A comprehensive package for the revival of sick NTC mills is on the anvil, Lok Sabha was informed on Friday. The package prepared by the ministry of textiles has been sent to the cabinet for its approval, textiles minister Kashi Ram Rana told the house during question hour. Replying to a question on development of sericulture, including quality control, he said that during the Ninth Plan, the centre had approved 36 catalytic development schemes to improve production, productivity and quality.

Wheat procurement to rise

Procurement of wheat during the rabi marketing season 1999-2000 is estimated to cross 130 lakh tonnes compared to 126 lakh tonnes procured during 1998-1999. This emerged at a meeting held by RS Mathur, secretary, food and civil supplies with foods secretaries of major wheat producing states in New Delhi on Thursday to assess preparedness for starting procurement from April 1. Senior officials from the Food Corporation of India and ministriesof food and agriculture, secretaries from Bihar, Haryana, Punjab, Rajasthan, Madhya Pradesh and Uttar Pradesh participated in the meeting. Higher production of wheat in these states, an attractive minimum support price of Rs 550 per quintal are some of the reasons attributed to the estimated higher procurement.

Local sugar prices easy

Domestic sugar prices have not witnessed any rise and are ruling easy since April last, Rajya Sabha was informed on Friday. Prices for S-30 grade sugar ranged between Rs 1,383 and Rs 1,600 a quintal during the end of last month compared to Rs 1,328-1,620 a quintal at the end of the last sugar season (October 1997-September 1998) and Rs 1,425-1,590 in April 1998, food minister Surjit Singh Barnala said in a written reply. Referring a journal's report on dumping of sugar into India, he said domestic prices were high compared to declining global prices and there was sufficient profit margin for Indian traders to import sugar.

Singapore joins OPRCConvention

Singapore has joined the International Convention on Oil Pollution Preparedness, Response and Co-operation, 1990 (OPRC Convention), the Maritime and Port Authority of Singapore (MPA) said on Friday. MPA said in a statement the convention would enter into force for it on June 10, 1999. It said 42 countries had accepted the OPRC Convention, which was adopted by the International Maritime Organisation (IMO) in 1990 following the "Exxon Valdez" incident.

Tokyo naphtha prices dip

Tokyo naphtha prices dipped on Friday on the heels of a decline in crude while prospects of an improvement in fundamentals appeared slim. Open-spec naphtha was assessed at $126.50/$128.00 per tonne for first-half May, down from $129.00/$129.50 in late trading on Thursday. The contango with second-half May remained at roughly 50 cents. Thailand's Rayong Olefins Co (ROC), which was said to have offered a naphtha cargo on the spot market after technical trouble forced it to shut down a 600,000 tonne per yearethylene plant on Monday, appears to have decided to take the cargo, traders said on Friday.

Coimbatore tea mixed

Mixed price trend prevailed in Coimbatore tea auction on Friday, with leaf tea going down by Rs five to Rs seven and dust moving up by Rs two to Rs four. With selective export buying, prices of CTC leaf were lower by Rs five to Rs seven, while orthodox leaf price was down by Rs two to Rs three, depending on quality, trade sources said. Strong internal demand pushed up CTC dust prices by Rs two to Rs four and orthodox prices were dearer by Rs two, they said. Out of about 4.25 lakh kg offered, dust accounted for about one lakh kg.

Pakistan cotton prices to climb

Pakistan cotton prices were expected to climb next week as new incentives for cotton yarn exporters should trigger renewed textile buying, dealers said on Friday. Pakistan's central bank on Thursday announced that it had expanded a concessionary export financing facility for all types of cotton yarn to try to boostsagging textile exports.