Oil and Natural Gas Corp takes profit hit from royalty payments

Oil and Natural Gas Corp will take a 16 billion rupee ($239 million) hit to its quarterly earnings to account for previous royalty payments to two states, the oil exploration company’s finance head A. K. Srinivasan said.

ONGC has already made a 25 billion rupee payment to the two states as royalty on crude oil produced from April 2014, but had not reflected this because it was under litigation, Srinivasan said on Tuesday.

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The Supreme Court has asked the federal government to compensate Gujarat and Assam for 150 billion rupees in lost revenues due to lower royalties paid by state-run explorers ONGC and Oil India Ltd. Indian law requires companies to pay 20 % of the market value of oil produced as royalty to states where oil blocks are located. 

April 2008 the oil ministry asked ONGC and Oil India to pay royalty based on lower prices, as the two firms had given a hefty discount on crude sales to state refiners, in order to keep a lid on local fuel prices. However, last year the oil ministry asked the two firms to settle royalty dues from April 2014 based on the market value of oil produced.

Agriculture Minister Expects Record Rabi Crop Production On Sharp Rise In Sowing Acreage

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As per latest release by Agriculture , the sowing of wheat grew by 7%, while the increase in pulses was 11% and in oilseeds it was 6% as compared to last year. As a result, we are expecting 221.4 LMT record production in pulses. Similarly the wheat production is expected to be 965 LMT.

Union Government has framed a policy to transfer the MSP directly to the accounts of farmers in a transparent manner. Government has increased the MSP of pulses and oilseeds considerably and there is steady increase in the MSP of paddy and wheat.

The minister told that during the ongoing Kharif Marketing Season a record 444 LMT of paddy has been procured from the farmers. The minister said that farmers have produced record pulses, however, there were complaints that they were not getting even then MSP for Moong and Arhar.

The Government immediately responded, first, by increasing the buffer stock of pulses from 1.5 MT to 20 LMT in order to protect farmers’ interests. Further the Government has engaged 3 central agencies viz. FCI, NAFED and SFAC to procure pulses directly from farmers which is still going on.

Food Department Eyes Record Rabi Procurement In Current Season

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The Food Department has set the procurement target at 330 LMT for the ensuing Rabi Marketing Season 2017-18. Extensive preparations have been made for procurement operations and Government will make necessary arrangements for payment of MSP to farmers.

Special attention has been given to the farmers of Eastern States. Government has recently removed import duty on wheat to increase its availability in domestic market. In a span of around 2 months, 40 LMT Wheat has been imported and this year more than 55 LMT wheat imports have happened in total.

Fresh wheat crop is expected to come by mid-March. It has been experienced when there is price-rise the benefit is taken by the traders and consumers are exploited. However, when fresh crop hits the market prices fall and the farmers have to take the loss. The Government will take all necessary steps to ensure payment of MSP to farmers and may review the import duty on wheat if required.

Rising Palm And Sugar Prices Boost Wilmar Profits

Agri and food business giant Wilmar reported a jump in profits, as rising sugar and palm oil prices increase its revenue. And the company issued an upbeat outlook for 2016, as it eyes opportunities in China. Wilmar reported a jump in its core profit to $589.50m, up 70% year-on-year in the last three months of 2016. 

 The rise in profits was driven by better performance across the company, particularly in sugar and palm oil, as well as one-off tax recognition from the company’s Indonesian operations. Company revenue grew 27% year-on-year, to $11.95bn, which Willmar ascribed to higher commodity prices and stronger sales volume.

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कमोडिटी बाजार में आज कहां लगाएं दांव

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डॉलर में उछाल से ग्लोबल मार्केट में सोने की कीमतों पर दबाव बढ़ गया है। कॉमैक्स पर सोना करीब 0.5 फीसदी नीचे कारोबार कर रहा है। चांदी भी 18 डॉलर के नीचे आ गई है। हालांकि कच्चे तेल में तेजी आई है और नायमैक्स पर क्रूड का दाम 54 डॉलर के पास पहुंच गया है। इसमें करीब 0.5 फीसदी की तेजी है। अमेरिका में भंडार गिरने के अनुमान से कीमतों को सपोर्ट मिला है। इस बीच लंदन मेटल एक्सचेंज पर बेस मेटल में बेहद छोटे दायरे में कारोबार हो रहा है।

घरेलू बाजार में एमसीएक्स पर कच्चा तेल 0.2 फीसदी की बढ़त के साथ 3630 रुपये के आसपास कारोबार कर रहा है, वहीं नैचुरल गैस 0.5 फीसदी की मजबूती के साथ 185 रुपये के ऊपर कारोबार कर रहा है। घरेलू बाजार में सोना 0.3 फीसदी की कमजोरी के साथ 29215 रुपये के आसपास नजर आ रहा है जबकि चांदी 0.4 फीसदी की गिरावट के साथ 42740 रुपये के नीचे आ गया है।

बेस मेटल्स की बात करें तो एल्यूमीनियम 0.3 फीसदी की कमजोरी के साथ 125 रुपये के के करीब दिख रहा है जबकि कॉपर 0.07 फीसदी की गिरावट के साथ 405 रुपये के नीचे आ गया है। लेड की बात करें तो ये 0.3 फीसदी गिरकर 155 रुपये के नीचे दिख रहा है जबकि निकेल 0.7 फीसदी टूट कर 740 रुपये के नीचे आ गया है। वहीं जिंक 0.3 फीसदी की कमजोरी के साथ 190 रुपये के करीब दिख रहा है।

  1. ग्वार सीड एनसीडीईएक्स (मार्च वायदा): खरीदें — 3340, स्टॉपलॉस — 3300 लक्ष्य — 3400
  2. सरसों एनसीडीईएक्स (अप्रैल वायदा): बेचें — 3800, स्टॉपलॉस — 3840 लक्ष्य — 3720
  3. कच्चा तेल एमसीएक्स (मार्च वायदा): खरीदें — 3600, स्टॉपलॉस — 3570 लक्ष्य — 3700
  4. कॉपर एमसीएक्स (फरवरी वायदा): खरीदें — 403, स्टॉपलॉस — 400 लक्ष्य — 409
  5. सोना एमसीएक्स (अप्रैल वायदा): खरीदें — 29200, स्टॉपलॉस — 29100 लक्ष्य — 29400

कच्चे तेल की कीमत 54.56 डॉलर

 

भारतीय बास्केट के कच्चे तेल की अंतर्राष्ट्रीय कीमत शुक्रवार को 54.56 डॉलर प्रति बैरल दर्ज की गई। यह गुरुवार को दर्ज कीमत 54.49 डॉलर प्रति बैरल से अधिक है। पेट्रोलियम एवं प्राकृतिक गैस मंत्रालय के अधीनस्थ पेट्रोलियम नियोजन एवं विश्लेषण प्रकोष्ठ (पीपीएसी) द्वारा सोमवार को यह सूचना जारी की गई। रुपये के संदर्भ में भारतीय बास्केट के कच्चे तेल की कीमत शुक्रवार को बढ़कर 3657.88 रुपये प्रति बैरल हो गई, जबकि गुरुवार को यह 3647.88 रुपये प्रति बैरल थी। रुपया शुक्रवार को कमजोर होकर 67.05 रुपये प्रति डॉलर के स्तर पर बंद हुआ, जबकि गुरुवार को यह 66.95 रुपये प्रति डॉलर था।

 

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Copper Keeps Momentum, Gains 0.86%

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Copper ended the session on 20 Feb 2017 at INR 403.65 per kg, up 0.86%. The prices tested a high of INR 407.45 per kg and a low of INR 400.70 per kg. Technical charts suggest that breach above INR 405 and 407 per kg will be beneficial for Copper.

Commitment of trader’s report was released Friday and will be critical for Copper in the coming days. The Money Managers were interested in decreasing their short positions along with long positions. Meanwhile the situation for merchants and producers were similar as there as well the longs and short positions were on a decline.

The total long positions of Merchants were 37823 pounds on 14 Feb 2017 compared to 42612 pounds on 7 Feb 2017, down 4789 pounds. On the other hand, short position of Copper were down 9090 to 120932 pounds on 14 Feb 2017 from 130022 pounds on 7 Feb 2017.In case of Money Managers, the total long positions were 115276 pounds on 14 Feb 2017 compared to 115642 pounds on 7 Feb 2017, down 366. The short positions of Copper were 26720 pounds compared to 30186 pounds on 14 Feb 2017, down 3466 pounds.

Russia To Witness Highest Grain Stocks In Last Seven Year

Russia to witness highest grain stocks (y-o-y) in the last 7 years. The high level of stocks is due to the record grain crop (Russian State Statistical Service preliminary data is 118 MMT) and a slower pace of exports than last year.

In July-December 2016, Russia exported 20.8 MMT, three percent less than in the same period last year.In Southern European Russia (Southern and North Caucasus federal districts), the Major grain exporting districts of Russia, stocks were also the highest in the last seven years -12.0 MMT. Wheat stocks at the assembling and processing enterprises on January 1, 2017 were also the highest stocks in the last seven year.

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