India to account for large share of global commodity demand by 2029: Australia


India will account for a significantly larger share of world commodity demand by 2029, though Chinese demand will likely continue to shape commodity markets over the next 5 years, the Australian Office of the Chief Economist (AOCE) has said.

“… Indian economic growth is currently the strongest in the world, and its growing manufacturing base, strong infrastructure spending and demographics, all suggest rising per capita consumption of resource and energy commodities,” it said in ‘Resources and Energy Quarterly’ released on Thursday.

In China, strong investment in infrastructure and manufacturing capacity has helped resource and energy commodity demand in the face of weak demand from the residential property sector, the AOCE said. 

Global economic growth soft

“World economic growth remains soft, weighed down by relatively tight financial conditions. However, key markets have continued to support commodity demand. US economic growth has been robust despite interest rate hikes in the past 2 years,” the quarterly said.  

Global energy transition will be a key factor in resource and energy commodities over the outlook period to 2029. “While the transition will see increased demand for commodities used in low emission technologies (for example, iron ore, aluminium, copper, nickel and lithium), it will reduce demand for other commodities (such as some fossil fuels),” it said. 

The continuing evolution of technologies during the energy transition increases the challenge of forecasting future demand, supply and prices. “The decarbonisation of steel/aluminium production and supply chains will affect growth and trade patterns over the outlook period to 2029,” the AOCE said. 

Weak outlook for nickel, lithium

Overcoming the substantial technological, energy and feedstock challenges required to achieve this transformation will take both time and substantial capital investment. There are already many pilot steel plants under construction around the world, especially hydrogen-based DRI operations, most of which are expected to begin over the next two years, it said. 

Aluminium producers are increasingly resorting to renewable power to reduce their emissions, and this trend will accelerate over the outlook period. “This will include the use of green hydrogen,” the ‘Resources and Energy Quarterly’ (REQ) said. 

The AOCE said a relatively weak price outlook has contributed to announced closures and production cuts by a number of key nickel and lithium producing nations (including Australia). It has added to existing supply chain uncertainties associated with Western nations’ policy measures to secure future supply. 

Prices of lithium and nickel reached high levels in 2022 and H1 2023. “Combined with strong supply growth since 2020, softer-than-expected (cyclical and structural) demand for both metals has since seen market surpluses develop. Since the last REQ, rising inventories have seen the prices of lithium and nickel hit 5-year lows,” it said.  

Aus export earnings to fall

Some high-cost nickel producers may exit the market permanently. “However, nickel’s use in a widening array of materials and technologies means a tightening global balance and improved prices in the latter half of the outlook period,” said the AOCE. 

Lithium remains a central component of batteries used in numerous technologies. Australian lithium exports are likely to remain substantial, with most lithium producers in Australia likely to remain globally competitive, the REQ said. 

For the 2024-25 financial year (July-June), Australian resource and energy export earnings are forecast to fall further to around $369 billion, reflecting further bulk commodity price declines and a rise in the AUD/USD.

Through the rest of the outlook period (to 2029), export values are expected to level out as commodity price declines slow and the AUD/USD lifts modestly, it said.





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EPFO में ई-केवाईसी अपडेट करना है बेहद आसान, जानें इसका प्रोसेस


EPFO KYC Update: कर्मचारी भविष्य निधि संगठन के देशभर में करोड़ों खाताधारक हैं. अगर आप भी ईपीएफओ में निवेश करते हैं तो यह खबर आपके काम की है. ईपीएफओ ने सब्सक्राइबर्स के लिए ई-केवाईसी को अनिवार्य कर दिया है. खाताधारकों को होने वाले ऑनलाइन फ्रॉड से बचने के लिए ईपीएफओ ने केवाईसी को अनिवार्य किया गया है. इसके साथ ही ईपीएफओ से जुड़े क्लेम और सेंटलमेंट के मामलों में भी केवाईसी से तेजी आती है. 
घर बैठे पूरा कर सकते हैं ई-केवाईसी का काम-

कर्मचारी भविष्य निधि संगठन अपने करोड़ों खाताधारकों को घर बैठे ई-केवाईसी करने की सुविधा देता है. केवल कुछ आसान स्टेप्स फॉलो करके आप आसानी से केवाईसी की प्रक्रिया को पूरा कर सकते हैं. हम आपको इसका स्टेप बाय स्टेप प्रोसेस बता रहे हैं.

EPF में ई-केवाईसी पूरा करने के लिए इन डॉक्यूमेंट्स की पड़ेगी जरूरत-

  • आधार कार्ड
  • पैन कार्ड
  • बैंक अकाउंट के डिटेल्स
  • पासपोर्ट नंबर
  • ड्राइविंग लाइसेंस
  • वोटर आईडी कार्ड
  • राशन कार्ड

इस तरह ईपीएफ खाते में केवाईसी को करें अपडेट-

  • केवाईसी अपडेट करने के लिए सबसे पहले आप ईपीएफओ की आधिकारिक वेबसाइट पर विजिट करें.
  • आगे Service टैब पर क्लिक करके For Employees सेक्शन पर क्लिक करें.
  • आगे अपनी UAN मेंबर पोर्टल पर क्लिक करें.
  • इसके बाद आपको UAN नंबर और पासवर्ड दर्ज करें.
  • आगे होम पेज पर मैनेज विकल्प को चुनें.
  • आगे आपको कई विकल्प दिखेंगे जिसमें से केवाईसी के ऑप्शन को चुनें.
  • इसके बाद आपके सामने एक पेज खुलेगा जिसमें दिए गए डॉक्यूमेंट्स को सलेक्ट करें.
  • ध्यान रखें कि पैन और आधार की जानकारी दर्ज करना आवश्यक है.
  • डिटेल्स भरने के बाद सभी डिटेल्स को चेक कर लें.
  • इसके बाद सेब बटन पर क्लिक करें.
  • केवाईसी अपडेट होने के बाद यह जानकारी आपके नियोक्ता के पास जाएगी.
  • नियोक्ता से अप्रूवल मिलने के बाद ईपीएफ में केवाईसी अपडेट हो जाएगी. 

ये भी पढ़ें-

SSY, PPF खाताधारक 31 मार्च तक पूरा कर लें ये काम, वरना हो जाएगा बड़ा नुकसान



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India adds 24 GW of solar PV manufacturing capacity in 2023: Report


India has added a whopping 24 GW of solar module and cell capacity in 2023. Gujarat led the total new capacity addition followed by Rajasthan and Tamil Nadu.

During the calendar year, the country added 20.8 GW of solar modules and 3.2 GW of solar cell capacity, taking the cumulative solar module manufacturing capacity to 64.5 GW and solar cell manufacturing capacity of 5.8 GW as of December 2023, according to a report by Mercom India.

Gujarat led the country’s photovoltaic (PV) manufacturing capacity among the States, accounting for 46.1 per cent of the country’s solar modules capacity as of December 2023. Rajasthan and Tamil Nadu ranked second and third for solar module production capacities, accounting for 9.3 per cent and 7.6 per cent.

Telangana accounted for 39 per cent of annual solar cell production capacity, the highest in the country. Gujarat and Himachal Pradesh were second and third, with solar cell production contributing 34.7 per cent and 13.9 per cent of total capacities in the country.

Last month, R K Singh, Union Minister for New and Renewable Energy and Power said India has achieved self-sufficiency in the production of solar modules/panels but the country is yet to achieve substantial capacity in the production of solar cells.

The new manufacturing capacity additions in 2023 were primarily driven by the anticipated reimposition of the Approved List of Models and Manufacturers (ALMM) order starting in April 2024, as well as potential export opportunities.

In total manufacturing capacity, the top 10 manufacturers accounted for 62 per cent of the module and 100 per cent of cell production capacity as of December 2023.

About 60 per cent of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes. Only 22.2 GW of the total module production capacity was enlisted under the ALMM order per the updated list–I issued by MNRE as of January 2024, it said.

Monocrystalline modules accounted for 67.5 per cent of the country’s module production capacity, followed by polycrystalline, tunnel oxide passivated contact (TOPCon), and thin film modules.

Based on the current pipeline, monocrystalline modules are anticipated to represent 59.7 per cent of the annual module production capacity and 50.5 per cent of the cell production capacity by 2026, followed by TOPCon, Heterojunction (HJT), and other technologies.

Global complexities

“As Indian manufacturers continue to invest in expanding their solar panel production capacities, they need to carefully navigate through the complexities of geopolitical tensions and trade disputes. Cheaper Chinese products will continue to challenge the competitiveness of locally-produced modules,’ said Raj Prabhu, CEO of Mercom Capital Group.

A policy change in the US, post-elections, could potentially shrink export opportunities and demand for solar energy in India needs to ramp up significantly to consume the projected increase in module production in the coming three years, he added.

Import of solar modules was the highest-ever in a year at 16.2 GW in 2023, up 158 compared with 10.3 GW of imports in 2022. Domestic manufacturers exported 4.8 GW of solar modules in 2023, up 204 per cent compared with 1.6 GW in 2022.

India imported 15.6 GW of solar cells in 2023, up 169 per cent y-o-y from 5.8 GW. India’s solar cell exports reached 286.3 MW in 2023, up 2,765 per cent from 10 MW in 2022.

Module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026.





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Markets end FY24 on buoyant note amid positive global cues


Benchmark equity indices Sensex and Nifty ended the last day of trade of the 2023-24 fiscal on a bullish note on Thursday, driven by heavy buying in power, auto and banking stocks amid a positive trend in global markets.

Extending its previous day’s rally, the 30-share index jumped 655.04 points or 0.90 per cent to settle at 73,651.35. During the day, it zoomed 1,194 points or 1.63 per cent to 74,190.31.

The NSE Nifty climbed 203.25 points or 0.92 per cent to end at 22,326.90.

In the 2023-24 financial year, the BSE benchmark jumped 14,659.83 points or 24.85 per cent, and the Nifty soared 4,967.15 points or 28.61 per cent.

From the Sensex basket, Bajaj Finserv jumped nearly 4 per cent, and Bajaj Finance climbed nearly 3 per cent.

Shares of Bajaj Finance and Bajaj Finserv jumped amid media reports that subsidiary Bajaj Housing Finance was planning to go public.

Nestle, State Bank of India, Power Grid, Tata Steel, Larsen & Toubro and Mahindra & Mahindra were the other major gainers.

In contrast, Tech Mahindra, Axis Bank and Reliance Industries were the laggards.

In Asian markets, Shanghai and Hong Kong settled in the positive territory while Tokyo and Seoul ended lower.

European markets were trading mostly in the green. Wall Street ended higher on Wednesday. The S&P 500 climbed 0.9 per cent to a record 5,248.49 in its first gain since setting its last all-time high on March 21.

Foreign Institutional Investors (FIIs) bought equities worth ₹2,170.32 crore on Wednesday, according to exchange data.

“Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.42 per cent to $86.40 a barrel.

The BSE benchmark climbed 526.01 points or 0.73 per cent to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65.

Equity markets would remain closed on Friday for ‘Good Friday’.





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Natural rubber prices head north after 3 years on global cues


After nearly a three-year gap, natural rubber prices have started moving north in the domestic market recording  ₹182 per kg for RSS IIV grades.

The prices reached its peak in 2021 at ₹191.

The price surge in the domestic market is in tandem with the international market and the sources cited the factors to floods in Thailand, one of the major producing countries and wintering.

This has resulted in the non-availability of the raw material and rising demand in the international market coupled with a growing concern on the widening global shortage during April and May.

The rates in the Bangkok market for RSS 3 grades on March 18 were recorded at  ₹231, which declined to ₹211 after a couple of days. The rise in prices in the international market has forced tyre manufacturing companies to source natural rubber from the domestic market, resulting in an increased demand. However, prices in the international market showed a declining trend in the last couple of days.

Offseason, tight supply

George Valy, president of Indian Rubber Dealers Federation, said prices in the domestic market are unlikely to drop further mainly because of off season and supply tightness. Currently, the production is at the lower side due to extreme temperature being experienced in the State in the recent period and the figure is expected to touch 8,50,000 tonnes by the end of the current fiscal.

Sources in the farming community said the availability is likely to come down further with the end of the season, which would lead to higher prices for the commodity by April. Several big retailers, who procured natural rubber from the market at lower prices, are holding the stock in anticipation of a further rise in prices and considering the international market situations.

According to official sources, the drop in prices may not be sustained in the long term due to the dearth of raw materials in the domestic market and the same can also be attributed to the factors prevailing in the international markets too. Even though the Bangkok prices reached  ₹211 on March 25 from its peak of  ₹231 within a short span of one week, the magnitude of such a proportion was not reflected in the domestic market which indicates that the material is in huge demand and short in supply. Furthermore , Rubber Board’s incentive scheme for branding RSS grades for export may boost prices in the domestic market in the short term.





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Institutions vote for ICICI Securities-ICICI Bank merger, retail investors resist


Shareholders of ICICI Securities have, on March 27, approved the proposal for the company’s merger with parent ICICI Bank. However, a majority of retail shareholders voted against the proposal.

The result showed that 71.89 per cent of shareholders voted for the delisting. While 83.8 per cent of institutional investors voted in favour of the delisting, only 32 per cent of non-institutional retail shareholders favoured it.

For the delisting and merger of a subsidiary with its holding company, regulations mandate at least two-third votes in favour of the proposal.

As per the proposed agreement, every 100 shares of ICICI Securities will fetch 67 shares of ICICI Bank. Following the merger, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank, which currently holds 75 per cent stake.

Foreign and domestic institutional investors account for 16.68 per cent of ICICI Securities’ share capital, while non-institutional public shareholders hold 8.55 per cent stake, as of December 2023.

The go-ahead comes amid complaints by retail shareholders that ICICI Bank employees were allegedly ‘canvassing’ incessantly for their votes on social media, besides using repeated calls and messages to “influence the voting decision”.

‘Loss for minority shareholders’

In a recent note, Quantum Mutual Fund — a shareholder in both ICICI Securities and ICICI Bank —had said it would vote against the delisting as the swap ratio was detrimental to the interests of minority shareholders. It estimated the loss for unit holders across two schemes at ₹6.08 crore.

“The current swap ratio values ICICI Securities at a 30-77 per cent discount to its other listed peers based on consensus earnings forecast for fiscal year ending March 2024,” the fund house had said, adding that, with the IPO price as benchmark, the share swap ratio would have been 1.9 shares of ICICI Bank for every share of ICICI Securities, at a premium of 183 per cent to the current offer.

Reacting to the shareholder approval, shares of ICICI Securities fell over 3 per cent in early trade today at ₹719.20. On March 27, the stock had closed at ₹741.70.

Shares of ICICI Securities listed on April 4, 2018, at ₹432, at a 17 per cent discount to the IPO price of ₹520. A reverse merger at that time would have entailed a swap ratio of 1.65 ICICI Bank shares for every share of ICICI securities, at a premium of 146 per cent to the current offer.





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