Commodity Market Monitor - 30th April, 2019 - Ncml.Com
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Commodity Market
Monitor
30th April, 2019
CASTOR| RM Seed | COTTON | SUGAR
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All India Weather Status
Last week all India Rainfall status: 18th April 2019 to 24th April 2019
• Arunachal Pradesh, Sikkim and West Bengal States received deficit rainfall
• Chhattisgarh and Tamil Nadu states received the excess rainfall
• Jharkhand, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Rajasthan, Odisha, Madhya Pradesh, Andhra
Pradesh, Telangana and Kerala states received the large excess rainfall
• Assam, Meghalaya, Nagaland, Manipur, Tripura, Bihar, Goa and Maharashtra state received the large
Deficit rainfall
• Himachal Pradesh, Jammu & Kashmir and Karnataka state received the normal rainfall
• No rainfall is observed in Mizoram and Gujarat States
During the week, rainfall was below Long Period Average (LPA) by 6% over thecountry as a whole.
Seasonal all India Rainfall status: 1st March 2019 to 29th April 2019.
• Arunachal Pradesh, Assam, Meghalaya, Manipur, Tripura, Uttar Pradesh, Himachal Pradesh, Jammu &
Kashmir, Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Kerala states received the
deficit rainfall.
• West Bengal, Bihar and Madhya Pradesh state received the excess rainfall
• Mizoram, Goa and Tamil Nadu states received large deficit rainfall.
• Jharkhand and Rajasthan states received the large excess rainfall
• Nagaland, Sikkim, Uttarakhand, Haryana, Punjab, Odisha and Chhattisgarh statesreceived the normal
rainfall.
For the country as a whole, cumulative rainfall during 01st March to 29th April 2019 was below LPA by 31% over
Weather Forecast:
• Day maximum temperatures are very likely above normal by 2-4°C over West & adjoining central India during next 48 hours thereafter
gradual fall over the same region. No significant change likely over the rest of the country during this period.
• Widespread rainfall likely over East, northeast India & Andaman & Nicobar Islands and scattered to fairly widespread over western
Himalayan region and northern plains; Isolated rainfall likely over west coasts and Lakshadweep. Dry weather likely over the rest of the
country.
• The Cyclonic Storm 'FANI' (pronounced as 'FONI') over southeast Bay of Bengal & neighbourhood moved further northwards with a
speed of about 11 kmph in last 06 hours and lay centred at 1130 hrs IST of 29th April, 2019 near Lat. 9.2°N and Long. 86.9°E over
southeast Bay of Bengal & neighbourhood, about 620 km east-northeast of Trincomalee (Sri Lanka), 840 km east-southeast of Chennai
(Tamil Nadu) and 990 km south-southeast of Machilipatnam (Andhra Pradesh). It is very likely to intensify into a Severe Cyclonic Storm
during next 06 hours and into a Very Severe Cyclonic Storm during subsequent 24 hours. It is very likely to move northwestwards till
01st May and thereafter re-curve north-northeastwards towards Odisha Coast.
All India Reservoir Status: as on 25th April 2019
Central Water Commission is monitoring live storage status of 91
reservoirs of the country on weekly basis and is issuing weekly
bulletin on every Thursday. The total live storage capacity of these 91
reservoirs is 161.993 BCM which is about 63% of the live storage
capacity of 257.812 BCM which is estimated to have been created in
the country. As per reservoir storage bulletin dated 25.04.2019, live
storage available in these reservoirs is 42.526 BCM, which is 26% of
total live storage capacity of these reservoirs. However, last year the
live storage available in these reservoirs for the corresponding
period was 37.314 BCM and the average of last 10 years live storage
was 41.074 BCM. Thus, the live storage available in 91 reservoirs as
per 25.04.2019 Bulletin is 114% of the live storage of corresponding
period of last year and 104% of storage of average of last ten years.
Source: IMD, DAC&FW and CWC
Current Crop Scenario
Wheat
Change in Acreage:298.47 lakh ha area coverage has been reported compared to normal
306.29 lakh ha.
Current Scenario:The crop harvesting is ongoing. Lustre loss is witnessed due to rainfall
in Rajasthan, Madhya Pradesh, Haryana and Uttar Pradesh. Further, crop has suffered
damage due to moderate to heavy hailstorm in several areas of Rajasthan, Madhya
Pradesh, and Gujarat in third week of April-2019. However, favorable climate condition
was beneficial to crop health and yield in major growing Stats. Incidence of disease and
insect has not been observed in field during crop growing. Overall crop condition is
below normal to normal
Production: According to NCML Research, Wheat production for the year 2018-19 is
estimated to be 971 lakh MT, whereas 2nd advance estimate of the Govt. of India is 991
lakh MT
Mustard
Prediction:Yield is expected to be normal. Change in Acreage:69.37 lakh ha area coverage has been reported compared to normal
61.25 lakh ha.
Current Scenario:The crop has been harvested. Favourable climatic conditions was
beneficial to crop. Incidence of disease and insect has not been observed in field.
Production:According to NCML Research, Mustard production for the year 2018-19 is
estimated to be 82.5 lakh MT, whereas 2nd advance estimate of the Govt. of India is 84
lakh MT
Gram
Change in Acreage: 96.59 lakh ha area coverage has been reported compared to
normal 89.45 lakh ha.
Current Scenario:The crop has been harvested. Incidence of disease and insect has
been observed in some regions of Maharashtra, Andhra Pradesh & Telangana.
Additionally, crop in Madhya Pradesh & Rajasthan is affected by frost and drought.
Overall crop condition is below-normal to normal. Overall crop condition was below-
normal to normal
Production:According to NCML Research, Gram production for the year 2018-19 is
estimated to be 81 lakh MT, whereas 2nd advance estimate of the Govt. of India is 103
lakh MT
Lentil
Change in Acreage:16.93 lakh ha area coverage has been reported compared to
normal 13.94 lakh ha.
Current Scenario:The crop has been harvested. Rainfall received in month of Feb-19
was beneficial for crop yield. Incidence of disease and insect was not observed in
field. Overall crop condition was normal.
Production:According to NCML Research, Lentil production for the year 2018-19 is
estimated to be 14.5 lakh MT, whereas, 2nd advance estimate of the Govt. of India is
15.3 lakh MT.
Fundamental Analysis- CASTOR
• According to the SEA report, castor oil exports in the month of
FUNDAMENTAL SUMMARY March 2019 is 50.956 Thousand MT which is 29.94 per cent higher
than the exports of February 2019 of 39.215 Thousand MT. Castor
Price Drivers Impact
oil exports in financial year 2018-19 is 5.61 Lakh MT which is 13.82
per cent lower than the last year exports of 6.51 Lakh MT. In April
Higher export demand of 2019 exports of oils are expected to increase due to higher
Bullish miller’s demand and higher arrivals in the mandis.
castor oil
• According to the SEA report, castor meal exports in the month of
March 2019 is 7.73 Thousand MT which is 74.18 per cent lower
Lower export demand of
Bearish than the exports of February 2019 of 27.32 Thousand MT. Castor
castor meal
meal exports in financial year 2018-19 is 3.67 Lakh MT which is
35.95 per cent lower than the last year exports of 5.73 Lakh MT.
Expectation of lower arrivals
Bullish • According to the AGMARK data, all India castor crop arrivals in
in the coming days
the last week of April is reported at 36.51 Thousand MT which is
Higher demand from millers Bullish 1.88 percent lower than the third week of April 2019 arrivals of
37.21 Thousand MT. Arrivals are expected to decrease in the
Lower production estimate in coming days due to lower prices in the domestic mandis and
Bullish lower production estimate.
2018-19
• Demand of castor from millers is higher than normal due to
Forecast of lower production present lower prevailing prices in the domestic mandis. Stockist
Bullish
in 2019-20 are also active in the market as they are expecting prices to move
Based on Primary & Secondary Sources northward in the coming months.
• As per the Solvent Extractors' Association of India (SEA), all India
castor seed production estimate for 2018-19 is 11.27 Lakh MT
which is 21.35 per cent lower than the 2017-18 production
Mandi Price in Rs/ Quintal estimate of 14.33 Lakh MT. However, according to the AGCON,
castor production estimate is 9.13 Lakh MT for 2018-19. Lower
production is due to lower sowing coverage acreage and lower
Location 26-04-19 19-04-19 %Change yield expectation in major producing states of castor like
Rajasthan and Gujarat.
Deesa 5645 5728 -1.45 • Forecast of below normal or near normal rainfall for 2019 and
lower water levels in reservoirs in the major producing states may
Patan 5460 5475 -0.27 further decrease the production of castor in 2019-20.
Rajkot 5365 5350 0.28
Castor - Deesa
6760
6320
5880
5440
5000
4560
4120
3680
3240
2800
Mar-17
Apr-17
Apr-18
Dec-16
Dec-17
May-17
Oct-16
Aug-17
Mar-18
Dec-18
Jan-19
May-18
May-18
Aug-18
Mar-19
Jun-17
Oct-17
Jun-18
Oct-18
Nov-16
Jan-17
Nov-17
Jan-18
Nov-18
Sep-16
Feb-17
Jul-17
Sep-17
Feb-18
Jul-18
Sep-18
Feb-19
Fundamental Analysis- RM SEED
• According to the Mustard Oil Producers Association of India
FUNDAMENTAL SUMMARY
(MOPA), mills across the country have crushed 9.5 Lakh MT of
Price Drivers Impact mustard seed in March which is 18.8 per cent higher than last
yearcrushing in the same time period. Good quality arrivals,
higher oil content and better crushing margins led crushers to
Higher demand from crushers Bullish buy mustard seed in the spot market.
• MOPA has estimated mustard production in the country at
Higher production estimate for 2018- 8.1 million MT in 2018-19, compared with around 7.1 million MT
Bearish
19 last year. However, production estimate for the year is lower
than the Agriculture ministries second advance estimate of 8.4
Higher arrivals in the domestic
Bearish million MT for 2018-19 as well as 8.3 millionMTof 2017-18.
mandis
• According to the AGMARK data, all India mustard crop arrivals
in the last week of April is reported at 1.63 Lakh MT which is
Ongoing procurement activity by
Bullish 59.80 percent higher than the last year arrivals of 1.02 Lakh MT
NAFED
in the same time periods. Higher arrivals are due to higher
production estimate this year.
Lower mustard meal export demand Bearish • NAFED procurement activities of mustard crop at MSP price of
Rs 4200 have started in major producing states giving support
Based on Primary & Secondary Sources
to the domestic price. As on 24th April, NAFED had procured
86.75 thousand MT in Rajasthan, 2.50 lakh MT from Haryana
,13.62 thousand MT from Madhya Pradesh and 3.43 thousand
MT from Gujarat. Total procurement reached around 3.54 lakh
MT.
• India’s mustard meal exports in the month of March 2019 were
Mandi Price in Rs/ Quintal 50.964 thousand MT (provisional), lower by 36 per cent against
79.643 thousand MT in February 2018. Total exports of
rapeseed meal from April 2018 to March 2019 were 10.51 lakh
Location 26-04-19 19-04-19 %Change MT which is 58.28 percent higher than 2017-18 exports of 6.64
lakh MT in the same time period. Average FoB price of mustard
Jaipur 3887 3850 0.96 meal in the month of March is $220 per tonne which is slightly
higher than theFoB price of January of $218 per tonne.
Alwar 3844 3857 -0.34 • All India mustard oil imports from November 2018 to March
2019 is reported at 0.44 lakh MT which is 66.41 percent lower
Sri Ganga Nagar 3775 3750 0.67 than the last year imports of 1.31 lakh MT in the same time
period. Lower imports are due to higher crushing for fulfil
mustard meal export demand.
Rapeseed & Mustard-Black - 42% oil
5,250
content : Jaipur
5,000
4,750
4,500
4,250
4,000
3,750
3,500
Dec-16
Oct-18
Apr-17
May-17
Apr-18
May-18
Apr-19
Sep-16
Oct-16
Oct-16
Oct-17
Dec-17
Jan-17
Mar-17
Aug-17
Jan-18
Mar-18
Dec-18
Jul-18
Aug-18
Jan-19
Mar-19
Nov-16
Feb-17
Jun-17
Jun-18
Jul-17
Sep-17
Nov-17
Feb-18
Jul-18
Sep-18
Nov-18
Feb-19
Fundamental Analysis- COTTON
FUNDAMENTAL SUMMARY • Cotton prices have remained steady with slight weak tone in most of
the spot markets across India due to steady supplies against weak
demand from millers. As per market sources, prices are expected to
Price Drivers Impact
recover as the crop has been short by 700,000 bales in production
estimate and also due to exports demand expected from
Weak demand by millers against
Bearish International markets especially from China. China has announced
steady supplies in spot markets
import quota of 800,000 tonne (47 lakh bales) of cotton and as many
Expectation of higher demand as 500,000 bales for direct mill sales which may increase the prices in
Bullish
from China in coming days coming days.
Possibility of higher minimum • Maharashtra Commission for Agricultural Costs & Prices are expecting
support price in coming Kharif Bullish to raise the minimum support price of cotton by 10 per cent and also
season as per CCI there is a possibility of 10 per cent increase in MSP for
cotton in the coming Kharif season.
Cotton production may fall 7.87
• India's cotton crop production may fall 7.87 per cent to 343 lakh bales
per cent to 343 lakh bales (of 170 Bullish
(of 170 kg each) in the 2018-19 season, mainly due to drought in many
kg each) in the 2018-19 season
cotton-growing regions, as per estimates released by Confederation
Cotton exports in 2018-19 may
of Indian Textile Industry (CITI). The domestic textile industry body
fall to a 10-year low of about 4.5
Bearish based the projections on actual data collected from cotton-growing
million bales, down 35 per cent
from the previous year areas for the October-September 2018 crop season.
• The CAI has estimated cotton crop for 2018-19 at 321 lakh bales of 170
Based on Primary & Secondary Sources kgs each which is lower by 7 lakh bales than its previous estimate of
328 lakh bales made during last month. The CAI has reduced the crop
estimate for Gujarat by 1 lakh bales, Maharashtra by 80,000 bales,
Telangana by 4 lakh bales, Andhra Pradesh by 1 lakh bales and
Karnataka by 75,000 bales whereas there is marginal increase of
50,000 bales in Tamil Nadu and 5,000 bales in the State of Orissa.
Mandi Price in Rs/ Quintal • India's cotton exports in 2018-19 (Oct-Sep) may fall to a 10-year low of
about 4.5 million bales, down 35 per cent from the previous year,
26-04-2019 22-04-2019 %Change according to trade officials. This is even below the Cotton Association
of India's revised estimate of 4.7 million bales earlier this month. Until
March, the association had pegged exports at 5.0 million bales. The
Akola 12785 12996 -1.62
Cotton Advisory Board had set a target of 6.5 million bales in
November 2018.
Abohar 12366 12362 0.03
• The biggest concern is that Bangladesh one of the largest export
destination for India in recent years has also been increasingly
Rajkot 12572 12691 -0.93 sourcing cotton from Brazil on quality assurance and lower price. With
the Indian rupee appreciating nearly 3 per cent in March, has made
exports from India less attractive to key foreign buyers such as
Bangladesh, China and Vietnam.
Cotton: Akola
13,500
12,500
11,500
10,500
9,500
Fundamental Analysis- SUGAR
FUNDAMENTAL SUMMARY • Domestic sugar prices ruled mostly steady at major markets in
the country on Friday as bulk buyers adopted cautious approach
ahead of announcement of monthly sale quota for the next
Price Drivers Impact month.
• In Mumbai, prices were at Rs 3186 to Rs 3242 a quintal for S-grade
and at Rs 3222 to Rs 3342 a quintal for M-grade, as per the
Bulk sugar buyers cautious ahead of Bombay Sugar Merchants Association. If the government lowers
Bearish
monthly sale quota announcement the monthly sale quota for May then Sugar prices may get good
support.
Expectation of improved demand in • According to market sources, pick-up in demand from stockists
Bullish
coming days from bulk consumers as well as bulk consumers, driven by the rising temperatures
Centre is likely to fix sugar sale during the summer season, may provide good support to sugar in
quota for May month higher at 2 to Bearish coming days.
2.2 million tonnes • There are also rumours in the market that the Centre is likely to
Government asked mills to export fix the sale quota for May higher at 2-2.2 million tonnes. The
50 lakh tonnes of sugar in 2018-19 Bullish Centre had set the sugar sale quota for April at 1.80 million
marketing year tonnes, lower than the March quota of 2.45 million tonnes.
Domestic sugar production However, pick-up in demand from stockists as well as bulk
estimated to decline at 310 lakh Bearish consumers, driven by the rising temperatures during the on-
tonnes going summer season, may continue to provide some support to
USDA forecasted higher sugarcane the prices in the days to come.
Bearish
production in Brazil • Government has asked mills to export 50 lakh tonnes of sugar in
2018-19 marketing year (October-September) to liquidate surplus
Based on Primary & Secondary Sources stock. The government is providing various incentives to boost
sugar exports.
• India's sugar exports rose to 17.44 lakh tonnes so far in the
current marketing year as against about 5 lakh tonnes shipped in
Mandi Price in Rs/ Quintal the entire 2017-18. Raw sugar accounted for nearly 8 lakh tonnes
and another 4.3 lakh tonnes are in export pipeline.
% • India's sugar production is estimated to decline to around 310
Location 26-04-2019 22-04-2019
Change lakh tonnes this marketing year from 325 lakh tonnes in the
previous year. Still, the country has surplus stock as annual
Kolhapur 3145 3148 -0.09 domestic demand is around 260 lakh tonnes and mills are
carrying a huge stock from the previous year.
• US Department of Agriculture has forecasted sugarcane
Kanpur 3333 3355 -0.65 production in Brazil's centre-south region at 580 million tonnes in
2019-20 (Apr-Mar), up 7 million tonnes from the previous year.
• International Sugar Organization (ISO) forecasted global 2018-19
Muzaffar Nagar 3239 3237 0.06
sugar production to a record 185.2 million tonnes.
Sugar: Kolhapur
3,500
3,300
3,100
2,900
2,700
2,500
The Week That Was! PRICE TRACKER
Commodity Latest Fortnight Month Year ago
ago ago
• Tight supply pushes cardamom to new
26-Apr-19 12-Apr-19 27-Mar-19 27-Apr-18
high Soybean 3836 3879 3783 3737
RM seed 3887 3850 3825 3874
• Rs 20/kg: Be prepared to shell out more
for potatoes in the next few months
Sugar 3145 3142 3162 2713
Cotton 13034 12949 12514 11600
• Food grain target for 2019-20 set at 291
Jeera 17142 16600 15811 15950
million tonnes
Castor 5645 6024 5213 3960
• Unseasonal rains damage chunk of paddy
crop in Telangana
• Wheat import duty increased to 40% MINIMUM SUPPORT PRICE (Rs/Qtl.)
• Declining storage levels in reservoirs a Commodity 2017-18 2018-19
worry for farm sector KHARIF **NEW**
• Prospects bleak for Tamil Nadu’s rice Paddy Common 1550 1750
bowl paddy grade A 1590 1770
• Farmers, refiners take a massive blow on
Jowar Hybrid 1700 2430
spurt in edible oil imports
Jowar Maldandi 1725 2450
Bajra 1425 1950
• To purchase the India Commodity Year Ragi 1900 2897
Book 2019, contact us at Maize 1425 1700
research@ncml.com Tur/Arhar 5450 5675
Moong 5575 6975
Urad 5400 5600
Groundnut 4450 4890
Sunflower seed 4100 5388
Soyabean black 3050 3399
Sesamum 5300 6249
Nigerseed 4050 5877
Cotton (Medium Staple) 4020 5150
Cotton (Long Staple) 4320 5450
RABI
Commodity 2017-18 2018-19
Wheat 1735 1840
Barley 1410 1440
Official Production Estimates Gram 4400 4620
Masur (Lentil) 4250 4475
Second advance estimates 2018-19&
previous years’ estimates: Fourth Rapeseed/Mustard 4000 4200
Advance Estimates 2017-18 Safflower 4100 4945
*includes bonus of Rs 200 per quintal
Link for commodity-wise and # includes bonus of Rs 100 per quintal
market-wise prices and arrivals:
http://agmarknet.gov.in/PriceAndArrival
s/CommodityWiseDailyReport2.aspxCrop Division
Progress of area coverage under Rabi crops as on 15-2-2019
(Area in lakh hectare)
%Increase(+)/decre
Difference of
Area Sown ase(-)
2018-2019 Over
Normal over2018-2019
Normal
Rabi
Rabi
S.NO Crops Correspo Normal Normal
Area
nding 2018- 2017- of 2017- of
(DES) 2017-18
Week 21019 2018 correspo 2018 correspo
nding nding
Week Week
1 Wheat 306 307.22 298 299.84 -8.75 -1.37 -2.85 -0.46
2 Rice 41.6 32.07 34 39.64 1.89 -5.68 5.9 -14.33
3 Pulses 141 153.17 156 166.11 3.13 -9.82 2.04 -5.91
a Gram 89.5 96.55 96.6 107.57 0.04 -11 0.05 -10.21
b Lentil 13.9 15.82 16.9 17.25 1.11 -0.31 7.04 -1.83
c Fieldpea 9.33 10.3 10.4 9.38 0.14 1.06 1.34 11.31
d Kulthi 2.09 4.43 5.52 4.24 1.09 1.28 24.69 30.25
e Uradbean 8.13 9.01 9.35 9.77 0.34 -0.42 3.78 -4.31
f Moongbean 9.62 7.07 7.63 8.81 0.56 -1.18 7.87 -13.42
g Lathyrus 4.58 3.89 3.63 3.26 -0.26 0.37 -6.74 11.51
h Other Pulses 3.69 6.1 6.2 5.84 0.1 0.36 1.71 6.2
Coarse
4 64.5 58.39 48.7 57.02 -9.69 -8.33 -16.60 -14.60
cereals
a Jowar 37.4 33.98 25.1 31.05 -8.85 -5.92 -26.03 -19.05
b Bajra 3.66 0.24 0.13 0.32 -0.11 -0.18 -44.49 -58.1
c Ragi 0.32 0.58 0.69 0.82 0.11 -0.13 18.53 -15.84
d Maize 16.5 15.88 15.5 17.2 -0.39 -1.72 -2.48 -9.99
e Barley 6.64 7.71 7.25 7.63 -0.45 -0.38 -5.89 -4.95
5 Oilseed 80.6 83.42 80.4 80.98 -3.02 -0.58 -3.62 -0.71
Rapeseed &
a 61.3 67.76 69.4 67.06 1.6 2.31 2.37 3.44
Mustard
b Groundnut 7.85 6.79 4.81 6.27 -1.97 -1.46 -29.08 -23.3
c Safflower 1.62 1.08 0.45 0.81 -0.63 -0.36 -58.46 -44.19
d Sun Flower 3.78 2.8 1.14 1.75 -1.65 -0.6 -59.08 -34.53
e Sesamum 3.04 0.85 0.79 0.7 -0.05 0.09 -6.25 13.22
f Linseed 2.93 3.56 3.48 4.02 -0.08 -0.54 -2.33 -13.48
Other
g 0.15 0.58 0.36 0.37 -0.23 -0.01 -39.13 -3.73
oilseed
Total Crops 634 634.26 618 643.6 -16.44 -25.8 -2.59 -4.00AGCON QUIZ ANSWERS OF THE PREVIOUS WEEK
1 As per the r epor t name the c ountr ies fr o m wer e In d ia an d
Banglad es h pr imar ily impor ts R ic e? Pakis tan
2 Name the c ountr y wh ic h is the lar ges t expor t Ch in a
mar ket for U.S. s oy. ?
3 In whic h s tate pr oc ur ement of c hana is lo wes t? An d ra Prad es h
THESE PEOPLE ANSWERED CORRECTLY !
S.No Name Dept. Location
1 Mr.Akash CWIG Gurgaon
2 Mr.Ajendra Singh Chauhan Mktyard Gurgaon
3 Mr.Basant Vaid SCM Gurgaon
4 Mr.Bhaskar Methari CWIG Hyderabad
5 Mr.JAI KUMAR CM Amristar
6 Mr. Dr. Raina Jain Others Indore
Mr.Praveen Kumar
7 Mundra S&P Ellenabad
8 Mr.PAWAN JOSHI Mktyard Gujarat
9 MS.PRATIMA GOSWAMI Mktyard Gurgaon
10 Mr.Vinod Atkari Non-NCMLite Pune
11 Mr.Faneesh Talwar T&C Gurgaon
12 Mr. Avula ramesh babu CM s.uppalapdu
13 Mr. SUNNY KUMAR S&P Ellenabad
14 Mr. Surender S&P Ellenabad
15 Mr.Omkar S&P Ellenabad
16 Mr.Ramdev S&P Ellenabad
17 Mr.Nirbhay Singh S&P Ellenabad
18 Mr.KULVINDER SINGH S&P Ellenabad
19 Mr.Sandeep Kumar S&P Ellenabad
20 Mr.Harish Kumar S&P Ellenabad
21 Mr.Vinod Kumar S&P Ellenabad
22 Mr.BHUKYA sampath Others Hyderabad
23 Mr.Satpal S&P EllenabadNAME of the LUCKY WINNER
Mr. Basant Vaid
SCM - Gurgaon
CONGRATULATIONS!
AdvisoryTeam
Nalin Rawal Head Nalin.r@ncml.com
Sreedhar Nandam Vice President sreedhar.n@ncml.com
Research Team
Ankur Gupta Data Scientist ankur.g@ncml.com
MukeshUpamanyu Agri Analyst mukesh.u@ncml.com
Suresh Solanki Assistant Manager suresh.s@ncml.com
Akash Jaiswal Research Analyst akash.j@ncml.com
Ratanpriya Assistant Manager ratnapriya.a@ncml.com
Nahalaxmi. J Client Service Executive nahalaxmi.j@ncml.com
Shefali Jain Operation Executive shefali.j@ncml.com
Ansh Aggarwal Senior Officer ansh.a@ncml.com
Rajiv Kumar Associate rajiv.ku@ncml.com
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addressee. Neither the report nor any part of the report shall be provided to third parties without the written consent of AGCON. Any
third party in possession of the report may not rely on its conclusions without the written consent of AGCON. AGCON has exercised
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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.
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