Page 296 - Commodity News
GST refund: Govt to make provisions for reimbursement in excise-free zones
Reimbursement to be limited to 58% of the Centre's share of GST
 "GST refund: Govt to make provisions for reimbursement in excise-free zones")
Sugar output seen higher, govt mulls help for industry
Sugar production in India is estimated to go up 25-30% in the sugar year 2017-18
 "Sugar output seen higher, govt mulls help for industry")
Modi govt integrated the nation economically via GST, says Arun Jaitley
Said economically weaker states such as J&K, Bihar, WB welcomed prospect of destination-based tax
 "Modi govt integrated the nation economically via GST, says Arun Jaitley")
Modi govt's 7-rate tax structure a 'mockery of GST', says P Chidambaram
Senior Congress leader said the BJP should have worked to forge a consensus on three rates
 "Modi govt's 7-rate tax structure a 'mockery of GST', says P Chidambaram")
HPCL divestment: Cabinet to consider sale of Rs 26k-cr govt stake to ONGC
Post cabinet nod, HPCL will add 23.8 mn tonnes of annual oil refining capacity to ONGC's portfolio
Struggling to adapt: GST could dampen gold demand in short-term, says WGC
Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of
 "Struggling to adapt: GST could dampen gold demand in short-term, says WGC")
NMDC lowers iron ore prices by 8-9% amid supply glut, demand slump
Demand going to remain subdued for next 3 months due of lack of work on construction, infrastructure
 "NMDC lowers iron ore prices by 8-9% amid supply glut, demand slump")
Tea Board writes to Centre on Darjeeling shutdown
As tension escalated in Darjeeling, GJM called for indefinite strike and tea estates didn't reopen
 "Tea Board writes to Centre on Darjeeling shutdown")
Australian firm plans weaving clusters in Gujarat, Manipur
Plans to imbibe Australia's Merino wool in handloom clusters to raise imports
 "Australian firm plans weaving clusters in Gujarat, Manipur")
GST not to affect gold jewellery market, demand to grow by 9% in FY17: Icra
Gold demand is expected to grow by 9% in values & 6% in volumes during FY17
Bear operators tighten grip on gold, silver
In the past one week, US 10-year treasury bond yields have risen from 2.13 to 2.34 per cent
 "Bear operators tighten grip on gold, silver")
GST regime: Tax hike could increase illegal gold sales
Under new regime, tax on gold has jumped to 3% from 1.2% previously
Gold jewellers in a fix as confusion over GST levy continues
They want uniform 2% levy, but may have to pay 18% on making charges; they are billed separately
 "Gold jewellers in a fix as confusion over GST levy continues")
Goldman Sachs reviewing commodities business
Goldman has for decades boasted the leading commodity franchise among Wall Street banks
 "Goldman Sachs reviewing commodities business")
Vegetable prices rise up to 87% in two weeks
Monsoon spoilage, diversion to Madhya Pradesh and Delhi reduce supply to Maharashtra
 "Vegetable prices rise up to 87% in two weeks")
NMCE to merge with ICEX, create third-largest commodity exchange
Combined entity to be the first in the world to offer diamond futures
 "NMCE to merge with ICEX, create third-largest commodity exchange")
Jewellery stores empty on first full day of GST as buyers stay away
Consumers bought heavily ahead of rollout to avoid paying more, pushing jewellery sales up by 50%
JSW Steel's arm records 12% growth, profit up by Rs 21 cr in FY17
JSWSPCL was set up as a steel service centre with an annual slitting capacity of 6.5 lakh tonnes
 "JSW Steel's arm records 12% growth, profit up by Rs 21 cr in FY17")
Commodity picks: 3 July, 2017
Soy oil prices at Mumbai markets are trading at Rs 628 per 10 kg
Jewellery sales rise 50% on freebies ahead of GST roll-out
Jewellers are offering 50% off on gold items; no making charges for diamond products in some cases
 "Jewellery sales rise 50% on freebies ahead of GST roll-out")