The crude oil rally will impact prices of aviation turbine fuel, which forms 30 per cent of the operating cost for an airline. The company incurred a loss of $23.1 million during the October-December quarter of FY08. This was against a net profit of $9 million during the corresponding quarter of 2006-07.
The sharp depreciation of the rupee against the US dollar over the last four weeks has neutralised the impact of recent import duty cuts aimed at lowering prices of commodities like edible oil, metallurgical coke and newsprint.
The procurement has already touched 19.8 million tonnes and government agencies continue to procure 200,000-250,000 tonnes daily.
Cement companies' latest quarterly performance shows that they have begun to feel the pinch of the government's anti-inflationary measures. The latest price cut of 1.5 to 3 per cent at the government's persuasion and a decision to hold prices for the next three months could impact earnings even more.
Liquor companies are set to raise prices, thanks to the hike in the cost of molasses, a by-product of sugar used to make potable alcohol. "Alcohol prices may rise as much as 20 per cent due to lower molasses production," said Abhishek Khaitan, managing director, Radico Khaitan, the country's second largest liquor producer.
The Bhopal Gas Relief and Rehabilitation Department is talking to the Indian Army and the Delhi-based National Institute of Disaster Management to help remove the toxic waste lying in the premises of the closed Union Carbide for the last 24 years. Last month, the department requested the Indian Army to help dispose of the waste.
Fodder prices have shot up since 2000, thanks to exports and central excise duty on molasses, which is used to make fodder. The recent inflationary trends have only added to the woes. The molasses used by the cattle-feed industry attracts central excise duty at the rate of Rs 500 per million tonne since 1998. In Karnataka and Andhra Pradesh, the government has intervened to cushion the dairy producers against inflation by raising the support prices marginally.
An internal note obtained by activists from the Prime Minister's Office and dated February 2 this year says that the Ministry of Law believes that 'irrespective of the manner in which Union Carbide has merged or has been acquired by Dow, if there is any legal liability it would have to be borne by Dow Chemicals.' The note also puts a question mark on the prospects for future investments by US-based Dow in India.
The two issues that remain are whether Dow inherited Union Carbide's liabilities and why the government never cleaned up Bhopal after settling with Carbide
Stockbroker Harish Bhasin has got Rs 22 crore stuck in the bid to take over DCM Shriram Industries, the Delhi-based sugar company. He invested the money to raise his stake in DSIL from 12.87 per cent to 25.05 per cent over the last five-and-a-half months. He bought DSIL shares from the open market. However, his open offer to buy 22.88 per cent stake has not taken off, pending an approval from the Securities and Exchange Board of India.
US President George W Bush and his Secretary of State Condoleezza Rice may have their numbers wrong when they accuse China and India of contributing to the global food crisis as a result of growing prosperity-led consumption.
High food prices have driven inflation to new highs, leading the Centre to clamp down on export of farm commodities.
Interestingly, it is the long products that have witnessed the steepest price increase (between 50 per cent and 62 per cent), clearly reflecting the booming demand from construction activities. However, the flat products, by comparison, have seen a price increase of 17-24 per cent, almost half compared with the long products. Driven by demand, the share of the long products in the total steel production has been steadily increasing.
Numbers collated by the Business Standard Research Bureau show that in the last three years, leading cement manufacturers have multiplied their nine-month profits manifold and mining and paper companies have more than doubled it.
The latest report says the forest cover is around 20 per cent of the land in the country, 3 per cent less than the area under the forest departments. But the report does not make a distinction between tree cover, commercial plantations and natural forest cover. To qualify as "forest cover", the Forest Survey of India considers 10 per cent tree canopy area and one hectare. So, if a householder has, say, a hectare of coconut palm, his land would qualify as forest cover.
The country's leading steel producers have devised a new strategy to pass on rising raw material costs to the end users without raising prices. Companies are now levying raw material surcharges while keeping the base price unchanged.
The mandatory 10 per cent ethanol blending in petrol may not happen for the existing 101 million vehicles on the Indian roads without introducing technical changes in them. The central government plans to make 10 per cent blending compulsory from October from the current 5 per cent. Existing vehicles are not capable of running on 10 per cent ethanol-blended petrol as ethanol releases more heat and can corrode vehicle engines, experts say. It will lead to a 3% drop in mileage.
On Tuesday, in the midst of the government's multi-pronged crackdown on inflation, the cement producers had announced a rise in prices. The export ban will augment domestic availability while the cheap imports from Pakistan will soften prices.
The price rise in individual key food commodities over the last one year is significantly higher than what is conveyed by the wholesale price index. While the latest government data show inflation at 6.68 per cent for the week ended March 15, the price change in most food items is in double digits.
The latest to take up the matter and join issue with the ministry is none other than Nobel laureate Amartya Sen, who sent a message from Kolkata to Prime Minister Manmohan Singh last week, asking him not to allow a proposal to serve biscuits and pre-packaged food to pre-school children. Sen also asked the PM to prevent the move to replace cooked food with packaged food as part of the mid-day meal scheme in elementary schools.
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