Morning Alert..
India says will need coal until 2040 and beyond, says Pralhad Joshi
Coal will play an important role in India until at least 2040, the nation's coal minister said on Wednesday, even as calls for countries to switch to cleaner forms of fuel intensify at U.N. climate talks taking place in Egypt. Addressing a parliamentary committee, minister in charge of coal Pralhad Joshi said the fuel was an affordable source of energy and demand for it had yet to peak in India. "Thus, no transition away from coal is happening in the foreseeable future in India," Joshi said, adding it would have a big role until 2040 and beyond. At the COP27 talks taking place until Nov. 18 in Egypt, U.N. Secretary General Antonio Guterres has called for urgent action to cut emissions, including phasing out coal by 2040 globally. India has long resisted renouncing coal and manoeuvred with China at last year's COP26 talks, hosted by Britain, to block stronger commitments to quitting it.
Centre allows export incentives for those settling trade in rupee
The Centre on Wednesday amended the foreign trade policy (FTP) to enable traders to claim export benefits even if payment is settled in the rupee. So far, export incentives were available only when the trade was settled in a foreign currency. The amendments by the Directorate General of Foreign Trade (DGFT) came into force with immediate effect. The development comes against the backdrop of the mechanism to settle international trade transactions in the rupee which was unveiled by the Reserve Bank of India (RBI) in July. Given the government's push towards the internationalisation of the rupee, these policy amendments shall help ease international trade transactions in the domestic currency. “The Government of India has made suitable amendments in the Foreign Trade Policy and Handbook of Procedures to allow for international trade settlement in Indian rupees (INR) i.e. invoicing, payment, and settlement of exports/imports in Indian rupees,” the department of commerce said in a statement.
Sugar mills clinch export deals within days of govt's approval, say dealers
Indian sugar mills are aggressively signing export deals, contracting for about 1 million tonnes just four days after New Delhi approved exports, as they get higher prices for their product in global markets, four dealers told Reuters. The quick shipments from the world's biggest producer of the sweetener and its second biggest exporter, could weigh on global prices, but help Indian mills in liquidating stockpiles quickly and prop up domestic prices. "The industry was waiting for the government to announce the policy," said a dealer with a global trading house based in Mumbai, the financial capital. "As soon as the policy was announced, traders and millers started signing export deals," added the dealer, who spoke on condition of anonymity. India's approval came late on Saturday for the export of 6 million tonnes of sugar in the 2022/2023 marketing year that started on Oct. 1.
Commodity play
Gold – Rs 51200/10gm, Silver – Rs 61124/kg, Brcrude – Rs 7061/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 676/kg.
Corporate News
Tata Motors to delist ADS, net loss in second qtr narrows to Rs 945 crore.
Adani Ports acquires 49.38% stake in Indian Oiltanking for Rs 1,050 cr.
Godrej Properties net profit up 54% to Rs 55 cr, net income grows 13%.
SGX Nifty indicates a negative start to Indian markets trading at 18099 levels down by 0.52% or 94 points. Dow Jones also ended lower by 1.95%.
Sector in focus – Banks, Automobiles, Real-Estate & Sugar.
