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Leveraging cultural connections, Centre, UP push for ‘Buddha rice' exports to Thailand , Vietnam
New Delhi: The Uttar Pradesh government, in consultation with the commerce ministry, plans to promote the export of Kalanamak rice—also known as 'Buddha rice'— to countries with majority or large Buddhist populations. The traditional aromatic variety, known for its nutritional richness and growing global demand, will be sold in Thailand, Vietnam, Sri Lanka, Japan, Singapore and Nepal, among others, said UP's minister of industrial development, export promotion, NRI, and investment promotion, Nand Gopal Gupta 'Nandi' in an interview. Special export quota The plan is to leverage the rice's historical association with these countries. While rice exports from India were restricted last year, the central government has allowed a special quota of up to 1,000 tonnes for Kalanamak rice. Read more: India to revamp rice cultivation technique to save water, cut labour costs, reduce methane emissions Over 500 tonnes of the rice have been exported to Singapore, Nepal and other countries since the April 2024-waiver, the minister said. The rice is sought after in countries with Buddhist populations. India's exports of Basmati and non-Basmati rice stood at $11.14 billion in FY23 but declined to $10.42 billion in FY24 due to export restrictions. However, following the lifting of the ban on all types of rice in October 2024, exports surged to $12.47 billion in FY25, commerce ministry data showed. UP is formulating a new export policy aimed at tripling shipments to over ₹5 trillion in the next five years by tapping into new markets and diversifying its product base. The draft policy for 2025–30 is currently under review and is expected to be approved soon. The new policy will focus on increasing exports from the current level of ₹1.7 trillion recorded in 2023–24 to three times that amount by 2030. To achieve this, the state government is planning a series of measures, including subsidies and other incentives. 'There is strong demand for this unique variety of rice, both in India and abroad. To meet this growing interest, we are working to increase its production and bring more area under cultivation by focusing on research and seed development. As part of this effort, a Kalanamak Rice Research Centre is being set up in Siddharthnagar district of Uttar Pradesh in collaboration with the International Rice Research Institute (IRRI)," said Nandi. Kalanamak rice is a traditional, non-basmati aromatic rice grown in eastern Uttar Pradesh, particularly in Siddharthnagar, where it has been designated as an ODOP (one district one product) item. Besides, it is also cultivated in parts of Maharajganj, Gorakhpur, Deoria, Basti, Sant Kabir Nagar, Gonda, Balrampur, Bahraich, Sravasti and Kushinagar and has a Geographical Indication (GI) tag, marking out its exclusivity. The ministry of commerce's APEDA (Agricultural and Processed Food Products Export Development Authority) promotes several GI-tagged agricultural products for exports, including Basmati rice from Haryana, Punjab, Uttarakhand, Himachal Pradesh and Delhi; Darjeeling tea from West Bengal; and Alphonso mango from Maharashtra. Known for its distinct black husk, fragrance and high iron content, Kalanamak rice was cultivated over 82,000 hectares across 11 districts in 2024. It is estimated that this will increase to 100,000 hectares this year, the minister said. 'Kalanamak rice is a nutritional powerhouse. It is rich in iron and antioxidants, has a low glycemic index, and is naturally gluten-free, making it a healthy dietary choice, especially for diabetics and those seeking a balanced, nutrient-rich alternative to polished white rice," said Dr Monashish Sahu, an endocrinologist based in New Delhi. Read more: India eyes bumper basmati crop as short-duration variety acreage set to rise 10% The global 'fragrant and long grain' rice market is projected to grow from $30 billion in 2023 to $45 billion by 2032, at a compound annual growth rate (CAGR) of 4.5%, as per DataIntelo, a market research company. A Common Facility Centre (CFC) named Shivansh Siddharthnagar Agriculture Development Producer Company Ltd has been established under the ODOP initiative, with 80% government funding, to promote Kalanamak rice. It provides facilities for grading, packing, and other post-harvest processing to enhance export readiness.
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Stocks to trade today: Trade Brains Portal recommends two stocks for 29 May
Stock market today: India's benchmark equity indices fell for a second consecutive session on Wednesday, 28 May, as selling pressure in heavyweights—led by ITC Ltd—weighed on sentiment. Despite strong cues from Wall Street, profit booking in auto, IT, and metal stocks dragged the market lower. The Nifty 50 slipped 63 points, or 0.3%, to close at 24,752, while the Sensex fell 240 points, or 0.29%, to end at 81,312. Broader markets fared better, with the Nifty Smallcap 100 rising 0.33% and the Nifty Midcap 100 ending flat. Against this backdrop, we have picked two stocks—one from the tyre sector and the other from the consumer durable sector for Thursday, 29 May. We also analyse the market's performance on Wednesday to understand what may lie ahead for the stock indices in the coming days. Stocks to trade today as recommended by Trade Brains Portal: Balkrishna Industries Ltd (BKT) Current price: ₹ 2472 Target price: ₹ 3,120 in 12 months Stop-loss: ₹ 2,148 Why it's recommended: Balkrishna Industries is a leading player in the off-highway tyre (OHT) market, catering to sectors such as agriculture, construction, mining, forestry, and industrial applications. With a global footprint in over 160 countries and marquee clients including John Deere, JCB, Caterpillar, AGCO, and TAFE, BKT is targeting an 8% share of the global OHT market. The company operates five tyre manufacturing plants across Rajasthan, Maharashtra, and Gujarat. In FY25, it sold 3,15,273 metric tonnes (MT) of tyres, marking 8% year-on-year growth. Financial performance (FY25): Revenue: ₹10,447 crore (+11.5% YoY) Ebitda: ₹2,682 crore (+16% YoY) Ebitda margin: 25.26% (+50 bps YoY) PAT: ₹1,655 crore (+12.5% YoY) Of total FY25 volumes, 59.9% came from agriculture and 36.6% from the off-the-road (OTR) segment. Europe accounted for 45.1% of volumes, while India contributed 28.6%. BKT has guided for 17% CAGR in revenue through FY30, aiming to reach ₹23,000 crore. It plans to invest ₹3,500 crore over the next three years to expand facilities in Bhuj for carbon black, power generation, CV tyres, rubber tracks, and PCR tyres. In the OHT segment, ongoing capex and de-bottlenecking will boost capacity by 35,000 MTPA to 425,000 MTPA. The company aims to raise the OHT segment's contribution to 70% of total revenue by FY30. Read this | Tata Sons feels the heat as TCS shrinks dividend for the first time in 20 years Risk factors: BKT is significantly exposed to fluctuations in the prices of key raw materials like natural rubber and crude oil derivatives. The company also faces foreign currency risk, as a major chunk of revenue comes from outside India. Recent developments like tariffs may impact BKT due to higher import costs. Symphony Ltd Current price: ₹ 1214 Target price: ₹ 1,360 in 12 months Stop-loss: ₹ 1,140 Why it's recommended: Founded in 1988 in Gujarat, Symphony Ltd has grown into a global air-cooling powerhouse with a presence in over 60 countries. It is the world's largest manufacturer of air coolers and commands leadership in the segment with over 25 million installations. The company has built strong IP-led differentiation, holding 201 trademarks, 64 registered designs, 15 copyrights, and 48 patents. Its product range includes 15+ industrial and commercial cooler models, backed by direct presence on four continents. Financial performance (FY25): Revenue: ₹1,576 crore (+36% YoY) EBITDA: ₹316 crore (+83% YoY) PAT: ₹213 crore (+44% YoY) Of total revenue, 90% ( ₹1,065 crore) came from the domestic market, with the remaining 10% ( ₹117 crore) from exports. Symphony pegs its global brand value at ₹13,000 crore. The company is focusing on expanding exports, particularly to the USA, Brazil, Europe, the Middle East, and other high-potential regions. Brazil, the world's fourth-largest cooler market, remains a strategic focus. Symphony plans to deepen its product offerings and expand its dealer network. It is also investing in innovation—offering features like digital controls, fuzzy logic, stylized design, and low-resource optimization. Having pioneered BLDC (brushless DC motor) coolers in India, Symphony is now exploring the BLDC fan market. It aims to tap into the growing $2 billion segment, expected to expand at 9–9.5% CAGR through 2029. Read this | NTPC's project execution delays remain its Achilles heel Risk factors: Symphony largely has seasonal business, so demand estimates might not work as company performance may decline when there is a weak or delayed summer. The company has over-dependency on the air cooler segment, diversification of the product portfolio is needed as there is growing competition within the air cooler market. Market Recap: May 28 Indian equity markets extended losses for the second consecutive session on Wednesday, with benchmark indices opening in the red and facing pressure throughout the day due to fund outflows and heightened activity in the primary markets. The Nifty 50 opened at 24,832.50 and hit an intraday low of 24,737.05, before closing at 24,752.45, down 73.75 points or 0.30%. The index remains above its 20-, 50-, 100-, and 200-day EMAs on the daily chart, with a Relative Strength Index (RSI) of 56.15. The BSE Sensex opened lower at 81,457.61 and fell to a low of 81,244.02, ending the day at 81,312.32, down 239.31 points or 0.29%. Sectoral Highlights: Top Gainer: Nifty Media rose 1.04% to close at 1,707.55. Key gainers included Network18 Media (+5.25%), Dish TV India Ltd. (+5%), and PVR Ltd. (+2.26%). Top Loser: Nifty FMCG declined 1.49% to 55,703.85, dragged down by a major block deal in ITC Ltd., where British American Tobacco offloaded 385 million shares (~3% equity). ITC Ltd. fell 3.16%, followed by Emami Ltd. (-1.79%) and Nestle India Ltd. (-1.70%). Global Markets Asian markets mirrored weak sentiment: Hang Seng: -0.53% at 23,258.31; Shenzhen Component: -0.26% at 10,003.27; Nikkei 225: Flat at 37,722.40 Also read | Four fast-growing space stocks to add to your watchlist Meanwhile, US markets saw a sharp rebound. The Dow Jones Industrial Average closed 1.78% higher at 42,343.65, buoyed by President Donald Trump's decision to delay 50% tariffs on European imports and a rise in US consumer confidence, which improved investor sentiment. Trade Brains Portal is a stock analysis platform. Its trade name is Dailyraven Technologies Pvt. Ltd, and its Sebi-registered research analyst registration number is INH000015729. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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Trump's ‘Liberation Day' tariffs blocked by US court: Here's what it says
A US federal court on Wednesday blocked President Donald Trump's proposed "Liberation Day" tariffs, citing that he exceeded his authority by attempting to impose blanket duties on imports from countries that sell more to the United States than they buy. The Manhattan-based Court of International Trade said that the Constitution grants Congress power to regulate international commerce. But that power can't be overruled by the president's emergency authority to protect the economy. The White House did not immediately respond to a message seeking comment. The Trump administration is expected to appeal. The lawsuit was filed by the nonpartisan Liberty Justice Center on behalf of five small US businesses that import goods from countries targeted by the duties; and it was first major legal challenge to Trump's tariffs. The companies - which range from a New York wine and spirits importer to a Virginia-based maker of educational kits and musical instruments - have said the tariffs will hurt their ability to do business. At least seven lawsuits are challenging the levies, the centerpiece of Trump's trade policy. The plaintiffs argue that the 1977 International Emergency Economic Powers Act (IEPPA) does not authorize the use of tariffs. Even if it did, they say, the trade deficit does not meet the law's requirement that an emergency be triggered only by an "unusual and extraordinary threat." The U.S. has run a trade deficit with the rest of the world for 49 consecutive years. Trump's administration says courts backed President Nixon's emergency tariffs in 1971 and argues that only Congress—not the courts—can decide if a president's emergency declaration is legal. Trump's Liberation Day tariffs shook global financial markets and led many economists to downgrade the outlook for US economic growth. Global markets have fluctuated wildly since Trump announced the levies in a sweeping executive order an April 2. Since then, trillions of dollars in market value have been shed and regained amid weeks of delays, reversals and announcements about potential trade deals, particularly with China. (With inputs from Reuters and AP)
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Cooling gold prices: What it means for you?
After gaining around 30% so far this year, gold has halted its sellar rally as safe-haven demand cools across the globe. Yet, even as riskier investments like equities regain allure, gold retains its strategic importance in a diversified portfolio. There are three major options for taking exposure to gold–jewellery stocks, gold exchange traded funds (ETF) and multi-asset allocation funds. Experts, however, suggest that the best way to play gold at this juncture is through multi-asset funds with prudent allocations to the yellow metal. 'An outright direct exposure to gold through ETFs or physical holdings may not be advisable at current levels," Taher Badshah, chief investment officer at Invesco Asset Management (India), told Mint. 'Yet, one should also be aware of under-allocation as the trend (for gold) is still upwards. Funds with 15-20% gold exposure are the sweet spot right now." Pankaj Pandey, head of retail research at ICICI Securities, said the firm would suggest only 5% exposure to gold in multi-asset funds against 15% earlier. 'Notably, during the last leg of (gold) correction, rupee's depreciation prevented domestic (gold) prices from coming down. However, we don't expect any similar rupee depreciation this time," Pandey said. Also read: After a glittery rally, gold may be about to make way for stocks As for gold ETFs, Invesco's Badshah believes that investors should look at them only if there are sharp corrections in gold prices. But he is not too excited about jewellery stocks. 'I would wait for another quarter or so," he said. 'Either their valuations correct sharply, or else I'm in no rush to buy jewellery stocks." Major jewellery stocks are trading above their thee-year median valuations right now. Investment to adornment Stable gold prices would be a boon for domestic jewellery shoppers though, according to Aksha Kamboj, vice president of India Bullion and Jewellers Association (IBJA). 'If gold prices remain stable over the next few months, we can expect a stronger uptick in consumer buying, particularly during the upcoming festive and wedding season." Lower and stable gold prices encourage consumer purchase of big-ticket items, especially bridal and investment jewellery. This translates into higher volumes for jewellery makers. Devarsh Vakil, head of prime research at HDFC Securities, expects a moderate jewellery volume recovery–mid to high-single digits– in Q1FY26. Also read: What the market crystal ball sees for the next 3 months Stable prices would meaningfully benefit the entry-level tier 2 and tier 3 customers who are more price sensitive and see gold as a traditional investment vehicle, Vakhil noted. The sub- ₹50,000 jewellery category, a psychological sweet spot for middle-income customers, has been languishing for several quarters now. High gold prices hurt jewellery demand. Titan Co., owner of Tanishq and a bellwether for consumer sentiment, reported subdued demand in the quarter ended March, which impacted its volume growth. Its jewellery business revenue grew 20% on-year, mainly on the back of 30-40% higher gold prices. But their dizzying April peak of ₹1,00,000 per 10 grams, retail gold prices have fallen 5%. Industry experts now predict a more comfortable price, hovering around the ₹93,000–96,000 mark. Jewellers have been waiting for the prices to cool. IBJA's Kamboj says any further price correction may bolster demand for studded jewelleries, the real money spinners for jewellery makers. Since gems are relatively cheaper to gold, studded jewelleries have higher profit margins as the content of gold there is lower than pure gold products. Hence, gold is the key cost driver in the studded segment particularly in the mass-affluent category. Yet, even this high-margin category hasn't been immune to demand slump. Elevated gold prices have resulted in subdued demand for studded products as well, resulting in inferior product mixes for jewellery makers so far. Falling gold prices from here on would improve customers' perceived value of the product and increase the profitability of jewellery companies, Kamboj said. Vakhil from HDFC Securities said, 'The high-margin nature of this category means even modest volume gains can significantly aid profitability." Also read: Investors rush to cash in on gold ETFs as volatile equities keep them on edge However, jewellery demand has been muted so far in Q1 and experts are cautious of a substantial recovery. Increasing competition has also added to margin woes for organized retailers as they continue to invest in marketing and promotions, said Vakhil. Bullish pause Moreover, this recent cooling appears to be a mere pause. UBS anticipates gold prices to consolidate at current levels over the next three months. International gold prices are likely to touch $3,500 per oz by the end of 2025 as weak global economic growth and fragile cross-border relationships would continue to fuel safe-haven demand for gold, it said in a report. Ongoing central bank and sovereign wealth fund buying and lower aggregate investor exposure relative to the peak seen in 2012-2013 will further support gold prices, UBS noted. Experts believe that the precious metal has more room to rise as the combination of persistent geopolitical instability and uneven trade signals continues to underpin gold's longer-term appeal.
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Why India's AIFs are outpacing portfolio management services
Two of India's asset classes targeting the rich are growing at sharply different rates, with one growing thrice as fast as the other. Alternative investment funds (AIFs) far outpaced portfolio management services (PMS) in FY25, data on fund commitments and assets showed, thanks to a more efficient tax structure, operational ease, and the flexibility to invest in unlisted stocks. Also Read | Penny stock under Re 1: NBFC to foray into AIF biz with ₹50 crore initial investment Commitments raised by Category III AIFs grew 58% from a year earlier to ₹2.3 trillion at the end of March, as per data by the Securities and Exchange Board of India (Sebi). In the same period, assets under management (AUM) of the PMS industry grew 19% to ₹4.3 trillion, according to industry body Association of Portfolio Managers in India (APMI). Here, category III AIFs are compared with PMS schemes as both invest in listed stocks, while category I and category II AIFs invest in unlisted companies. The minimum investment for AIFs is ₹1 crore, while it is ₹50 lakh for PMS. Also Read | Bank, NBFC investments in AIFs may get smoother Pramod Gubbi, co-founder of Marcellus Investment Managers, said that AIFs are more cash-flow friendly for clients compared to PMS. Marcellus offers PMS for clients based in India, and has an AIF operating in GIFT IFSC for Indian clients wanting to invest in global equities. "Although the tax on portfolio churn is similar for both AIFs and PMS, the key difference is that in a PMS, the client has to arrange and pay the tax themselves. In an AIF, the tax is paid at the fund level, directly from the returns," Gubbi said. Also Read | Indian real estate attracts nearly ₹74K cr till Dec24 from AIFs, max among all sectors: Anarock This means clients receive post-tax returns in an AIF and don't need to worry about setting aside money for tax payments, unlike in a PMS, he added. A tax on churn means capital gains tax is paid every time a PMS or an AIF sells a stock. The capital gains tax is 12.5% for long-term and 20% for short-term investments. AIFs are also easier to operate, said experts. 'In PMS, investors are required to open a separate demat account and for NRI investors a separate custody and bank account too, and each transaction is done in separate account for each client," said Aniruddha Sarkar, chief investment officer at Quest Investment Advisors. In contrast, AIFs handle everything at the fund level, and investors simply receive fund units and net asset value (NAV) statements, much like mutual funds; there is no need for individual demat or custody accounts as units are allocated by registrar and transfer agents (RTAs), he added. Also, when most of the PMS and AIFs have similar strategies, investors would prefer an AIF because of the operational ease, said Sarkar. Others pointed to how the ability of AIFs to invest in unlisted shares gives them an edge over portfolio management services. Sushant Bhansali, chief executive of Ambit Asset Managers, said that AIFs allow investments in unlisted stocks, up to 25% of the portfolio. In comparison, PMS generally cannot invest in unlisted stocks. Only non-discretionary PMS can invest up to 25% in unlisted stocks, but this option is not popular, Bhansali added. 'That's because in a non-discretionary PMS, the client must approve every transaction before it is executed, making the process slower and less convenient. So, most investors prefer discretionary PMS, where the fund manager makes decisions without needing client approval," he added. According to APMI data, non-discretionary PMS accounts for just 18% ( ₹79,436 crore) of the total PMS industry AUM as of March. However, Bhansali added that the reason AIFs appear to be growing faster could also be because the data reflects commitments raised, not actual assets under management (AUM). 'So, comparing PMS AUM with commitments raised in Category III AIFs is not an apples-to-apples comparison," he explained. AUM means mark-to-market value of the funds invested, while commitments raised means only the initial value of the funds raised from investors, which does not reflect in the MTM value. That said, a true like-to-like comparison is not possible because Sebi does not publish AUM data for the AIF industry. Another reason AIFs are gaining popularity is that they can offer close-ended funds, which PMS funds cannot. 'Some investors prefer to commit their money for a fixed period, especially when they have a specific financial goal in mind. In such cases, a close-ended fund structure works well," said a fund manager on the condition of anonymity. This flexibility makes close-ended AIFs more attractive to certain investors.
