While the food ministry has pegged sugar production in the 2011-12 marketing year (October-September) at 24.6 million tonnes, the agriculture ministry’s forecast is slightly higher at 25 million tonnes. The industry estimates are even higher, at 26 million tonnes
New Delhi: An Empowered Group of Ministers (EGoM) on Food is expected to take a call on sugar exports in the 2011-12 marketing year in the first week of November, reports PTI quoting food minister K V Thomas.
The previous meeting was deferred as the food ministry had not firmed up its decision on sugar exports in the absence of correct production estimates for the sweetener for the year.
“I am meeting the officers of the agriculture ministry in a day or two to reconcile the sugar production estimates.
Based on that, I will prepare a note on sugar exports by the month-end. In the first week of November, the EGoM may take a decision on this,” Mr Thomas told reporters after releasing the Operations Report of Food Corporation of India for 2010-11.
While the food ministry has pegged sugar production in the 2011-12 marketing year (October-September) at 24.6 million tonnes, the agriculture ministry’s forecast is slightly higher at 25 million tonnes. The industry estimates are even higher, at 26 million tonnes.
“I will verify sugar output figures. We want to be advised by the agriculture ministry on this issue,” he said.
Asked if the government will allow wheat and rice exports from government godowns which are overflowing with huge stocks, the minister said, “No. We want to be cautious.”
He explained that the government procures only 30% of the country’s production and cannot allow exports as it has to maintain foodgrain stocks of up to three years for implementation of the proposed National Food Security Act.
The minister further said it makes no sense to permit exports from government godowns as the remaining 70% of the country’s production is sold in the open market.
Last month, the government allowed the export of 2 million tonnes each of wheat and common rice under the open general licence (OGL) scheme.
Presently, the central pool has foodgrain stocks of around 60 million tonnes owing to the high level of procurement in the past three years.
Last year, foodgrain production stood at a record 241.56 million tonnes.
Repro India Q2FY2012 net profit rise to Rs9.40 crore; up 84%, revenue at Rs77.36 crore; jumps 18%
Repro India, a value added end-to-end print solution provider for domestic and international customers, reported 84% rise in its net profit at Rs9.40 crore for the quarter ended 30 September 2011 compared to Rs5.10 crore reported in the same period of last year.
Revenue for the quarter stood at Rs77.36 crore, a rise of 18% against Rs65.46 crore in the corresponding quarter. EBIDTA margin for the quarter stood at 17% as compared to 15% in Q2FY11. EBIDTA margin during the quarter rose 13% to Rs13.08 crore.
EPS for the quarter stood at Rs8.69 compared to Rs4.66 for the corresponding quarter of last year.
Commenting on the Q2FY12 performance Mukesh Dhruve, director, Repro India Ltd said, “With a focused strategy towards making our service solutions available globally, we have expanded geographies across continents, meeting the requirements of corporate and publishers around the world. This quarter, we added Baker & Taylor, BPP and Random House to our client list.”
“There are lots of opportunities for large integrated printers in India. While India is currently 12th largest printing market globally, it is poised to climb to 8th position if the current growth curve continues,” added Dhruve.
In the early afternoon, Repro India was trading at around Rs169.75 per share on the Bombay Stock Exchange, 2.44% down from the previous close.
Yes Bank posted a 33.3% growth in net profit at Rs235 crore for the second quarter on the back of a healthy growth in its non-interest income
Private sector lender Yes Bank posted a 33.3% growth in net profit at Rs235 crore for the second quarter on the back of a healthy growth in its non-interest income, which offset a marginal dip in net interest margin. The Mumbai-headquartered bank's net profit for the July-September of last fiscal was Rs176.3 crore. The bank's non-interest income grew 63.4% to Rs214 crore while the more important net interest income component was up 23.1% to Rs385.6 crore.
Deputy chief financial officer Jaideep Iyer said the bank closed good deals on its debt capital markets practice and overall financial advisory fees in the reporting quarter which helped growth, contributing to the spike in the non-interest income during the quarter. However, income from the distribution vertical was "flat and stable", he said without giving absolute numbers. The net interest margin dipped to 2.9% during the quarter from the 3% observed in the year ago period while sequentially, it showed an improvement of 10 basis points, he said.
Its net non-performing assets ratio improved to 0.04% as on 30 September 2011.
However, Iyer said in the next couple of months, the bank will launch auto and commercial vehicle finance products to drive up its retail segment, which accounts for only 14.9% of the book.
Additionally, it will also be introducing home loans as an add-on for customers to complete its product bouquet but will not acquire assets aggressively, he said.
Overall capital adequacy stood at 16% as on 30 September 2011 but the core tier-I capital slipped to 9.4%. However, the bank, which already has an enabling resolution from shareholders to raise capital, will not be raising any capital this fiscal because of poor market conditions, Iyer said.
But it is looking to raise Rs300 crore through an issue for its tier-II capital needs this quarter, he said.
In the early afternoon, Yes Bank was trading at around Rs281.70 per share on the Bombay Stock Exchange, 1.09% down from the previous close.