at FY24E as per Bloomberg estimates. Demerger aimed to unlock potential value On 29th September 2023, the Vedanta board approved a pure-play, asset-owner business model ...
Company Update : Vedanta Ltd - Yes Securities Ltd
VNB misses estimates, declines 29% YoY | Margin moderates 510bp QoQ to 22.9% * Gross premium grew 4% YoY in 3QFY24 to INR103b (in line), with renewal /first-year premium up 6%/11% YoY and single premium flat YoY. PAT grew 3% YoY to INR2.3b in 3QFY24. For 9MFY24, PAT rose 18% to INR6.8b. * APE grew 5% YoY to INR19.1b (9.5% above estimates) as ULIP business saw a growth of 9% YoY in 3QFY24. Compared to 9MFY23, ULIP/protection grew 6%/4% YoY, but non-Par declined 3.5% YoY. * VNB decline...
Company Update : ICICI Prudential Life Insurance - Motilal Oswal Financial Services
India has commissioned four semiconductor manufacturing units and in the next five years, the country will become one of the biggest semiconductor hubs in the world, Union Railways and IT Minister Ashwini Vaishnaw has said. In a wide-ranging interview with IANS, the Union Minister said that in the coming years, Prime Minister Narendra Modi will lay the foundation for the further growth of the industry that will create thousands of jobs. “There is a clear policy on bringing state-o...
India to become one of biggest chip hubs in next 5 years: Union Railways and IT Minister Ashwini Vaishnaw
India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its overseas sales, two sources directly involved in the matter said. China typically accounts for more than 90% of overall shipments of iron ore from India, which is the world's fourth largest producer of the steel-making ingredient. Demand for steel in India, the world's second-biggest crude steel maker, has raised iron ore consumption in the country and earlier th...
Exclusive - India considers export tax on low-grade iron ore
India's Finance Minister Nirmala Sitharaman will on Thursday present the last federal budget of the current Narendra Modi-led administration before the country heads for polls in the summer. Industry lobby bodies are suggesting the government continue spending on infrastructure, expand incentives for manufacturing and tweak import taxes on inputs for certain goods. The government is considering raising capital spending to as much as 12 trillion rupees from the current year'...
Factbox-What industry wants from India`s budget on February. 1
ICICI Securities Limited reported robust Q3FY24 results, showcasing a substantial 50% overall revenue growth and notable market share improvements across various revenue-generating parameters. The Profit after Tax surged to 466 crore, reflecting a significant 66% YoY increase and a 10% QoQ rise. The company's success is attributed to effective diversification strategies and a customer-centric coverage model. Key highlights include a 12% sequential growth and a remarkable 56% YoY increase ...
Company Update : ICICI Securities Limited by ARETE Securities Ltd
Concord Biotech Limited is a R&D driven biopharma company that manufactures API through fermentation & semisynthetic process and finished formulations. Founded in the year 2000, the company has transformed from a singleproduct company to a broad-spectrum solution provider, offering products across diversified therapeutic segments. Concord is globally known for its products and has a presence in more than 70 countries worldwide with efficient distribution infrastructure in markets like...
Company Update : Concord Biotech Ltd by Choice Broking Ltd
* Man Industries (India) Ltd. (MAN), was incorporated in 1988 and is the flagship company of the Man Group promoted by the Mansukhani family. Today, the company is one of the largest manufacturer and exporter of large diameter carbon steel line pipes (LSAW, HSAW and ERW), which are used for various high pressure transmission applications for oil & gas industry, petrochemicals, water, dredging & fertilizers, hydro-carbon and CGD Sector. The company has three state-ofthe-art manufacturi...
Company Update : Man Industries Limited by Choice Broking
The 2024 outlook for the Indian banking sector is robust and healthy with the Reserve Bank of India (RBI) hitting the pause button on the policy rate revision, satisfactory capital levels, loan loss provisions, and softening retail inflation, Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers has said. Speaking to IANS, Hajra also anticipates a moderate acceleration of deposit growth and a deceleration of credit growth in 2024 relative to 2023, which ...
Indian banks to see `moderate growth' in deposits, 'deceleration in credit`
Disbursements flat MoM; asset quality stable Nov’23 disbursements grew 18% YoY and CE stood at 94% (vs. 96% YoY) Key takeaways from Nov’23 business update: ? MMFS reported Nov’23 disbursements of ~INR53b, flat MoM and up ~18% YoY. YTD disbursements stood at ~INR360b, up ~16% YoY. ? Gross business assets as of Nov’23 stood at ~INR966b, up 26% YoY and up ~17% over Mar’23. ? Nov’23 collection efficiency stood at 94% (vs. 96% in Nov’22). ? ...
Company Update : Buy Mahindra Finance Ltd - Motilal Oswal Financial Services Ltd
Domestic steel prices remain under downward pressure, with prices down 6- 7% in 3QFY24. Higher Chinese export prices have now closed the import parity gap from the peak of 12% in October 2023. Raw material prices, iron ore and coking coal remain elevated on the hope of further stimulus in China and supply disruptions. We expect margins for steel companies to remain stable sequentially in 3QFY24 and under downward pressure in 4QFY24. Maintain BUY on JSPL and SELL on SAIL. Domestic steel pri...
Metals & Mining : Steel - margins under pressure by Kotak Institutional Equities
Mubadala is in talks to acquire a stake of less than 10% in India's Manipal Hospitals, in what could be the Abu Dhabi sovereign fund's first investment in the booming Indian healthcare space, people with direct knowledge said.The fund is holding talks with Singapore's Temasek, which spent $2 billion in April to raise its stake in Manipal to 59% from 18% in the biggest hospital sector deal in India, said two of the three sources, who all sought anonymity as the talks are confidential.The...
Exclusive-Mubadala in talks with Temasek for stake buy in India's Manipal Hospitals
SBI Research in its latest report has said that the monetary policy committee (MPC) of the Reserve Bank of India (RBI) is expected to yet again pause the key repo rate at its next bi-monthly review scheduled in the first week of October. The meeting is scheduled for October 4-6. RBI typically conducts six bi-monthly meetings in a financial year, where it decides interest rates, money supply, inflation outlook, and various macroeconomic indicators.It stated ?Domestically, we believe at 6.50%, ...
MPC of RBI expected to yet again pause repo rate at next bi-monthly review: SBI Research
Passive inflows into Indian bonds could rise to as much as $50 billion over the next 12 months if other foreign indexes add the country's debt to their benchmarks, a top treasury official at ICICI Bank told Reuters on Friday.Earlier in the day, JPMorgan said it would include India in its global emerging market bond indices over 10 months starting June 2024, triggering close to $24 billion in flows.Besides JPMorgan, FTSE Russell and Bloomberg Barclays also have emerging bond indices that could...
India bond flows may hit $50 billion if other indexes follow JPMorgan - ICICI Bank`s B. Prasanna
We interacted with the management of Sansera Engineering and visited the company?s Forgings as well as Aerospace & Defence plants in Bengaluru. By leveraging the advantages (of cost, time-to-market and agility) afforded by its end-to-end integrated engineering capabilities, Sansera expects to benefit from increased outsourcing across its traditional as well as newer product lines to clock ~20% revenue CAGR in coming years (2x the underlying industry); this would help execute its str...
Company Update : Sansera Engineering Ltd By Strong foundation in place for 20% sales CAGR, 20% RoCE By Emkay Global Financial Services
Federal Bank's campaign for Sovereign Gold Bonds (SGB) deserves accolades for its outstanding execution and its ability to make a complex financial product accessible and enticing to the masses. The campaign brilliantly captures the essence of SGBs as a golden opportunity for investors. The tagline, ?Reliably liquid?, ?Gold without the worries?, "The Golden Opportunity," etc immediately resonates with anyone seeking a smart investment option. It cleverly emphasizes how SGBs can tur...
Federal Bank creates a Golden Buzz with its #SoneKaRishta campaign on Sovereign Gold Bond
India's Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, three sources with direct knowledge of the plan said.Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end September, Reuters has reporte...
Exclusive-India`s Reliance Retail in talks with Gulf, Singapore funds on $1.5 billion injection
Divam Sharma smallcase manager and Founder at Green Portfolio 1) Marksans Pharma Company is into drugs for mainly pain management and cardiovascular treatment. The company is looking to acquire companies to increase its presence in global markets. As the new plant is expected to run at higher utilisation levels, the top line and margins can see significant expansion from the current levels. 2) Sterlite Technologies One of the biggest beneficiaries in India’s 5G transformatio...
Top 20 stock picks based on G20 theme from smallcase managers
Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands. The company's product range includes six principal categories with 300+ products: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies. Key Highlights • Largest ethnic snacks company in India. Strong leadership in core states delivering 14.7% in co...
Company Update : Bikaji Foods International Limited By Arete Securities Ltd
Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said. If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail. Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a ...
India`s Tata seeks control of Haldiram`s, snack maker wants $10 billion valuation
Strategy Manufacturing growth likely to be driven by products related to capex cycle while general consumer products may drag; electronics manufacturing is the new frontier ! Manufacturing sector growth slowed down to 1.3% YoY in FY23 resulting in a drop in its share of GVA to 17.7%. Breakup of ‘manufacturing sector’s GVA’ is not yet available for FY23, but IIP constituent trends indicate that ‘consumer products’ primarily dragged down manufacturing in FY23...
Strategy: Manufacturing growth likely to be driven by products related to capex cycle while general consumer products may drag; electronics manufacturing is the new frontier By ICICI Securities
India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to cars which cost above $40,000 and 70% for the rest, said two of the sources, ...
Exclusive-With Tesla push, India mulls import tax cut if EV makers build locally
Commerce and Industry Minister Piyush Goyal has said that India's trade deficit is falling at a rapid pace and the exports are expected to see positive growth in the coming months. He said that countries in the world are facing a slowdown and global trade is relatively weak right now. Given the challenging situation, the minister said high interest rates, and cut down in discretionary spending have led to a fall in the exports of ready-made apparel and the gem and jewellery secto...
India`s trade deficit falling at rapid pace; exports to see positive growth in coming months: Piyush Goyal
Union Minister of State for External Affairs Rajkumar Ranjan Singh has said that Indian embassies and consulates are well-placed to help the country's businesses explore new markets for exports. He said India's growth and prosperity are intrinsically linked to its ability to tap into global markets and focusing on the incredible products and services that it has to offer. He stated that India has representation in almost all the countries of the world. He said ‘Our embassies ...
Indian embassies, consulates well-placed to help country`s businesses explore new markets for exports: Rajkumar Ranjan Singh
V-Guard, a leading name in consumer electronics and electrical products, unveils an extraordinary dual offer extravaganza for the upcoming Onam festival. This festive season, V-Guard presents not one, but two exciting offers for its valued customers, adding to the joy of the occasion. The first delightful surprise is the Scratch & Win Bonanza valid from August 4th to September 10th, 2023, this exciting offer guarantees an assured gift by purchasing any gas stove or mixer grinder model ...
V-Guard Unveils Double Delight with Exciting Onam Offers: Assured Gifts and Scratch & Win Bonanza
Chief Economic Advisor (CEA) V Anantha Nageswaran has said that India needs to focus on the manufacturing sector to achieve sustained growth of 7-7.5 per cent until 2030. He also said that manufacturing should be a key growth area given the country's comparative advantage in terms of skilled labour, improved physical infrastructure, well-established industrial ecosystem and large domestic market. As regards the services sector, CEA said the composition should change in favour of ...
India needs to focus on manufacturing sector to achieve sustained growth of 7-7.5% until 2030: CEA
India's rice stocks were at nearly three times its target at the start of August, two government sources in the world's second biggest producer country said on Thursday. Coupled with the new season crop that is due to start trickling into the market by October, the surplus will raise market hopes of New Delhi relaxing a recent export ban. The world's biggest rice exporter last month ordered a surprise halt to non-basmati white rice exports, its largest category, driving pric...
Exclusive-India rice stocks at three times target, easing supply concerns
Asian rice trade paused on Friday to digest the previous day's ban by India, by far the world's biggest supplier, of a major share of its exports of the staple, with prices expected to climb substantially in coming days, three traders said. India, which accounts for 40% of world rice exports, on Thursday ordered a halt to its largest rice export category to reduce domestic prices, which have climbed to multi-year highs in recent weeks as erratic weather threatens production. &qu...
Rice prices set to climb further after India export ban, trade at standstill
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