Duty cuts on steel could bring down domestic steel prices by 10%: ICRA

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The Indian government’s proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers, rating agency ICRA said. In its report on implications of duty changes on the steel industry, the agency, however, said that domestic steel demand may […]

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Moody’s forecasts lower GDP fall for India in FY21; Morgan Stanley too projects lower contraction

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India’s latest round of stimulus measures shifted focus back to longer-term growth by focusing on manufacturing and job creation, global rating agency Moody’s said, as it predicted a 10.6% contraction in the country’s real GDP in FY21, against a 11.5% drop forecast earlier. India’s economy has started to heal as is evident by a significant […]

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Liquid milk sales in India to sustain momentum despite fall in institutional demand due to Covid – report

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Growth of liquid milk sales in India is not seen being impacted by a sharp fall in institutional demand for dairy products due to a pandemic-led lockdown in the first half of the year, according to a report by credit ratings agency ICRA. Speaking with indoasiancommodites.com, Gaurav Jain, Vice President (Corporate Ratings), ICRA, said household […]

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India’s higher crop acreage to boost fertiliser sales by 10%

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Overall sales in the fertilizer market is set to increase by at least 10% in the upcoming winter season due to great soil condition for crop development and steady prices of the raw materials, said ratings agency, ICRA. “In comparison to previous years, fertilizer sales for the current Rabi season will be higher. The climate and the constant rain have created […]

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Exports of agro- and specialty chemicals offsets loss of domestic demand in India: ICRA

Even as domestic demand has remained subdued, improved export demand and positive outlook for segments like agro-chemicals and surfactants have reduced the COVID-19 impact on specialty chemicals, according to a report by ratings agency ICRA. The Indian specialty chemical sector, which had witnessed healthy revenue growth in the past few years aided by growth in […]

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Non-ferrous metals’ consumption to dip 3-8% in 2020 due to Covid-19: ICRA

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Consumption of non-ferrous metals like copper and aluminium would contract significantly this year due to the COVID-19 pandemic, rating agency ICRA said on Thursday. The pandemic has severely impacted the global automobile, construction and electrical machinery industries, which together contributes 75-85 per cent to the global non-ferrous metal demand, ICRA said in a statement. “Consequently, ICRA expects that in the current calendar year, […]

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Lower gas prices to benefit urea producers, reduce subsidy needs: ICRA

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The decline in domestic gas prices is likely to benefit urea producers as it will lower the cost of production and reduce the requirement of subsidy, ratings agency ICRA said. However, the increase in prices of phosphoric acid is expected to moderate the profitability of phosphatic fertiliser producers, ICRA said in a report. The sector saw robust growth in April-September 2020-21, […]

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Rating agencies say natural gas production in India is likely be loss-making on price cut

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Natural gas production in India remains a loss-making proposition for most fields after the government cut gas price by a steep 25 per cent, rating agencies said. “The reduction in gas price to $ 1.79 per metric million British thermal unit (mmBtu) from USD 2.39 is credit negative for upstream companies such as Oil and Natural Gas Corporation […]

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