Spike in fake products meant to combat Covid-19

The Authentication Solution Providers’ Association (ASPA), a self-regulated industry body of Anti-Counterfeiting and Traceability Solutions providers, has unveiled the first edition of its report “The State of Counterfeiting In India – 2020”. The report highlights the trends of counterfeiting incidents reported in India for the period 2019 and 2018. According to the report, counterfeiting incidents have risen steadily in the last few years and in 2019 these have increased by 24% as compared to 2018. The key findings of the report are as follows: –       The number of counterfeit incidents in India increased by 24% between 2018 to…

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Negative outlook for commercial vehicle industry

Noted credit rating agency ICRA, in a recently released report, has maintained negative outlook for the commercial vehicle (CV) segment over the near-term. The agency has cited a host of stress factors for the business including financing availability, macroeconomic environment, regulatory developments,  fleet operator health and coronavirus led disruptions in the marketplace. “The only limited green shoot visible is the uptick in rural demand, which augurs well for the LCV (Truck) segment, although ability to recoup lost sales of Q1 FY2021 remains to be seen. Accordingly, the domestic CV industry…

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Web conference on starting export business

Industry body for exporters FIEO has announced the fourth batch of Five Day Web Conference on Starting an Export Business from 03-07 August, 2020. The web conference will cover   Introduction to International Trade Basic Company Formation and Registration for Exports Selection of Export Product Selection of Market Tools to Find Buyer Basic Introduction to Export Documentation GST For Exporters Overview of Export Incentives Banking and FEMA Regulations Current Issues and Updates in Export / Import Business The sessions will cover only the basics of EXIM trade and will be useful for new…

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Jindal Stainless signs up Maersk to optimize exim trade flow

Jindal Stainless, India’s leading stainless steel manufacturer, has contracted container logistics major Maersk to optimise the flow of containerized exports and imports between JSL, Jajpur and Vizag Container Terminal (VCTPL). As per the terms of the contract, Maersk shall facilitate to and fro rail movement of containers between Vizag and Jindal Stainless Logistics Park (JSLP), a newly commissioned Inland Container Depot (ICD) located at Jajpur, Odisha. The first rake was flagged off on July 24. Commenting on this association, MD, Jindal Stainless, Abhyuday Jindal said, “Jindal Stainless Ltd is India’s…

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Mahindra Logistics report over 50% revenue drop in April-June quarter

The lockdown conditions during the larger part of the first quarter during the current fiscal is also reflecting in the first quarter results of leading firms in the logistics space. Mahindra Logistics, the 3PL arm of business conglomerate Mahindra Group, has reported a massive 54.39 percent drop in the revenue in the first quarter – Rs 410 crore as against Rs 899 crore in the same quarter last year. The consolidated loss of the company also slipped in negative territory – Rs 17 crore during Q1. As against this, the…

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Huge blow to Chinese rakhi suppliers, says CAIT

The Confederation of All India Traders (CAIT), the apex body of small merchants across the country, has claimed that its call to celebrate this year’s Rakhi festival as Hindustani Rakhi has received widespread support.   “There is a huge demand for Indian made Rakhi rather than Chinese Rakhi in the markets. Due to the call of CAIT, the people have given China a huge blow of 4 thousand crores of rupees Rakhi business this year,” the association maintained in a release.    CAIT Secretary General Praveen Khandelwal said that every festival…

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Avana Logistek & KICT jointly create new milestone

Avana Logistek and Kandla International Container Terminal Limited (KICT) jointly created a new mile stone recently of loading on the vessel SSL Brahmaputra to its full capacity from a single terminal for the first time. The subject vessel, MV. SSL Brahmaputra 065 sailed on 29th July, 2020, with a total exchange of 3918 TEUs (Discharge: 2210 TEUs, Load: 1708 TEUs) “It’s a result of joint efforts and team work.  We express sincere gratitude to KICT for the excellent support and cooperation,” said a communiqué from Avana Logistek. “This is the…

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Fertilizer major takes to coastal shipping route

The Fertilizers & Chemicals Travancore (FACT), a PSU under the Ministry of Chemicals & Fertilizers has started using Coastal Shipping as a new mode of transport for the movement of  fertilizers to East and the West Coast of the country. Kishor Rungta , CMD, FACT and Dr. Beena, IAS, Chairperson, Cochin Port Trust jointly flagged off the movement of the first batch of containers with 560 MT Ammonium Sulphate, in a function held at FACT Udyogamandal Complex, Eloor last week. A total of 20 containers of Ammonium Sulphate has been dispatched to Haldia Port…

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Covid disruption brings down DP World’s container volume in H1

Global  trade and logistics major DP World has reported handling 33.9 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2020, with gross container volumes decreasing by 5.3% year-on-year on a reported basis and down 3.9% on a like-for-like basis. At a consolidated level, DP World’s terminals handled 20 million TEU during the first half of 2020, down 5.4%. Jebel Ali (UAE) handled 6.7 million TEU in 1H2020, down 6.8% due to Covid-19 and loss of lower-margin cargo. Group Chairman and Chief Executive…

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Tata Steel’s recycling plant in Rohtak to be commissioned soon

 Tata Steel flagged-off the 1st raw material consignment of ferrous scrap on the 24th of July for trials at its steel recycling plant being set-up in Rohtak in Haryana. The first state-of-the-art Scrap Processing Plant of 0.5 MnTPA capacity is scheduled to be commissioned soon. The plant, once ready, will be equipped with state-of–the-art scrap processing equipment such as Shredder, Baler, Material Handler etc. The scrap would be procured from various market segments such as End-of-Life Vehicle scrap, Obsolete Household Scrap, Construction & Demolition scrap, Industrial Scrap etc. This scrap…

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