NEW DELHI: Ludlow Jute & Specialties jumped over 11 per cent Tuesday after the government finalised the minimum support price for Jute for the fiscal 2022-23, which is nearly 6 per cent higher than previous year.
Shares of Cheviot, which is another Jute processor, climbed 4 per cent. Similarly, Gloster climbed 6 per cent on BSE.
The MSP of Raw Jute (TDN3 equivalent to TD5 grade) has been fixed at Rs.4,750 per quintal for 2022-23 season with an increase of Rs.250 over the previous year. This would ensure a return of 60.53 percent over all India weighted average cost of production, the government said in a communique.
“The announced MSP of raw jute for 2022-23 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the Budget 2018-19. It assures a minimum of 50 percent as margin of profit,” it added.
No crash course!
Shares of SpiceJet remained stable during Tuesday trade despite the DGCA having put the Boeing 737 fleets of Indian carriers on “enhanced surveillance” after a China Eastern Airlines aircraft of the same make crashed on Monday with 132 people on board.
China Eastern Airlines — one of China’s three major air carriers — has grounded all of its Boeing 737-800 aircraft after the crash on Monday.
Three Indian carriers — SpiceJet, Vistara and Air India Express — have Boeing 737 aircraft in their fleets. Among them only SpiceJet is listed, which closed down 0.17 per cent on BSE.
Taking a hike
Shares of Tata Motors climbed nearly 3 per cent on Tuesday after the auto company said it will introduce a price increase of 2 to 2.5 per cent with effect from April 1,2022 across its commercial vehicle range, depending on individual model and variant.
Tata Motors said that the price hike of commercial vehicles was because of the increase in the prices of commodities such as steel, aluminum and other precious metals, in addition to higher costs of other raw materials.
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