The government has cut duty by 50% in the Union Budget, but has reduced the time for re-export of cashews under advance licence to 3 months from 6 months.
After as much as 50% fall following a bumper crop, average prices moved up gradually from Rs 35 per kg during the year as the stock thinned.
The 150-year old company with controlling stake by erstwhile Travancore Royal family has interests in specialty coffee, logistics, natural rubber and natural fibres.
“We are expecting a Robusta crop less than last year in Karnataka because of drought and erratic rains,” said HT Pramod, chairman of Karnataka Planters’ Association.
The country’s largest rubber producer and a leading tea grower in South India plans to use its 160-yearold tradition to launch an umbrella brand Harrisons Heritage for its specialty products.
Though size of Indian bakery industry is about Rs 21,000 crore, cakes account for only a minor slice, while breads and biscuits make up a large chunk.
The tyre industry has been importing block rubber available at?95 per kg to bridge the deficit between production and consumption.
The upcoming Christmas and New Year celebrations will also boost demand, they said.
Second quarter results of Marico showed a marginal increase in consolidated net profit.
The delay in refund of GST paid by some exporters for imports has also hampered the shipments as it has resulted in shortage of working capital.
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