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<ul><li>An increase in <keyword id="46725" type="General" weightage="20" keywordseo="tea-prices" source="Orion">tea prices</keyword> following global supply issues is likely to offset the impact of increased wage rates.</li><li>However, prices of South India (grown in Kerala, Karnataka and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>) CTC teas remained lower.</li><li>Sri Lanka's economic crisis also contributes to the high price of ODX tea. </li></ul>An increase in tea prices following global supply issues is likely to offset the impact of increased wage rates in West Bengal and <keyword id="6354915" type="General" weightage="80" keywordseo="assam" source="Orion">Assam</keyword>, according to a report. The increase in wage rates in the current calendar year in North India (NI), Assam and West Bengal, in the current financial year is expected to be nullified by healthy realisations of teas, particularly producers who are focused on producing quality teas, <keyword id="6354972" type="General" weightage="100" keywordseo="icra" source="Orion">Icra</keyword> said in a report. In FY22, softening of realisation and increase in wage rates led to a decline in the operating margin (OPM) of players, it noted. “Notwithstanding the impact of higher wage rates, the financial performance of quality producers is likely to witness an improvement in FY23 on a year-on-year basis. Increase in prices of quality crush-tear-curl (CTC) and Orthodox (ODX) teas would enable the producers to absorb the higher cost of production due to the wage rate revision,” Icra Vice President and Sector Head, Corporate Sector Ratings, <keyword id="9062002" type="General" weightage="50" keywordseo="sujoy-saha" source="Orion">Sujoy Saha</keyword> said. The report stated that the ODX tea prices are ruling at an all-time high level on the back of a demand-supply mismatch in the international market due to production disruptions in Sri Lanka. Sri Lanka, the largest exporter of ODX teas globally, witnessed disruptions in production due to the current economic crisis. The production loss in Sri Lanka is likely to continue for some more time, which would keep supply tight in the international market, thus supporting prices of Indian ODX teas, said the report. Prices of NI CTC tea are also up by 5 per cent y-on-y basis, primarily driven by the sharp rise in auction prices in August 2022. The uptrend in NI CTC prices is supported by lower-than-expected production, particularly of quality estate teas, in the current season and increasing demand for good quality teas, it noted. Price premium for top quality CTC tea is likely to sustain going forward, given the limited supply base of the same, it added. However, prices of South India (grown in Kerala, Karnataka and Tamil Nadu) CTC teas remained lower compared to the previous two fiscals due to sustained production levels from bought leaves in NI, a direct competitor of SI CTC teas in terms of quality. “With ODX prices expected to sustain at a significantly higher level on a y-on-y basis, some quality producers have increased ODX production. Consequently, production of quality CTC is likely to remain flattish, which will continue to support prices of such teas as well. An analysis of tea prices indicates that the price differential of NI CTC teas, manufactured by the top 50 estates over average auction prices, increased to 137 per kg in the first 8 months CY2022 from Rs 122 per kg in CY2021,” Icra Vice President and Co-Group Head, Corporate Sector Ratings, Kaushik Das said. Till May 2022, cumulative all-India production was up 16 per cent to 320 million kg on a y-on-y basis. However, crop loss in June and July 2022, due to unfavourable weather conditions and floods, led to a 2 per cent drop in the all-India production to 614 million kg in the first seven months of CY2022 on a y-on-y basis. Given that 54 per cent of the annual production typically takes place during the last five months of any calendar year, Icra expects the overall production in CY2022 to remain flat compared to last year, although the same would remain dependent on the cropping levels till October, after which production will start to fall. In CY2021, all-India production was up by 7 per cent to 1,343 million kg on a y-on-y basis, recovering from the lows of the pandemic-impacted CY2020 season. However, it still remained 3 per cent lower compared to the record crop of CY2019, the Icra report stated. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-tigor-ev-vs-tata-tiago-ev-comparison-of-price-and-features/slidelist/94551771.cms">Tata Tigor EV vs Tiago EV - which one should you buy?</a> <a href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

Increase in tea prices to offset impact of wage rate hike in WB, Assam: ICRA

<keyword id="6354387" type="General" weightage="20" keywordseo="jewellery" source="Orion">Jewellery</keyword> consumption, in terms of value, is expected to grow by 10-12 per cent in this financial year, mainly on account of increase in <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword>, a report said on Friday. Rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="icra" source="Orion">Icra</keyword> has revised upward its forecast for the year-on-year (YoY) <keyword id="19910440" type="General" weightage="20" keywordseo="domestic-jewellery-consumption" source="Orion">domestic jewellery consumption</keyword> growth (in value terms) in FY24 to 10-12 per cent from the earlier estimates of 8-10 per cent, primarily driven by the rise in gold prices. Jewellery consumption is estimated to have risen by more than 15 per cent YoY in the first half of FY24, aided by stable demand during 'Akshaya Tritiya', a festival considered auspicious for buying precious metals, and higher gold prices. However, Icra projects the growth rate to moderate to 6-8 per cent in the second half of this financial year due to sustained tepid rural demand amid persistent <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword>. After remaining volatile between December 2022 and April 2023, gold prices were relatively stable in the first half of FY24, although up 14 per cent compared to the average prices during the year-ago period, noted the report. The elevated price levels supported revenue expansion of most jewellery retailers in the face of muted volume growth, it said. The ongoing tensions in the Middle East and the evolving global macro-economic environment could keep gold prices elevated in the near term. The spike in gold prices since early October 2023 and persistent inflationary headwinds remain key risks to demand, it stated. "Jewellers of the organised market is projected to record a healthy revenue expansion of 15-18 per cent YoY in FY24 on the back of their planned retail expansions and a gradual shift in consumer preferences towards branded jewellers. The organised jewellery retailers are expected to outperform the industry over the medium term supported by tailwinds from accelerated formalisation of the industry," Icra Vice President and Sector Head Sujoy Saha said. Icra has projected some moderation in FY24 in the operating margins of organised players owing to the front-loaded operating costs for planned store additions and increased advertising expenditure in the face of rising competition. Nevertheless, the benefits of economies of scale are likely to support the operating margins, which are estimated to hover in the range of 7.5-8 per cent in the near to medium term. Despite the projected increase in debt levels to fund the inventory for new stores, the debt protection metrics for the players are estimated to remain comfortable. "The organised jewellers had recommenced their retail expansion in FY23, after a brief hiatus in FY21 and FY22, with the store count estimated to have risen by more than 20 per cent during the year. The momentum is likely to continue over the near to medium term with an estimated increase in store count by 18-20 per cent YoY in FY24, supporting their revenue growth," Saha added.

Jewellery consumption to grow by 10-12 pc value-wise in FY24 amid rise in gold prices: Report

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Increase in tea prices to offset impact of wage rate hike in WB, Assam: ICRA

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