India’s sugar production is forecast to grow 17% to 33.7 million tonnes in the year ended September 2021. Indian sugar mills may achieve their target of exporting 6 million tonnes of the sweetener by the end of June, three months before September
The surge in exports is mainly due to firm global prices and subsidy, which have made the overseas markets lucrative.
The government is also encouraging sugar mills to divert excess sugar and sugarcane for the production of ethanol, which is blended with petrol. This is a step towards improving the liquidity position of sugar mills, which are grappling with a cash crunch.
Steel & Iron Ore Industry
China is the world’s top steel producer and biggest consumer of iron ore, the key steelmaking ingredient. A recent spike in prices for the material, partly fuelled by supply concerns, continued with a 10% limit-up surge on Monday.
China announced a series of measures on Friday to tighten controls on steel capacity, in an effort to curb pollution in key areas as well as reduce “blind investments and disorderly constructions”. The commodity exchanges on Monday moved to raise trading limits and margin requirements for some iron ore contracts and reinstated fees on steel futures as a blistering rally in the ferrous metals complex showed no signs of stopping
India’s exports grew by 80 percent to $7.04 billion during the first week of this month. Imports too rose by 80.7 percent to $8.86 billion during May 1-7, 2021 as against $4.91 billion in the same period last year
Major export commodities which are recording healthy growth include gems and jewellery, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals.
The board of directors of InterGlobe Aviation Limited, which operates the country’s largest domestic airline IndiGo has approved raising up to ₹3,000 crores through a Qualified Institutions Placement (QIP) process.
QIPs are a way to issue shares to the public without going through standard regulatory compliance.
The latest decision by IndiGo’s board of directors comes at a time when airlines are struggling with a declining passenger demand due to an unabated rise in fresh covid cases across the country.
The second wave of Covid-19 is spreading beyond urban areas to rural belts, resulting in automobile registrations across the country.
Automobile registrations across the country dropped by 32 percent last month as compared to April 2019 with passenger vehicles showing a decline of over 11 percent.
Commercial vehicles witnessed a downswing of 34.58 per cent to 51,436 registrations versus 78,630 in the same period.
Two-wheeler registrations totaled 8.65 lakh last month compared to 13.38 lakh in April 2019, marking a downturn of 35.35 percent. Passenger vehicle registrations edged lower by 11.56 percent to 2.08 lakh from 2.36 lakh in the two-year-ago period.
However, tractor registrations rose by 3.52 percent to 38,285 last month compared to 36,984 in April 2019. That took overall vehicle registrations to 11.85 lakh in April 2021, down 31.83 percent from 17.38 lakh in April 2019.