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Export demand caps castor’s fall

Our Correspondent
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Castor fell marginally as demand fell and arrivals rose. However, some export buying was reported at the lower level which limited dip in prices on Wednesday.

On the National Commodity and Derivatives Exchange (NCDEX), the February contract declined by Rs 3 to Rs 3,400 a quintal with an open interest of 2,460 lots, while the March contract decreased by Re 1 to Rs 3,506 with an open interest of 1,24,590 lots.

On the Rajkot Commodity Exchange, castor for March delivery traded lower by Rs 6 at Rs 3,614, while spot castor decreased by Rs 25 to Rs 3,462.50 a quintal.

In Gujarat, 38,000-40,000 bags of castor arrived and quoted at Rs 688-695 for 20 kg. In Saurashtra, 2,200-2,300 bags arrived and quoted at Rs 665-688 for 20 kg.

According to a report from Dani Commodities Pvt. Ltd, traders can initiate selling at Rs 3,530-3,540. Supports are likely at Rs 3,475-3,480 in the near term. Bearish trend might continue in castorseed futures due to fresh arrival of castorseed in Gujarat.

(This article was published on February 13, 2013)
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Economic Survey 2014-15 highlights

  • Following are the highlights of Economic Survey 2014-15 presented by Finance Minister Arun Jaitley in Parliament today
  • GDP growth seen at 8.1–8.5 per cent in 2015-16
  • Double digit growth trajectory; 8–10 per cent GDP in coming years
  • Inflation shows declining trend during April-December
  • Current Account Deficit (CAD) to decline to about 1 per cent in 2015-16
  • To adhere to fiscal deficit target of 4.1 per cent of GDP; to aim for 3 per cent
  • Committed to fiscal consolidation; to enhance revenue generation
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  • Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed last 5-year average by 8.5 million tonnes
  • NITI Aayog, 14th Finance Commission to enhance fiscal federalism
  • External Sector returning to strength, resilience
  • Need balance between ‘Make in India’ and ‘Skilling India’
  • Services sector negotiations at WTO crucial for India in removing many market access barriers
  • Revitalise PPP model to revive investment
  • Manufacturing and services equally important for growth
  • Consumer inflation in 2015-16 to be between 5-5.5%
  • Lower inflation opens up space for more monetary easing
  • There is scope for big bang reforms
  • Labour, capital, land, market reform and skills to be engines of growth
  • JAM Trinity — Jan Dhan Yojana, Aadhaar, Mobile — to help transfer of funds to poor without leakage
  • Shield domestic industry to promote ‘Make In India’
  • Borrowings to fund investment, not for meeting expenses
  • Food subsidy bill in April-Jan up 20% to Rs 1.08 lakh cr
  • Reform Railway’s structure, commercial practices, overhaul of technology
  • Public investment key growth engine in short-run for Railways, but not a substitute for private investment
  • More disinvestments on the anvil in current fiscal
  • Under-recoveries on petroleum products to come down to Rs 74,664 crore in 2014-15, from Rs 1.39 lakh crore in FY14
  • 4Ds — Deregulation, Differentiation, Diversification, Disinter (better bankruptcy laws) — to push financial sector growth
  • Implementation of GST to boost GDP, exports
  • Suggests medium to long term fiscal policy to target deficit, expenditure
  • Global commodity prices to remain weak in 2015
  • Ecommerce sector to witness 50% growth in 5 years
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