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Rajesh Exports looks at overseas buys in Rs1,000-cr range

BANGALORE: City-based gold jewellery manufacturer Rajesh Exports has informed BSE that it is exploring overseas acquisitions or joint ventures for up to Rs 1,000 crore. The company has cash reserve of Rs 1,000 crore generated from internal accruals and the proceeds from FCCB issue.

Rupee rise makes exports uncompetitive: Ficci

NEW DELHI: Increase in the value of rupee, combined with rising interest rates, has resulted in the erosion of profitability and competitiveness of Indian exports by up to 12 %, a Ficci report said on Tuesday. The report, submitted to the National Manufacturing Competitiveness Council, noted that prices of textiles, electronics, handicraft, machinery and auto components, which constitute around 50% of the country’s total exports, have become uncompetitive by 10-12% compared to other countries. Higher interest rates have eroded the profit margins of the exporters by up to 11% in some cases.

Vadilal to export ice-cream to US

AFTER serving domestic palates for decades, ice-cream major Vadilal is set to woo international ice-cream lovers. The blueprint has not yet been prepared, but the company is considering three different markets, the Middle East, Singapore and the US, for a possible entry. Vadilal Industries does not plan to set up ice-cream parlours in international market but intends to export ice-cream directly. The company already exports ready-to-eat food products to the Middle East, the US and the European markets and now plans to export ice-creams. “International markets are more competitive but there is huge potential for growth there,” said Rajesh Gandhi, managing director, Vadilal Industries, While the company has been studying the international market, it has not been exporting ice-creams. In international markets, the company intends to tap NRI and NRG populace. However, the company will come up with new flavours based on the preferences in the international market,

With this, Vadilal will be the second player from Gujarat to export ice-creams. Currently, Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) exports ice-creams to the Middle East and Singapore. “At present, the export share is low. But as soon as the entry-barriers are eased in the US and UK, we intend to enter these markets,” said GCMMF’s chief general manager R S Sodhi, While companies are reaching out to international markets, they are also widening presence in the country. Vadilal, which already operates around 100 Happinezz, is further setting up more parlours across upcoming malls. Vadilal is already expanding its production capacity. At present, the company operates two plants, one each in Gujarat and Bareily, and is coming up with third a plant in Kolkata.

Rupee appreciation hurting exports, says Nath

NEW DELHI: The government on Monday said appreciation of the rupee against the dollar is hurting exports and it was planning a package to soften its impact on employment-intensive sectors, which do not rely heavily on imports. “The appreciation of the rupee is (adversely) impacting exports. We have invited comments from export promotion councils on how to cushion employment intensive industries, where dependence on imported inputs was less, from it,” commerce minister Kamal Nath said. In Vadodara, textile minister Shankersinh Vaghela said the strengthening rupee may affect the growth of textile exports.

Export Target set at $160 billion

THE Union Commerce ministry is upbeat that exports would cross the $ 160 billion target this financial year, ending March, 2008, as against $ 12 5 billion achieved last year. With India being perceived as a huge market by every single country, the ministry is initiating steps to boost exports, especially due to its potential to generate incremental employment.

Union commerce secretary, G K Pillai said India as a huge market, is attracting global attention. All the countries in the world, are looking at India to prosper, as in its progress lay their prosperity too, he added. Speaking at an export award function, organized by the Madras Export Processing Zone-Special Economic Zone here, on Saturday, he said the ministry would facilitate in every way to help achieve the ambitious export target. Even the appreciating rupee is not a concern as the department is working to provide an enabling environment, he added.

The ministry has decided to conduct a micro-analysis of the affected sectors and identify those needing government help. This micro analysis has been initiated to ascertain, which of the sub sectors are getting affected, by the appreciating rupee. “Unless we do this, we will not know how much help they need,” he said. The study would be conducted by the month-end through the Export Promotion Council he added.

India’s exports of consumer electronics to West Asia soar

DUBAI: The west Asian region remained the top destination for India’s consumer electronics goods last year with exports doubling to $175 million in 2005-06 from $90 million in 2004-05. The UAE has seen major exports push. “Many of the companies are exporting to the UAE and from here they are re-exporting to Saudi Arabia and other GCC countries,” Kamal Vachani, regional director, Electronics and Computer Software Export Promotion Council (ESC), said.

Rising rupee scare apparel sector: AEPC

Fears of a negative growth haunt the country’s apparel sector as the surging rupee has affected the sector’s exports adversely. The industry has witnessed a dramatic decline in its growth from 30% in 2005-06 to around 7-8% in FY 07, according to Apparel Export Promotion Council’s (AEPC) chairman, Vijay Agarwal.

Indian mango exports losing out to Pakistan

Selling mangoes in global market is becoming a bitter experience for Indian exporters as they are losing out to Pakistan due to higher cost because of exorbitant freight levied by international airlines. “Despite Indian mangoes being of superior quality, we are finding it hard to sustain in the international market.