Morning Alert..
Cross-border rupee trade: FinMin, bank heads to meet on December 5
The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee.
Govt lifts ban on exports of organic non-basmati rice
The government on Tuesday lifted the ban on exports of organic non-basmati rice, including broken rice, a move which would help in promoting the outbound shipments of the commodity. The government had, in early September, banned the export of broken rice with an aim to increase domestic availability. This followed a 20 per cent duty on the export of non-basmati rice aimed at shoring up domestic supplies after prices surged in retail markets. In a notification, the Directorate General of Foreign Trade said the export of organic non-basmati rice, including organic non-basmati broken rice, will now be governed by rules that prevailed before the September ban. Rice exports stood at USD 5.5 billion during April-September this fiscal. It was USD 9.7 billion in 2021-22, according to the commerce ministry data.
India's finished steel imports from Russia hit 4-year high in April-October
India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data compiled by Reuters showed, underscoring Moscow's bid to divert shipments in the wake of Western sanctions. Russia's steel exports to India reached 149,000 tonnes in the first seven months of the current fiscal year that began in April, up from around 34,000 tonnes shipped a year earlier. Russia accounted for just about 5% of India's total steel imports but was among the top five exporters. India's total steel imports between April and October stood at 3.2 million tonnes, up 14.5% from a year earlier. South Korea exported 1.3 million tonnes to India, accounting for a 41% share of the country's total purchase. Between April and October, India emerged as a net exporter of steel, even as overall shipments more than halved due to an export tax and a slowdown in global demand.
Commodities play
Gold – Rs 52601/10gm, Silver – Rs 61483/kg, Brcrude – Rs 6345/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 677/kg.
Corporate News
Suzuki Motor sees Indian PV market at 7-8 mn by 2030, Maruti aims 50% share.
Amul's utterly butterly supply melts; eateries switch to alternatives.
Gland Pharma to acquire French firm Cenexi Group for Rs 1,000 crore.
SGX Nifty indicates a flattish start to Indian markets trading at 18750 levels down by 8.50 points or 0.05%. Dow jones also ended the day on flattish note.
Sector in focus – Banks, Infrastructure, IT & FMCG.
