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Date: 19-06-2018 NCoMM NCML Commodity Market Monitor

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• Cotton • Sugar • Soyben • RM Seed • Castor seed • Turmeric • Jeera

NCoMM

NCML COMMODITY MARKET MONITOR

Cotton | Sugar | Soybean | RM Seed | Castor seed | Turmeric | Jeera

OUTLOOK

OTHER DATA Sowing progress | Advance estimates | Kharif and rabi MSP

ANSWERS & LUCKY WINNER OF PREVIOUS WEEK’S

QUIZ

NCoMM NCML COMMODITY MARKET MONITOR

Sugar • Tur • Wheat • Maize • Chana • Paddy/Rice • Guarseed

NCoMM Quiz will be back next week

ANSWERS & LUCKY WINNER OF PREVIOUS WEEK’S QUIZ

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• As was anticipated, to tackle the domestic sugar glut, Indian government

on 6th June announced a bailout package for sugar included creation of a

buffer stock of 3 million tonnes of sugar and fixing of a minimum support

price at the mill gate of Rs 29/kg for refined sugar. Additionally, sugar mills

will be given Rs 4,440 crore in subsidised loans from banks for five years to

expand ethanol manufacturing capacity.

• As per ISMA, MSP of Rs 29/kg MSP would be insufficient to clear the dues

to the cane farmers which have mounted to Rs 22,000 crore, and MSP

should be linked to the FRP for sugarcane paid by the millers. The

government in May month approved a subsidy of Rs 55 per tonne for cane

farmers to help clear these arrears.

• The measures announced have affected market sentiment and the sugar

prices have shown some recovery over last fortnight.

• India is likely to export only 0.5 mn tonnes of sugar against 2 mn tonnes

mandated by the government in 2017/18 amidst price recovery at home.

• Mills are not exporting as they are getting comparatively higher prices in

local market. Sugar is being sold at around Rs 31,000/tonne in India, while

exporters are getting less than Rs 21,000/tonne.

• India had earlier made a strong pitch to export 1.5 mn tons of sugar to

China under the 50% tariff category to reduce surplus.

• Lower shipments from the India could support global prices, but would

increase India's opening stocks for the next marketing season when output

is expected to surge to a record.

• Area under sugarcane cultivation in Maharashtra, India’s second-largest

sugar producing state, is expected to increase nearly 25% in the next

crushing season beginning October 1, due to assured returns for growers,

subdued realisations for most other crops and better water availability.

• As per the sowing data released by the Agriculture Ministry, as on 15 June

2018, sugarcane has been planted in around 50.01 lakh hectares (lh) across

the country, higher than 49.48 lh in the corresponding week last year and

normal of 45.35 lh till date.

• India’s 2017-18 sugar production is around 32 mn tonnes against 20.3 mn

tonnes last year. Surplus stocks are expected to pile up further in 2018-19

with production expected to touch 33 mn tonnes.

• Record output in India and Thailand is driving the global market to the

biggest ever glut with a global surplus of 11.1 million tons in 2017-18.

• Thailand’s sugar production increased by 54% in raw value, industry data

showed, as its season comes to an end. A global glut has pushed sugar

prices close to a three-year low.

Mandi Price in Rs/ Quintal

18-06-2018 11-06-2018 %Change

Kohlapur 3125 3213.35 -2.75

Muzzafarnagar

3300 3400 -2.94

Delhi 3320 3395 -2.21

2,100

2,400

2,700

3,000

3,300

3,600

3,900

Jan

-14

Jul-1

4

Jan

-15

Jul-1

5

Jan

-16

Jul-1

6

De

c-16

Jun

-17

De

c-17

Jun

-18

Sugar - M-grade : Muzaffarnagar

FUNDAMENTAL SUMMARY

Price Drivers Impact

Minimum support price at the mill gate fixed at Rs 29/kg for refined sugar.

Bullish

Announcement for creation of 3 mn tonnes of buffer stock

Bullish

Lower exports due to low global prices Bearish

Surplus sugar production of 32 mn tonnes against only 20.3 mn tonnes last year

Bearish

Higher sugarcane acreage for 2018-19 Bearish

Subsidy of Rs 5.5 per qtl to cane farmers for the produce they sell to sugar mills by the government

Bullish

0% export duty and 100% import duty Imposed

Bullish

Global sugar glut Bearish

Based on Primary & Secondary Sources

Fundamental Report SUGAR

0


Fundamental Report TUR

• Tur sowing has begun at a slow pace due to lack of rains in growing areas.

As per the government’s sowing report, till 15 June area sown under Tur is

0.52 lakh ha against 0.46 lakh ha till same date last year. However, Tur

acreage is expected to fall by around 20% due to low realisations by

farmers. News of lower acreage is like to lend support to tur prices.

• The Maharashtra government announced to provide financial grant of Rs

1000 per quintal to those farmers whose tur and gram could not be

purchased by the administration before the May 31 deadline.

• However after announcement of subsidy, market prices of tur further

reduced as the move led to spurt in tur arrivals at the market.

• Tur prices are currently ruling at Rs 3,450 against the MSP of Rs 5,450 a

quintal due to huge pile up of stocks and imports amidst stocks. .At current

price new stockists were seen taking interest in Tur.

• The third advance estimates released by the government have pegged

India’s 2017-18 tur production at 4.18 mn tonnes against 4.87 million tonnes

last year. Farmers are holding a stock of nearly 6 million quintal with them,

as prices have fallen far below the MSP. Another 10 million quintal tur is

estimated to be with various government agencies.

• Tur import up to 2 lakh tonnes has been allowed for the year 2018-19. Parity

is in favour of importers despite 10% import duty on Tur, thus they will

import tur under the renewed quota. Myanmar is offering lemon Tur (old)

at $440 per tonne and new Lemon Tur at $450 per tonne basis Indian ports,

which even after an import duty of 10% is lower than the prevailing

domestic price.

• Apart from this, another 1.5 lakh tonnes of tur was allowed to be imported

from Mozambique, with India bound by the MoU signed in 2016 stirred

protests among farmers

• The MSP of Tur for Kharif 2018 may be raised to Rs 5850/qt (the

notification is awaited).

• The Maharashtra government has increased the profit margin of PDS shop

owners on tur dal in a bid to increase its sale. Maharashtra government has

decided to sell Tur dal at Rs 35 per kg through ration shop. It was selling

Rs55 per kg earlier.

• Nafed has procured around 8.57 lakh tonne Tur. Karnataka & Maharashtra

contributed around 3.35 & 3.24 lakh tonne. Selling through auction from

central pool stock too continues and it would help keep the prices under

check so that consumers are not burdened with high prices suddenly.

2500

6500

10500

14500

Jun

-15

Oct

-15

Feb

-16

Jun

-16

Oct

-16

Feb

-17

Jun

-17

Oct

-17

Feb

-18

Jun

-18

Lemon tur FAQ-Myanmar origin : Mumbai

TUR FUNDAMENTAL SUMMARY


Spurt of arrivals following of subsidy by Maharashtra government

Bearish

Import of 2 lakh tonnes allowed for 2018-19

Bearish

Fall in tur acreage expected in 2018-19

Bullish

Import of 1.5 million tonnes of tur allowed from Mozambique, bound by the MoU signed in 2016

Bearish

Huge pile up of tur stocks with farmers and government

Bearish

Export disparity Bearish

Buying by stockists Bullish

Arrivals ending Bullish



18-06-2018 11-06-2018 %Change

Yavatmal 3765 3600 4.58

Dhule 3000 2700 11.11

Akola 3800 3600 5.56

0


Fundamental Report WHEAT

• Procurement of wheat by government agencies in Uttar Pradesh for

the current 2018-19 Rabi marketing season has almost touched 50 lakh

tonnes and looks all set to surpass the all-time-high procurement of

50.63 lakh tonnes achieved in 2012-13.

• According the latest report of Food Corporation of India (FCI), as on

15th June 2018, wheat procurement has reached 354.93 lakh metric

tonnes. Of the total quantity procured, around 126.91 lakh tonnes have

been procured from Punjab, 87.39 lakh tonnes from Haryana, 50.87

lakh tonnes from Uttar Pradesh, 72.87 lakh tonnes have been procured

from Madhya Pradesh,0.06 lakh tonnes from Bihar, 15.27 in Rajasthan,

1.05 lakh tonnes from Uttarakhand, 0.14 lakh tonnes from Chandigarh

and 0.37 lakh tonnes from Gujarat.

• According to the third advance estimate released by government,

wheat production estimate for 2017-18 is 98.61 million MT which is 1.54

per cent higher than second advance estimate of 97.11 million MT.

Despite some crop damage reports in many parts of the country due

to storm in harvesting period, production estimate is higher due to

higher yield expectation. However, trade sources are estimating the

crop in the range of 91-94 million MT for 2017-18.

• According to the latest USDA report, India wheat imports is expected

to be around 0.5 million tonnes in 2018-19. Indian government raised

the import duty on wheat from twenty percent to thirty percent to

protect domestic growers from sourcing cheaper produce from

overseas markets. A weakening rupee against the dollar, coupled with

the increase in import duty will put an end to the cheap inflow of

wheat.

• According to the latest report of ABARES (Australian Government

Department of Agriculture and Water Resources), wheat sowing area

is forecast to fall by around 2 per cent to 11.95 million hectares in 2018-

19 from 12.23 million hectares in 2017-18. However, wheat production is

expected to increase by 3 per cent to 21.9 million tonnes in 2018-19

from 21.24 million tonnes in 2017-18.

• According to latest monthly report of IGC, world wheat production is

projected at 742 million MT for 2018-19 against 758 million tonnes

forecast for 2017-18, while the ending stocks are projected lower at

258 million tonnes against 262 million tonnes last year.

1500

1700

1900

2100

2300

2500

Mar

-16

Jun

-16

Se

p-1

6

Jan

-17

Ap

r-17

Au

g-1

7

No

v-17

Mar

-18

Jun

-18

Wheat: Standard mill quality : Delhi

FUNDAMENTAL SUMMARY


Procurement of wheat by government

Bullish

Higher domestic production estimate

Bearish

Restricted cheap imports Bullish

Higher Australian wheat production estimate

Bearish



18-06-2018 11-06-2018 %Change

Delhi 1763.05 1768.65 -0.32

Indore 1793.6 1807.5 -0.77

Kanpur 1626.55 1642.5 -0.97

0


Fundamental Report CHANA

• Chickpea sowing area in Australia is expected to fall significantly by 53

per cent to 5.28 lakh hectares in 2018-19 from 11.16 lakh hectares in

2017-18. Chickpea production is likely to decline 40 percent to 6.16 lakh

tonne in 2018-19 against 2017-18 production of10.28 lakh tonne.

• According to ABARES, favourable prices of cereal feed grains relative

to prices of oilseeds and pulses and drier than average seasonal

conditions are expected to result in a significant increase in area

planted to barley and falls in area planted to canola, chickpeas and

lentils.

• Indian government has increased the procurement date for chana till

20th June in Madhya Pradesh. The date has been extended to give

support to the chana domestic prices.

• According to the latest Nafed report, as on 16th June Nafed had

procured 25.81 Lakh MT of chana. Of the total quantity procured,

around 0.50 lakh tonnes have been procured from Telangana, 1.27 lakh

tonnes from Karnataka, 0.77 lakh tonnes from Andhra Pradesh, 1.71

lakh tonnes have been procured from Maharashtra, 4.75 lakh tonnes in

Rajasthan,15.91 lakh tonnes from Madhya Pradesh, 0.87 lakh tonnes in

Gujarat and 0.05 lakh tonnes from Uttar Pradesh.

• Despite putting higher import duty on chana, India imported 9.72 lakh

tonnes of chana during April 17 to February 18 which is 4.6 per cent

higher than last year in the same time period. In December 2017, the

government withdrew customs duty exemption on chana and

imposed a 30 per cent duty. This increase was not sufficient to plug

imports and hence the government again hiked import duty to 40 per

cent in February and then to 60 per cent in March 2018.

• As of 19th June, imported Australian chana is being traded at Rs 3400

per quintal in Mumbai market and Rs 3450 per quintal at Mundra port.

• According to the third advance estimates released by the government,

India’s chana production estimate for 2017-18 is 11.16 million MT which

is 18.97 per cent higher than 2016-17 fourth advance production

estimates of 9.38 million MT. Higher production estimate is due to

higher chana sowing acreage and favourable weather condition in

major producing states.

3300

3840

4380

4920

5460

6000

Jul-

17

Au

g-1

7

Oct

-17

Dec

-17

Jan

-18

Mar

-18

Ap

r-1

8

Jun

-18

Gram - Rajasthani desi : Bikaner :

FUNDAMENTAL SUMMARY


Lower Australian chickpea production estimate

Bullish

Extension of chickpea procurement date

Bullish

Higher imports Bearish

Higher domestic production estimate

Bearish



18-06-2018 11-06-2018 %Change

Akola 3525 3353 5.13

Bikaner 3528 3468 1.73

Kota 3100 3200 -3.13

0


Fundamental Report MAIZE


18-06-2018 11-06-2018 %Change

Erode 1441 1461.35 -1.39

Gulab bagh 1132.5 1135.65 -0.28

Davengere 1250 1285 -2.72

FUNDAMENTAL SUMMARY


Higher 3rd advance Production

estimates

Bearish

Ongoing arrivals Bearish

Higher global production Bearish

Lower Kharif Area Bullish


• As per the Third advance estimates released by the government,

the kharif maize output for 2017-18 has been projected at 19.81

million tonnes, higher than 19.24 million tonnes in the previous

2016-17 season. Rabi production was at 7.07million tonnes.

• As of 15th June Acreage for the maize Kharif 2018/19 crop is at 4.91

Lakh Ha a Decrease of 22.5% compared to the previous year at 6.34

Lakh Ha in 2017/18 & a Decrease of 23.87% compared to the Normal

area of 6.45 Lakh Ha.

• Area in Karnataka has increased by 79% to 1.83 lakh Ha this year

from 1.02 lakh Ha whereas every other major kharif growing

state’s area has been decreased.

• Arrivals for maize for the first 2 weeks of june Deccreased by 15%

to 129,798 tonnes in 2018 from 151024 tonnes in 2017

• As of 10th June US progress Planting reports at 94% up from 92%

last week and ahead of both last year (2017) at 93% and the 5 year

average at 92%

• According to UK Agro consult, Ukraine’s export of maize for the

2017/18 Marketing year (July-June) stands at 17.1 Million tonnes till

JUNE 12th.

• In its latest report IGC raised the world corn production for

2018/19 by 1 MMT to 1055 MMT but cut the closing stock by 5 MMT

to 257 MMT

1100

1250

1400

1550

1700

Ap

r-16

Jun

-16

Se

p-1

6

De

c-16

Mar

-17

Jun

-17

Se

p-1

7

De

c-17

Mar

-18

Jun

-18

Maize-Feed/Industrial Grade : Gulab Bagh

0


Fundamental Report RICE/PADDY

• As per the Ministry of Agriculture the All India Rice acreage recovered

as good rainfall was reported in most of the Rice producing areas in

the country. Rice acreage as on 15th June 2018, was at 6.93 lakh

hectares as against 6.87 lakh hectares last year same period.

• Higher acreage was reported from Uttarakhand 1.23 lakh hectares,

Meghalaya 1.00 lakh hectares, Both Nagaland and Assam 0.88 lakh

hectares each, Tamil Nadu 0.80 lakh hectares, and Arunachal Pradesh

0.70 lakh hectares.

• All-India progressive procurement of Rice as on 08th June 2018 for 2017-

18 was at 356.64 lakh tonnes against 372.92 lakh tonnes in the

corresponding period of last year.

• According to the latest 3rd Advance Crop Production Estimates for

2017-18, Rice production is estimated at a record level at 111.52 million

tonnes as against 109.70 million tonnes last year.

• For marketing year 2018-19 Thailand rice production forecast is revised

upward at 21.2 million metric tonnes, a 4 per cent increase from

MY2017-18. Rice exports in 2018 are expected to reach 10.5 million

metric tonnes. The government plans to sell the remaining

government stocks in June 2018.

• As on 06th June 2018, the Bangladesh government has fixed the import

duty on rice from 2 per cent to 28 per cent. Due to this duty export of

Indian rice in Bangladesh will be difficult. In the year 2017, India

became the most prominent country to supply rice to Bangladesh.

• Philippines rice imports in 2019 could decline by 21.42 per cent to 1.1

million metric tonnes, as the increase in palay output would allow the

Philippines to end 2018 with more stocks. The United States

Department of Agriculture reported that the country’s total rice

imports next year would decline by 300,000 metric tonnes, from the

projected 1.4 million metric tonnes this year.

• According to Thai Rice Export Association, Rice exports of Thailand in

2018 will be less than the target growth of 9.5 per cent due to strong

baht and decrease in rice production, the target was 18 per cent lower

than 2017’s 11.6 million tonnes. Meanwhile, The Thai Government

recently announced the rice production in 2018 stands at 30 million

tonnes, a decline compared to the 33 million tonnes of 2017.

• China likely to import non-basmati rice from India to meet the shortage

of rice. China rice production for 2018-19 is likely to decline by 1.5

million tonnes at 144.50 million tonnes but domestic consumption is

expected to up by 2.5 million tonnes, meanwhile china could import

rice from India to fulfill the demand supply scenario.


18-06-2018 11-06-2018 %Change

Hanumangarh

(1121 Pusa) 3200 3200 0.00

Kota

(Rajasthan) 2850 2800 1.78

Aligarh (1121) 2900 2900 0.00

1700

1900

2100

2300

2500

2700

2900

3100

Se

p-1

7

Oct

-17

De

c-17

Jan

-18

Mar

-18

May

-18

Jun

-18

Paddy - Sugandh : Narela

RICE/PADDY FUNDAMENTAL SUMMARY


Higher acreage during current Kharif season

Bearish

Decline in progressive rice procurement compared to last year

Bearish

Record Rice production in 2017-18

Bearish

Rice import duty by Bangladesh

Bearish

Expectation of import demand from China

Bullish


0


Fundamental Report GUAR SEED

2,900

3,200

3,500

3,800

4,100

4,400

4,700

May

-16

Jul-1

6

Oct

-16

Jan

-17

Ap

r-17

Jul-1

7

Se

p-1

7

De

c-17

Mar

-18

Jun

-18

Guarseed : Bikaner

GUAR FUNDAMENTAL SUMMARY


Weak progress of Monsoon rainfall

Bullish

Subdued domestic and export demand

Bearish

Forecast of Normal Monsoon by IMD

Bearish

Expectation of higher production during 2018-19 crop season

Bearish

Buying at lower levels Bullish

Higher stocks availability

Bearish



18-06-2018 11-06-2018 %Change

Bikaner 3700 3650 1.36

Jodhpur 3734 3684 1.35

Sri Ganganagar 3600 3580 0.56

• Guar seed and Guar gum prices recovered as market sentiments

improved due to slow progress of monsoon rainfall but buyers are

cautious as rainfall may pressure prices and thus avoiding taking risk

at the higher level. Actually buyers have incurred losses due to sharp

fall in prices during the last 2-3 months.

• Stockists and crushers are buying guar seed with view that any

more delay in monsoon will escalate prices and help them to get

attractive return which was not seen in last few months due to

consistent fall in prices.

• However, Guar seed purchased by traders are likely to be offloaded

soon as sharp rise in prices is unlikely due to possibility of good

monsoon this season despite of some delay.

• According to traders, Guar seed is rain sensitive crop and future

trend of Guar seed and Guar gum will mostly depend on progress of

monsoon and export demand.

• Good monsoon raises the prospects of higher acreage and

production. Guar seed stock in the country is already ample and

next crop is expected well in case monsoon makes good progress in

producing states of Rajasthan, Gujarat, Punjab and Haryana.

• As per IMD 2018 Monsoon forecast, monsoon rains are expected to

be normal this year and are expected to be 97 per cent of the long-

period average (LPA) with model error of +/- of 5 per cent.

• As per market sources, Rajasthan is expected to produce 17.50 lakh tonnes guar seed during the Kharif crop season 2018-19, up 40 per cent from 12.45 lakh tonnes a year ago due to forecast of normal monsoon.

• As per the 2nd advance production estimates, Guar seed in Rajasthan

is estimated at 15.44 lakh tonnes for 2017-18 compared to 14.04 lakh

tonnes in 2016-17.

• As per trade sources, export of guar gum has declined in the month

of April. Exports in the month of April are down by around 7.4 per

cent compared to previous month. India exported around 27283

tonnes of guar gum in the month of April at an average FOB of $

1884.03 per tonne.

0


Domestic cotton crop output is expected to moderate to 35 million bales in Cotton Year 2019

Govt’s wheat procurement tops 35 million tonnes

India sells new season cotton crop to China in rare advance deals

Cotton set for a rally with closing stock at 6-year low

Nafed failed to manage groundnut procurement, says Gujarat minister

Indian cotton production likely to rise 8.1% to 373 lakh bales this year

Centre hikes import duty on crude, refined soft edible oils

Maharashtra cane acreage may go up 25%; early crushing likely

To purchase the India Commodity

Year Book 2018, contact us at

[email protected]

Official Production Estimates

Third advance estimates 2017-18 &

previous years’ estimates : Third

Advance Estimates 2017-18

MINIMUM SUPPORT PRICE (Rs/Qtl.)

Commodity 2016-17 2017-18

KHARIF

Paddy Common 1470 1550

paddy grade A 1510 1590

Jowar Hybrid 1625 1700

Jowar Maldandi 1650 1725

Bajra 1330 1425

Ragi 1725 1900

Maize 1365 1425

Tur 5050 5450*

Moong 5225 5575*

Urad 5000 5400*

Groundnut 4220 4450*

Sunflower seed 3950 4100 #

Soyabean black 2775 3050

Sesamum 5000 5300 #

Nigerseed 3825 4050 #

Cotton(Medium Staple) 3680 4020

Cotton(Long Staple) 4160 4320

RABI

Commodity 2016-17 2017-18

Wheat 1625 1735

Barley 1325 1410

Gram 4000* 4400

Masur (Lentil) 3950* 4250

Rapeseed/Mustard 3700* 4000

Safflower 3700* 4100

Wheat 1625 1735

*includes bonus of Rs 200 per quintal

# includes bonus of Rs 100 per quintal

Commodity Latest Fortnight ago

Month ago Year ago

18-Jun-18 04-Jun-18 21-May-18 19-Jun-17

Wheat 1793 1832 1792 1635

Chana 3528 3550 3594 5179

Rice/Paddy 3200 3200 3300 3100

Guar 3700 3590 3825 3500

Sugar 3300 2988 2746 3851

Tur 3800 3825 3900 3700

Maize 1132 1150 1150 1266

PRICE TRACKER

Link for commodity-wise and

market-wise prices and arrivals:

http://agmarknet.gov.in/PriceAndArriv

als/CommodityWiseDailyReport2.aspx

THE WEEK THAT WAS

https://economictimes.indiatimes.com/news/economy/agriculture/domestic-cotton-crop-output-is-expected-to-moderate-to-35-million-bales-in-cotton-year-2019/articleshow/64511823.cms




https://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/article24029340.ece


https://economictimes.indiatimes.com/news/economy/agriculture/india-sells-new-season-cotton-crop-to-china-in-rare-advance-deals/articleshow/64573175.cms






https://economictimes.indiatimes.com/news/economy/agriculture/govt-considering-setting-up-3mt-sugar-buffer-stock-ram-vilas-paswan/articleshow/64400505.cms



https://economictimes.indiatimes.com/news/economy/agriculture/indian-cotton-production-likely-to-rise-8-1-to-373-lakh-bales-this-year/articleshow/64590346.cms




https://economictimes.indiatimes.com/news/economy/agriculture/maharashtra-cane-acreage-may-go-up-25-early-crushing-likely/articleshow/64641819.cms




mailto:[email protected]

https://eands.dacnet.nic.in/Advance_Estimate/3rd_Adv_Estimates2017-18_Eng.pdf

https://eands.dacnet.nic.in/Advance_Estimate/3rd_Adv_Estimates2017-18_Eng.pdf

http://agmarknet.gov.in/PriceAndArrivals/CommodityWiseDailyReport2.aspx

http://agmarknet.gov.in/PriceAndArrivals/CommodityWiseDailyReport2.aspx

0


0


Answers for 12 June 2018 Quiz:

Q1. Write full name of the Apex body in India for the commodity shown above. Ans1. Soybean Processors Association of India (SOPA) Q2. Tick one major trading hub of each commodity among the given options. Ans 2. Chilli–Guntur, Castor seed–Deesa, Turmeric–Nizamabad, Soybean–Indore

People who gave correct answers:

Meenakshi Gupta

Laxmikant S H

Anurag Kushwaha

Navdeep Kaur

Maheshkumar Ramaswamy

Prem Kumar

Abinandhan

Dr. Ravi Pratap Singh Sangwan

Sandeep Kumar Yadav

Jitendra Tyagi

Anilkumar Parvathaneni

Rajesh Kumar Vishwkarma

Pawan Joshi

Abhishek Shinde

Swapnil Mukunda Paithane

Sumit Chahal

S.Narendra

Ajay Agrawal

Ajaysingh Thakur

Devaraj L

Dr. Raina Jain

Lucky Winner:

Dr Raina Jain (T&C, Indore)

(BD, Bikaner)

0


Advisory Team

Basant Vaid Head: TCIG [email protected]

Sreedhar Nandam Vice President: SCM [email protected]

Research Team

Suresh Solanki Assistant Manager: TCIG [email protected]

Kamna Malhotra Economist: TCIG [email protected]

Akash Jaiswal Research Analyst: TCIG [email protected]

Ansh Aggarwal Senior Officer: Trade Support [email protected]

For any research queries, contact us at [email protected]

Disclaimer:

This consultancy report has been prepared by National Collateral Management Services Limited (NCML) for the sole benefit of the

addressee. Neither the report nor any part of the report shall be provided to third parties without the written consent of NCML. Any

third party in possession of the report may not rely on its conclusions without the written consent of NCML. NCML has exercised

reasonable care and skill in preparation of this consultancy report but has not independently verified information provided by others.

No other warranty, express or implied, is made in relation to this report. Therefore, NCML assumes no liability for any loss resulting

from errors, omissions or misrepresentations made by others. Any recommendations, opinions and findings stated in this report are

based on circumstances and facts as they existed at the time of preparation of this report. Any change in circumstances and facts on

which this report is based may adversely affect any recommendations, opinions or findings contained in this report.

© National Collateral Management Services Limited (NCML) 2017

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