Search

Just another WordPress site

Indian trade

Indian government continues to purchase Canada lentils for buffer stock

by economictimes.indiatimes.com Leave a Comment

Synopsis

The Indian government is continuing to purchase lentils from Canada despite the strained diplomatic relations between the two countries. This is part of India’s efforts to build buffer stocks and stabilize the high prices of pulses. Two central government agencies have issued tenders to procure red lentils from the local market as well as through imports. The lentils must comply with the specifications of the Food Safety and Standards Authority of India. Despite the tensions, there have been no official restrictions on trade between the two countries.

New Delhi: The Indian government is continuing its purchases of lentils from Canada despite the worsening of diplomatic ties between the two nations as New Delhi seeks to build buffer stocks to arrest the high price of pulses, said people familiar with the matter.

The two central government agencies – National Cooperative Consumers’ Federation of India Ltd ( NCCF ) and National Agricultural Cooperative Marketing Federation of India ( NAFED ) – have recently issued tenders to procure red lentils (masoor whole) from the local market as well as through imports to stabilise prices.

“The two agencies have floated tenders for domestic as well as imported lentils. They have, however, not mentioned any restriction on the country of origin,” one of the persons cited above said, adding lentils that will be procured have to comply with specifications of the Food Safety and Standards Authority of India (FSSAI).

The two agencies, together, began issuing tenders four times every week to procure lentils earlier this month.

Erratic monsoons this year in key growing states have caused a drop in acreage, leading to a rally in prices of the protein-rich staple.

« Back to recommendation stories
I don’t want to see these stories because
SUBMIT

Tensions between New Delhi and Ottawa arose after Canadian prime minister Justin Trudeau said his government was investigating “credible allegations” about the potential involvement of Indian government agents in the murder of Khalistani separatist leader Hardeep Singh Nijjar in British Columbia in June.

While India’s foreign ministry called the allegations “absurd”, it also suspended visa services for Canadians till further notice.

This sparked fear of trade disruption between the countries and the availability of lentils in the domestic market as India is one of the top importers of Canadian lentils.

Even though neither of the countries have placed any restriction on trade, India’s imports of lentils have slowed since the tensions began, said a senior executive at a large importer of pulses.

“New enquiries or contracts are not being signed,” the executive said.

Canada was the biggest supplier of lentils to India in the last financial year. However, the South Asian nation has since then diversified its imports of the pulse.

India has been importing a large amount of lentils from Australia and has also started offering full customs duty exemption on imports of lentils from the US.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Print Edition
Print Edition Print Edition Thursday, 28 Sep, 2023

Experience Your Economic Times Newspaper, The Digital Way!

    Now, Tesla Rival VinFast Looks to Make in India Now, Tesla Rival VinFast Looks to Make in India

    Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

    Festive Wave may Lift IIP Growth in Coming Mths Festive Wave may Lift IIP Growth in Coming Mths

    India’s industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive sentiment.

    Desi Snack Packs are a $1b Bite for Haldiram’s Desi Snack Packs are a $1b Bite for Haldiram’s

    ​Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less

How chess helped Zerodha co-founder Nikhil Kamath improve trading skills

by economictimes.indiatimes.com Leave a Comment

Synopsis

After the success of Zerodha, India’s largest stock broking platform that he started with his brother Nithin Kamath in 2010, Nikhil started a hedge fund – True Beacon – two years ago to manage money for HNIs and ultra-HNIs.

NEW DELHI: “If you control the center, you can control the game.” Well, we are not discussing an opening strategy in chess , but a trading strategy in the stock market!

Whether its trading or investing, market participants often draw inspiration from different subjects, sometimes completely unrelated to the world of stocks. For Nikhil Kamath , co-founder and Chief Investment Officer at Zerodha and True Beacon, chess was a passion since his childhood!

“When you are playing chess, you are trying to control the center, develop your pieces, castle as fast as possible. Those are basic principles of the game. The same kind of rules also apply to trading, for example, in how you place a stop loss, how you handle leverage,” Kamath told ETMarkets in an interview.

The stockbroker and money manager played chess as a regular sport as a teenager and even competed at the national level, but had to give up that passion after he dropped out of school at the age of 17 to start stock trading, as the entrepreneurial pursuit took away his free time.

“You have to be fairly structured in chess. The same rules apply to trading as well. Chess taught me the importance of following a structure, beyond which you can be creative,” says the 31-year-old Bengaluru-based billionaire.

After the success of Zerodha, India’s largest stock broking platform that he started with his brother Nithin Kamath in 2010, Nikhil started a hedge fund – True Beacon – two years ago to manage money for HNIs and ultra-HNIs.

Just like how Zerodha disrupted the stock broking industry with its zero-fee model for equity delivery and a nominal fee of Rs 20 for intraday and F&O trades, True Beacon is trying to be a gamechanger in the AIF industry by being cheap and efficient.

“Our AUM is growing at a rate of 15 per cent month-on-month. People like the fact that we are a lot more transparent and cheaper than our peers. We don’t have management fees and entry or exit loads,” Kamath says.

His fund aims to beat Nifty by 6 per cent on a multi-year basis. “We have been able to navigate these markets better than most fund managers. Since the start of March, 2020, till end of February, 2021, our fund has outperformed Nifty by 22.5 per cent and generated a cumulative return of 44 per cent. This, we have been able to do by being smart about how to hedge our portfolio and manage the downside risks for our clients,” he said.

On his outlook for the market, Kamath said he would not recommend investors to build too large a portfolio without putting sufficient hedges in place, given the fact that Nifty is still trading at higher-than-average multiples.

True Beacon is busy making allocations in largecap IT and pharma stocks. “For a market that is overpriced, I think these stock do a good job of providing a safe place to hide,” he said.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Print Edition
Print Edition Print Edition Thursday, 28 Sep, 2023

Experience Your Economic Times Newspaper, The Digital Way!

    Now, Tesla Rival VinFast Looks to Make in India Now, Tesla Rival VinFast Looks to Make in India

    Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

    Festive Wave may Lift IIP Growth in Coming Mths Festive Wave may Lift IIP Growth in Coming Mths

    India’s industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive sentiment.

    Desi Snack Packs are a $1b Bite for Haldiram’s Desi Snack Packs are a $1b Bite for Haldiram’s

    ​Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

(What’s moving Sensex and Nifty Track latest market news , stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live , SBI Share Price , Axis Bank Share Price , HDFC Bank Share Price , Infosys Share Price , Wipro Share Price , NTPC Share Price

… more less

Pick the best stocks for yourself
Powered by

Former Goldman, Blackstone analyst charged with insider trading

by economictimes.indiatimes.com Leave a Comment

Synopsis

Former Goldman Sachs and Blackstone analyst, Anthony Viggiano, and his associates have been charged with criminal insider trading. Viggiano allegedly passed on nonpublic information about planned mergers and strategic partnerships to his friends, resulting in over $580,000 of illegal profit.

U.S. prosecutors on Thursday announced criminal insider trading charges against a former Goldman Sachs and Blackstone analyst and two friends over a scheme to trade on nonpublic information about planned mergers and strategic partnerships.

Authorities said former analyst Anthony Viggiano, 26, of Baldwin, New York, passed tips on at least eight transactions between 2021 and 2023 to Christopher Salamone, 35, a construction sales representative he has known for two decades and who grew up on the same block.

Viggiano also allegedly tipped his college friend Stephen Forlano, 27, who tipped others including his college friend Nathan Bleckley, 26, a U.S. Army captain.

Subsequent trades generated more than $580,000 of illegal profit, including $322,000 for Salamone, court papers show.

The Department of Justice that Salamone, of Long Beach, New York, pleaded guilty to three counts of securities fraud and one count of conspiracy, and is cooperating with its probe.

Viggiano faces nine securities fraud and conspiracy charges, while Forlano, of Tampa, Florida, faces four.

All four men also face related civil charges from the Securities and Exchange Commission . Bleckley lives in Altus, Oklahoma.

The eight transactions included American International Group’s sale of part of its life and retirement unit to Blackstone, and private equity firm Advent International’s agreement to buy satellite operator Maxar Technologies for about $6.4 billion including debt. Goldman advised Advent.

According to the SEC, Viggiano and Salamone invested in four other defense companies as a “smokescreen” when they bought Maxar securities, so they could say they were buying defense stocks “in anticipation of a possible World War III.”

Viggiano “betrayed the trust of his employers,” U.S. Attorney Damian Williams in Manhattan said in a statement.

Steven Brill, a lawyer for Viggiano, declined to comment.

Forlano’s lawyer Michael Bachner said his client denied wrongdoing and would contest the charges vigorously.

Bleckley’s lawyer Todd Spodek said his client, “a dedicated member of the armed forces, places a high priority on doing what’s right. We eagerly anticipate closing this chapter of his life.”

Salamone’s lawyer was not immediately available for comment.

Blackstone confirmed Viggiano’s former employment, said it was cooperating with authorities, and said it had “absolutely zero tolerance for the behavior alleged.”

Goldman had no immediate comment. It was not immediately clear why Viggiano left Blackstone and Goldman.

Print Edition
Print Edition Print Edition Thursday, 28 Sep, 2023

Experience Your Economic Times Newspaper, The Digital Way!

    Now, Tesla Rival VinFast Looks to Make in India Now, Tesla Rival VinFast Looks to Make in India

    Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

    Festive Wave may Lift IIP Growth in Coming Mths Festive Wave may Lift IIP Growth in Coming Mths

    India’s industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive sentiment.

    Desi Snack Packs are a $1b Bite for Haldiram’s Desi Snack Packs are a $1b Bite for Haldiram’s

    ​Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less

Indian Army moves to buy ₹6k cr artillery guns from Indian companies

by economictimes.indiatimes.com Leave a Comment

Synopsis

The Indian Army has proposed a ₹6,000 crore plan to acquire next-generation guns from domestic companies. The new towed gun system (TGS) will be lighter, more versatile, and feature-packed compared to current artillery guns. The army aims to acquire 400 advanced 155mm/52 calibre guns, with a total requirement estimated to be 1,200 guns. Companies such as Larsen and Toubro, Tata Defence, and Bharat Forge are expected to compete for the order once approved by the defense ministry.

The Indian Army has moved a ₹6,000 crore proposal to acquire next generation guns which will be developed and manufactured by domestic companies and will be the mainstay component of its artillery force, said people with knowledge of the matter.

The new towed gun system ( TGS ) will be lighter and more versatile than the current artillery guns and will also be more feature-packed, they said.

The people said the army has moved a proposal to acquire 400 advanced 155mm/52 calibre guns from the Indian industry. As reported by ET earlier, the total requirement for these advanced guns is estimated to be 1,200, making it a significant opportunity for domestic firms.

Defence companies such as Larsen and Toubro , Tata Defence and Bharat Forge are expected to compete for the order once the defence ministry approves the purchase. The TGS will be lighter and more advanced than the advanced towed artillery gun system ( ATAGS ), developed by the Defence Research and Development Organisation , which are in the process of acquisition.

The army has initiated talks with Indian manufacturers and several companies have come up with suggestions for the features in the futuristic artillery weapon. It is likely to have higher automation and accuracy than current systems in service and the ability to fire a wider range of specialised ammunition.

Currently, 130 mm field guns form the bulk of Indian artillery, and they are slowly being upgraded to 155 mm under the Sharang project. The army is also in process of awarding a contract for 155mm/52 calibre ATAGS. The order for 307 of the guns is to be split between Tata Defence and Bharat Forge who jointly developed it with the DRDO. The army is awaiting commercial offers to take the process forward.

( Originally published on Sep 28, 2023 )
Print Edition
Print Edition Print Edition Thursday, 28 Sep, 2023

Experience Your Economic Times Newspaper, The Digital Way!

    Now, Tesla Rival VinFast Looks to Make in India Now, Tesla Rival VinFast Looks to Make in India

    Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

    Festive Wave may Lift IIP Growth in Coming Mths Festive Wave may Lift IIP Growth in Coming Mths

    India’s industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive sentiment.

    Desi Snack Packs are a $1b Bite for Haldiram’s Desi Snack Packs are a $1b Bite for Haldiram’s

    ​Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less

Current Account Deficit | India Trade Deficit: India’s current account deficit widens sequentially on higher trade deficit

by economictimes.indiatimes.com Leave a Comment

Synopsis

India’s current account deficit (CAD) widened to $9.2 billion in Q1FY24, equivalent to 1.1% of GDP on a sequential basis. Yet it narrowed on a YoY basis, compared to $17.9 billion in Q1FY23. India’s foreign exchange reserves increased by $24.4 billion, and net foreign direct investment decreased to $5.1 billion.

India’s current account deficit widened to $9.2 billion, or 1.1 per cent of the GDP, in the first quarter of the ongoing financial year on a sequential basis but narrowed on a year-on-year basis, Reserve Bank of India data showed on Thursday.

In Q1FY23, India’s CAD recorded a deficit of $17.9 billion, or 2.1 per cent of GDP, in Q1FY23.

It has widened from $1.3 billion, or 0.2 per cent of GDP, seen in the preceding quarter. “The widening of CAD on a quarter-on-quarter basis was primarily on account of a higher trade deficit coupled with a lower surplus in net services and decline in private transfer receipts,” the RBI said in a statement.

India’s CAD had narrowed in the January-March quarter of the previous financial year, the lowest in seven quarters.

Data released earlier in September showed that India’s trade deficit widened to the most since October last year as higher oil prices and resilient domestic demand inflated the import bill. The gap between exports and imports stood at $24.16 billion in August, data showed. A widening trade balance has the potential to lead to an expansion in the current account deficit, which is a broad measure for trade in goods and services.

The July-September quarter will see a “substantial widening” of the deficit due to the trade balance worsening sequentially, oil and higher core imports rising, and services exports slowing further, news agency Reuters quoted Madhavi Arora, lead economist at Emkay Global Financial Services as saying. The second-quarter CAD/GDP ratio could range from 2.4% to 2.6%, more than double that of the first quarter, Arora estimated.

India’s foreign exchange reserves saw an accretion of $24.4 billion on a BoP basis, compared to $4.6 billion in the first quarter of the previous financial year.

The net foreign direct investment in India decreased to $5.1 billion from $13.4 billion seen a year ago while net foreign portfolio investments saw inflows of $15.7 billion in Q1 from net outflows of $14.6 billion a year ago in the same period.

The RBI noted that India’s net services receipts decreased sequentially due to a decline in exports of computer, travel and business services even as it remained higher on an annual basis.

Net external commercial borrowings to India registered an inflow of $ 5.6 billion in Q1FY24 after registering an outflow of $2.9 billion a year ago.

Print Edition
Print Edition Print Edition Thursday, 28 Sep, 2023

Experience Your Economic Times Newspaper, The Digital Way!

    Now, Tesla Rival VinFast Looks to Make in India Now, Tesla Rival VinFast Looks to Make in India

    Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

    Festive Wave may Lift IIP Growth in Coming Mths Festive Wave may Lift IIP Growth in Coming Mths

    India’s industrial economy is expected to receive a festive bump, growing around 6% year-on-year in the next couple of months with improvement in monsoon rains, softening inflation, and election-related rise in spending adding to the festive sentiment.

    Desi Snack Packs are a $1b Bite for Haldiram’s Desi Snack Packs are a $1b Bite for Haldiram’s

    ​Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less