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Date: 05-06-2018 NCoMM NCML Commodity Market Monitor

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

OUTLOOK

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

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

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With India’s 2017-18 sugar production touching 32 mn tonnes against only

20.3 mn tonnes last year, India’s sugar Industry has been saddled with

almost 7 mn tonnes of surplus and is in a deep glut. Amid forecast of good

rains, the surplus stocks are expected to pileup further next year.

As per the sowing data released by the Agriculture Ministry, as on 1 June

2018, sugarcane has been planted in around 49.32 lakh hectares (lh) across

the country, higher than 48.72 lh in the corresponding week last year and

normal of 45.02 lh till date.

Under such scenario, India has last week made a strong pitch to export 1.5

mn tons of sugar to China under the 50% tariff category to reduce surplus.

China imports 4-5 mn tonnes sugar annually but India’s sugar export to

China has been thus far very small. The deal is expected to be finalised by

August & exports to China might begin after September this year.

Despite measures like allowing export of 2 mn tonnes under MIEQ scheme

& scrapping off the 20% export duty, India’s sugar exports have not picked

up due to excess supply in global market.

The Minister of agriculture has also hinted at the possibility of Government

paying an assistance of Rs. 7.70 to mills for every kg of sugar they export

as the international prices are hovering low.

To support the crashed prices, the cabinet may soon fix a minimum price

for the sale of sugar by the mill owners to traders. The minimum price

could hover around Rs 30-32 per kg. There is also a proposal to impose a

cess on sugar sales being decided by GST panel.

The government is also considering building a buffer stock of 3 mn tons to

to taper excess & help mills pay cane arrears to farmers.

The cane arrears have mounted to 22,000-crore. The government in May

month approved a subsidy of Rs 55 per tonne for cane farmers to help clear

these arrears.

In order to manage the glut and avoid cheaper imports, in March, the

government doubled the import duty to 100% & imposed stock holding

limits in February to restrict fall in prices.

However refiners say these measures don’t go far enough & the

government should stop raising the cane price to avoid sugar gluts.

The seasonal summer demand and speculations about the government

measures like buffer stock offered slight support to sugar prices last week.

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.

A global glut has pushed sugar prices close to a three-year low, amounting

to significant setbacks for countries like Brazil and Thailand that depend on

export revenues.

Mandi Price in Rs/ Quintal

04-06-2018 28-05-2018 %Change

Kohlapur 2855 2737.5 4.29

Muzzafarnagar

2988.4 2840 5.23

Delhi 2946.9 2855 3.22

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

Speculation of government measures like creation of a buffer stock, fixing a minimum selling price or imposition of cess

Bullish

India pitching to export 1.5 mn tons of sugar to China under China’s 50% tariff category

Bullish

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

Bearish

Higher cane 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

MIEQ (Minimum Indicative Export Quota) of 2 mn tonnes mandated by government & Scrapping off the 20% export duty on sugar

Bullish

Export disparity due to low global sugar prices

Bearish

Seasonal summer demand Bullish

Based on Primary & Secondary Sources

Fundamental Report SUGAR

India is the second producer of

sugar in the world after Brazil,

and largest consumer of Sugar.

If India subsidises its sugar

exports and “dumps” the surplus

sugar in global market, which is

already in glut, it will hurt other

exporter countries who may

complain to WTO.

0


Fundamental Report TUR

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.

Burma Tur is being offered at $465 per tonne basis Indian port, which after

an import duty of 10% comes to Rs 3427/qtl. This is lower than the

prevailing domestic price of Rs 3900-4200/ qtl.

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.

The third advance estimates released by the government have pegged

India’s tur production at 4.18 mn tonnes against 4.87 million tonnes last

year. India already has a huge pile up of surplus tur stocks from this year

and last.

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.

Farmers of Maharashtra are in protest and one of the reasons is tur being

imported from Mozambique despite Maharashtra having abundant stocks.

Tur sowing has begun at a very slow pace and as per the preliminary

sowing report, till 1 June area sown under Tur is lags behind at 0.08 lakh ha

against 0.10 lakh tonnes till same date last year.

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

farmers. The prices of tur have been ruling between Rs 3900-4200/ qtl

against MSP of Rs 5,400/qtl due to surplus stocks.

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

notification is awaited).

The Centre had granted extension to the Maharashtra government for

procurement of tur (arhar) under at MSP, however several million tonnes

of tur is already lying at purchase centres and there is no storage space.

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.

The tur arrivals are at fag end and along with some wedding season

demand, diminishing arrivals may lend some support to prices. News of

lower acreage may also lend support to the tur prices

However, the imports, stocks with the government, expected rise in MSP

to encourage acreage and normal monsoon may limit the upside.

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


Import of 2 lakh tonnes allowed for 2018-19

Bearish

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

Arrivals ending Bullish

Wedding season tur demand Bullish

Fall in tur acreage expected in 2018-19

Bullish



04-06-2018 28-05-2018 %Change

Yavatmal 3695 3825 -3.40

Amravati 3750 3837.5 -2.28

Akola (Avg cmie)

3950 4175 -5.39

0


Fundamental Report WHEAT

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 in the coming days.

Roller flour mills in South India are worried over the hike in the wheat

import duty as it makes them uncompetitive in the domestic market

compared with their counterparts in wheat growing areas in the

North India. Bulk of the imports are generally made by mills of the

South India from countries such as Australia and the Black Sea region,

mainly Ukraine.

Wheat procurement has crossed the government's target by 6.84 per

cent to 34.19 million tonnes (MT) so far in this marketing year as

purchases in Uttar Pradesh have picked following special efforts by

the state authorities. Moreover, market participants are expecting

more wheat to be procured from Uttar Pradesh in the coming days.

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

01st June 2018, wheat procurement has reached 341.90 lakh metric

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

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

38.41 lakh tonnes from Uttar Pradesh, 72.81 lakh tonnes have been

procured from Madhya Pradesh, 14.90 in Rajasthan, 0.97 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 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


Increase in import duty Bullish

Higher procurement by the government agencies

Bullish

Higher production estimate of Indian wheat

Bearish

Lower production estimate of global wheat

Bullish



04-06-2018 28-05-2018 %Change

Delhi 1761.75 1769 -0.41

Indore 1832.5 1805 1.52

Kanpur 1655 1655 0.00

0


Fundamental Report CHANA

Indian government has increased the procurement limit for chana to

15.77 lakh tonnes for ongoing procurement season. Procurement

activities by the government agencies are keeping the prices stable in

the domestic market and support to the farmers.

According to the latest Nafed report, as on 21st May Nafed had

procured 14.59 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, 0.88

lakh tonnes have been procured from Maharashtra, 2.67 lakh tonnes in

Rajasthan,9.09 lakh tonnes from Madhya Pradesh, 0.27 lakh tonnes in

Gujarat and 0.008 lakh tonnes from Uttar Pradesh.

Higher arrivals of chana in the domestic market are keeping the prices

downward. According to agmark, all India chana arrivals in the last

week of May is 2.42 lakh MT which is 340 per cent higher than the last

year arrival of 0.55 lakh MT in the same time period.

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 04th 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.

Chickpeas production in Australia is expected to decrease by 35.92 per

cent to 11.88 lakh tonne in 2017-18 from 18.54 lakh tonne in 2016-17.

Despite higher area coverage of chickpea, production is bound to

decrease due to hot and dry weather condition in the major growing

regions. Chickpeas area increased from 1052 in 2016-17 to 1099

thousand ha in 2017-18.

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 :

TUR FUNDAMENTAL SUMMARY


Increase in procurement limit of chana

Bullish

Higher arrivals of chana in the domestic mandis

Bearish

Higher imports in 2017-18 Bearish

Higher domestic production estimate

Bearish

Lower Australian chickpea production estimate

Bullish



04-06-2018 28-05-2018 %Change

Akola 3442.5 3525 -2.34

Bikaner 4800 4900 -2.04

Amravati 3150 3190 -1.25

0


Fundamental Report MAIZE


04-06-2018 28-05-2018 %Change

Erode 1466.35 1454 0.85

Gulab bagh 1150 1150 0.00

Nizamabad 1235 1235 0.00

FUNDAMENTAL SUMMARY


Higher 3rd advance Production

estimates

Bearish

Ongoing arrivals Bearish

Higher global production Bearish

Lower world corn stocks for the

current year (2018-19) Bullish

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 1st June Acreage for the maize Kharif 2018/19 crop is at 0.52

Lakh Ha down by 26% compared to the previous year at 0.71 Lakh

Ha in 2017/18 but an increase of 48% compared to the Normal area

of 0.35 Lakh Ha

Haryana has submitted a maize procurement plan of 10,000 MT to

be procured at MSP to support farmers

Arrivals for maize for the month of May increased by 20% to

4,09,221 tonnes in 2018 from 3,41,525 tonnes in 2017

As of 28th May US progress Planting reports at 92% up from 81%

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

average , both at 90%

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

2017/18 Marketing year (July-June) stands at 15.9 Million tonnes till

may end down by 25% compared to the same time last year at 21

million tonnes.

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 as on 01st

June showed a decline of 43 per cent at 2.95 lakh hectares as

compared to 5.20 lakh hectares last year same period. Major acreage

was reported from Uttarakhand 1.04 lakh hectares, Assam 0.65 lakh

hectares, Tamil Nadu 0.39 lakh hectares, Mizoram 0.35 lakh hectares,

and Maharashtra 0.26 lakh hectares.

All-India progressive procurement of Rice as on 28 May 2018 stood at 350.32 lakh tonnes against the procurement of 360 lakh tonnes in the corresponding period of last year.

Higher Rice procurement has been received from northern states of Punjab (118.33 lakh tonnes), Haryana (39.67 lakh tonnes), and U.P (28.75 lakh tonnes) and in south it is picking up in Telangana (33.55 Lakh tonnes).

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.

Thailand upwardly revised its 2018 Rice export target to 10 million

tonnes, from the previous forecast of 9.5 million tonnes after exports

of the grain for the first four months of this year performed better

than expected, according to the Thai Rice Exporters Association.

From January through April, Thailand exported 3.31 million tonnes of

rice, up 38 per cent from a year earlier and outpacing other big rice

exporters like India which shipped 3.21 million tonnes; Vietnam, 1.61

million tonnes and Pakistan, 1.28 million tonnes.

As per market sources, Indian non-Basmati rice may soon make its way

to China with Beijing clearing the grain of any risk of introduction of

alien pests.

According to market sources, at present there is a lot of confusion in

the market on what will happen after US sanctions on Iran. Central

government is in talks with Iranian government to avoid US sanctions

and do business smoothly. Iran is a big market for basmati rice.

According to exporters, African buyers are turning to India due to the recent price fall. In the last few weeks inquiries have risen from buyers. Prices for India’s 5 per cent broken parboiled variety rose by $5 to $399-$403 per tonne. India’s rice exports in April rose 12 per cent from a year earlier to 989,848 tonnes on good demand for non-basmati rice from African countries.

In Thailand, prices of the 5 per cent broken variety stood at $430-446

per tonne, free on board (FOB) Bangkok, versus $435-438 last week.

Prices of Vietnam’s 5 per cent broken rice eased slightly to $455-$460 a

tonne from $460-$465 previously.


04-06-2018 28-05-2018 %Change

Hanumangarh

(1121 Pusa) 3200 3300 -3.0

Delhi (1121) 2900 3125 -7.2

Ernakulam

(Jaya) 3500 3500 0.0

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


Decline in current season Rice acreage

Bullish

Decline in progressive rice procurement compared to last year

Bearish

Record Rice production in 2017-18

Bearish

Strong demand from African countries

Bullish

Export of basmati and non - basmati rice to China

Bullish


0


`

Fundamentals- Domestic & International RM SEED

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


Poor buying interest from traders and crushers

Bearish

Normal Monsoon forecast and early on- set date

Bearish

Subdued export demand

Bearish

Expectation of higher production of Guar in Rajasthan

Bearish

Higher stocks availability

Bearish



04-06-2018 28-05-2018 %Change

Bikaner 3590 3800 -5.52

Jodhpur 3641 3835 -5.05

Sri Ganga Nagar 3470 3673 -5.53

Guar seed and Guar gum prices have remained weak at key markets

across the country due to poor buying interest from traders and

crushers. Crushers have opted to stay on the side-line or did need-

based buying due to consistent fall in prices of Guar seed and Guar

gum against lower than expected export demand.

Demand in Guar seed is expected to remain sluggish due to fag end

season and good monsoon prospects which may pressure prices

ahead.

According to traders, the reason behind weakness in the commodity

is normal monsoon forecast and subdued export demand.

Good monsoon has raised prospects of Guar seed sowing 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 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 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 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.

According to trades, Guar seed stock in the country is expected to

be over 1 crore bags (100kg each) or 10 lakh tonnes, which is

massive under current circumstances.

As per latest update by DGCIS, India has exported around 494126

metric tonnes of guar gum in April-March (2017-18) compared to

419952 metric tonnes in April-March (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


Bumper sugarcane output a bitter pill for sugar mills: ISMA

Fruit & vegetable output pegged at over 307 million tonnes in current year

Cotton prices firm up as demand rises and season nears end

Sub-par rain in August may impact early kharif crop

Govt considering setting up 3MT sugar buffer stock: Ram Vilas Paswan

Sugar output likely to hit record next season as farmers stay sweet on cane

Kharif sowing yet to gather pace, early cotton planting affected

Cotton acreage to decline 10-12% this kharif season as farmers shy away

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

04-Jun-18 21-May-18 07-May-18 05-Jun-17

Wheat 1832.5 1792.8 1766.95 1598

Chana 4800 3600 3550 4600

Rice/Paddy 3200 3300 3300 3100

Guar 3590 3825 3775 3300

Sugar 2988.4 2746.5 2702 3903

Tur 3950 4100 3910 3725

Maize 1235 1235 1240 1520

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://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/article24029339.ece





https://www.financialexpress.com/market/commodities/cotton-prices-firm-up-as-demand-rises-and-season-nears-end/1185997/

https://www.financialexpress.com/market/commodities/cotton-prices-firm-up-as-demand-rises-and-season-nears-end/1185997/



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



Sugar%20output%20likely%20to%20hit%20record%20next%20season%20as%20farmers%20stay%20sweet%20on%20cane




https://www.business-standard.com/article/markets/cotton-acreage-to-decline-10-12-this-kharif-season-as-farmers-shy-away-118060100565_1.html






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 10 April 2018 Quiz:

Q1. With respect to India and the commodity shown above, tick the correct option for each country. Ans1. USA−Export competitor, Bangladesh−Major importer, China− Major importer, Vietnam−Major importer, Brazil−Export competitor (Commodity−Cotton) Q2. Write the 2017-18 production of the commodity shown above in the largest producing state of this seed in India. Ans 2. 12.69 lakh tonnes (Commodity−Castor seed, State−Gujarat)

People who gave correct answers:

Moumita Samanta

Shashikant C. Pandhare

Sumit Chahal

Maheshkumar Ramaswamy

Babloo Kumar

Arun Kumar

Vinod Kumar Maurya

Rahul Gautam

Sandeep Kumar Yadav

Jitendra Tyagi

Praveen Kumar Mundra

Jaswinder Singh

Anjali

Mandeep Singh

Rajesh Kumar Vishwkarma

S.Narendra

Radhakrishna

Abhineet Srivastava

Dara Kartik Kumar

Abinandhan

Lucky Winner:

Abhineet Srivastava (IVG/Gurgaon/NCML)

(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]

Fundamentals- Domestic & International RM SEED

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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