The Bombay Stock Exchange in Mumbai on Feb 29, 2016 (representational image).IANSReliance Industries Ltd. (RIL) shares hit a new 52-week high of Rs 1,287 on the Bombay Stock Exchange (BSE) on Friday even as benchmark indices Sensex and Nifty were trading in the red. The RIL stock later shed gains and was trading at Rs 1,268 at around 11.40 am; brokerage CLSA has raised the target price for the stock to Rs 1,500 in a note, reported the Business Today.RIL share price has rallied sharply in the past three months, from Rs 994 on December 5, 2016 to a new high of Rs 1,287, marking a gain of 29.4 percent. The previous 52-week high was Rs 1,256.50 scaled on February 27, 2017.The 30-scrip BSE Sensex was down 84 points to 28,756 while the NSE Nifty was trading at 8,872, down 28 points. Top Sensex losers were HDFC, Asian Paints and ITC.In other corporate news, the Goods and Services Tax (GST) Council decided to peg the peak GST rate at 40 percent to brace for any increase in the rate after the proposed cess is removed. The move does not impact the four tax slabs — 5, 12, 18 and 28 percent.The necessary amendment will be made in the draft GST Bill when the legislation is debated by the Parliament during the second half of the Budget Session that commences on March 9.The trend in Asian stock markets was weak on Friday, reflecting on Indian bourses. “After a weak start, Asian markets were trading lower today as markets took a breather in the U.S. & Europe on Thursday. Post weakness in the Unites States, the Japanese markets today opened almost 0.10 percent lower. The weakness in global markets is very much likely to give domestic markets a lacklustre start as indicated by the SGX Nifty which is trading 0.33 percent down in red,” Geojit BNP Paribas said in a note.Shares of EPC company Larsen & Toubro (L&T) remained almost flat at Rs 1,464 in response to the Karnataka government scrapping the Rs 1,791-crore steel flyover ( from Basaveshwara Circle to Hebbal) project. The company had won the project last October and was awarded the letter of acceptance (LOA).On Thursday, foreign portfolio investors (FPIs) were net buyers of Indian equities worth Rs 123 crore, according to provisional data released by the National Stock Exchange (NSE).The 10-year G-Sec bond ended with a yield of 6.845 percent and the Indian rupee closd at 66.71 to the US dollar on Thursday.
India’s surging sugar production is turning out to be bitter news for sugar producers and governments in sugar-producing states.The nation is set to overtake Brazil as the biggest producer of the sweet commodity with the production pegged at more than 35.5 million tonnes in 2019 financial year. Brazil’s production is estimated at 32.5 million tonnes.Farmers in general and sugar farmers, in particular, are up in arms demanding relief measures in many states including Karnataka, Maharashtra and Uttar Pradesh, media reports say.A meeting on Thursday between sugar factory owners and Karnataka Chief Minister HD Kumaraswamy, who was looking for a solution to farmers’ agitation demanding a higher price for sugarcane and release of the arrears for the sugarcane already supplied, failed to reach a resolution. The farmer leaders have said they will continue the agitation until the millers meet their demands.The sugar factory owners took the stand that they would pay the government-announced Fair and Remunerative Price (FRP) for this year, but many were unwilling to fulfil their ex-field commitment (agreement made with farmers promising rates above FRP), which they claim add up to Rs 450 crore. Mill owners have now sought more time to settle the matter.There were indications that the talks remained inconclusive and the millers wanted to talk directly to the farmers.Export ordersIndia has sought to get back to the export market for the first time in three years to bolster the prices. The country is exploring exports to China as a new market.Sugar millers in Mumbai have signed contracts to supply sugar to New York dealers, which have threatened the margins of Brazilian and Australian traders, a news report said. In March, India wanted the mills to export 2 million tonnes of sugar in order the reduce the inventory buildup. Though the authorities fixed mandatory export targets for each mill, the mills together managed to export only around 450,000 tonnes in the 2017-18 market year that ended on September 30 due to the uncompetitive prices, according to the millers’ trade body Indian Sugar Mills Association. The current year target is 5 million tonnes, which looks difficult to achieve, given the current price situation and bumper harvest in most producing nations. Close IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:00/0:34Loaded: 0%0:00Progress: 0%Stream TypeLIVE-0:34?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … Mumbai protests: Over 30,000 farmers on the streets of Mumbai, demanding government to fulfill their demands