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Cotton exports may rise to 1.4 MT, says global body

India’s cotton exports are likely to rebound to 1.4 million tonnes in 2009-10 (October-September) at the cost of exports from the US, which are forecast to fall 20 per cent to 2.3 million tonne on year, according to International Cotton Advisory Committee (ICAC).

StatsGuru-02-November-09

Thanks to a sharp turnaround IN THE fortunes of PSU oil marketing companies due to lower oil subsidies, savings in overall costs of production and interest earnings on the cash piles it is sitting on, India Inc’s profits rose over 63 per cent in the September quarter. This is while topline sales fell 6.3 per cent. Once you net out sectors like oil and refining or steel where prices have fallen hugely over the year, the sales growth is a more respectable 8.3% — net profit margins also rise, from 8.9% to 11%. Sales and profits, however, tend to be concentrated and the top 10 firms account for over 40 per cent of sales/profits of our sample of 1,068 firms — remove these top 10 firms, and net profit margins for the sample fall around 30 per cent. Tax provisions are up 23 per cent due to the Minimum Alternate Tax. Most of the top companies — in terms of sales/profits — have seen a relatively poor quarter. Costs of raw materials to sales are down 80 bps on a year-on-year basis but are up 540 bps on a sequential quarter basis, suggesting the extra boost to profits from lower commodity prices in the quarter will reduce in the months ahead. Should that happen, though, it will boost the topline and bottomlines of commodity firms.

Pyramid Saimira MD held, released in Indiabulls loan case

The MD of entertainment firm Pyramid Saimira, P S Saminathan, was today arrested by Haryana Police on a loan default complaint filed by Indiabulls, but the company claimed he was let out shortly after.