Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.This is an entirely free service. No payments are to be made.
Indian Indices are trading marginally positive during the post noon trading session amidst stock specific activities. Sectoral indices are trading on a mixed note with stocks from the consumer durables and banking witnessing buying interest while IT and healthcare remain under pressure.
The BSE Sensex is trading higher by 74 points (up 0.2%) and the NSE Nifty is trading higher by 25 points (up 0.2%). The BSE Mid Cap index is trading higher by 0.3% while the BSE Small Cap index is trading higher by 0.7%. Gold prices, per 10 grams, are trading at Rs 30,963 levels. Silver price, per kilogram, is trading at Rs 47,516 levels. Crude oil is trading at Rs 3041 per barrel. The rupee is trading at 66.93 to the US$.
As per an article in Business Standard, the Cotton Advisory Board has lowered crop production estimate by 12.4 % from a year ago to 33.8 million bales in the current year 2015-16.
Given the widespread pest attack on cotton crops, the yield per hectare has dipped to 482 kgs from 511 kgs in 2015-16. Slower sowing and decline in sown area, apart from stocking by intermediaries, could have led to this sharp rise, the reports stated.
As per the reports, lower stockpiles will limit India's exports in the next marketing year and support global prices as fresh cotton supply starts from October. Moreover, the rising price would make Indian apparel costlier.
On the other hand, the Ministry of Textile stated that the large scale speculation is driving up cotton prices. The total exports are expected to go up to 6.8 million bales in 2015-16, from 5.8 million bales in 2014-15.
In an another news update, Godrej Industries plans to invest Rs 6 billion in its two group companies - Godrej Properties (GPL) and Godrej Agrovet (GAVL). GPL is into real estate development and GAVL is an agri-business company.
Reportedly, the company will acquire by way of subscription, purchase or otherwise, the securities of GPL and GAVL. Godrej Industries currently holds 57% stake in GPL, while in GAVL it holds about 61%.
Owing to the news, Godrej Industries stock was up by 2%. Subscribers can also access to the Godrej Industries latest reports.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!