The Haryana Dairy Development Cooperative Federation has achieved a record profit of Rs 2.5 crore during 1998-99 against Rs 1.28 crore in the previous fiscal. Stating this here today, state dairy development minister Jagdish Nayar said that milk procurement reached a new high at 796 lakh litres during 1998-99. Nayar said the turnover of the federation has shot up by 21 per cent to reach Rs 164.79 crore during April-February 1998-99 from Rs 136.14 crore during the same period last fiscal. The Sirsa milk plant, non-functional since 1992, has been made operational with a processing capacity of one lakh litres per day besides creating new chilling facilities at Bhiwani, Jhajjar, Kaithal and Hassanpur, he added.

Jewellery show in Basel

Some of the most exquisite pieces of jewellery, both hand crafted and machine made, by Indian jewellers would be showcased at the `World Watch, Clock and Jewellery Show' to be held at Basel, Switzerland, from April 29 toMay 6. The Indian pavilion at the show will have on display a variety of vibrant creations from plain gold to studded jewellery, a Gem and Jewellery Export Promotion Council statement said in Mumbai on Tuesday. A highlight of the Indian participation at the show would be the `India Day' reception to be held on May 2, which would provide a platform for Indian exhibitors to interact with buyers and international media and get an exposure at the world level.

Thai rice exports down

Rice exports from top world exporter Thailand dropped 20.31 per cent in the first quarter of this year from the same period in 1998, industry sources said on Monday. Thailand exported 1.46 million tonnes of rice worth 17.15 billion baht ($455 million) between January and March this year, down from 1.83 million tonnes worth 26.69 billion baht in the same year ago quarter. Data from the private sector-run Board of Trade showed that Nigeria was the most active buyer of Thai rice in the first quarter of 1999. It bought 167,400tonnes of rice, up from 98,228 tonnes in the first quarter of 1998. Indonesia, the biggest buyer of Thai rice last year, bought less this year. It purchased only 143,152 tonnes of rice in the first quarter of this year compared with a big buying of 594,531 tonnes last year.

ONGC discovers oil

ONGC has discovered oil in two wells situated in the eastern and western parts of Kesanapalli area in east Godavari district of Andhra Pradesh this month. The well, drilled in the western side, was estimated to produce about 200 cubic metre (1,500 barrels) of oil per day while the one in eastern side would produce 60 cubic metre of oil along with natural gas, IB Raina, group general manager of Krishna Godavari project, ONGC, told PTI in Rajahmundry. ONGC has taken up drilling of another well in Kesanapalli west area so as to delineate the oil field area. The oil bearing wells would be put on production by connecting to the already existing early production terminal, Raina said. In April, the Krishna Godavariproject had recorded the highest production of 462 cubic m.

Thai rubber exports drop

Thai rubber exports in the first two months of this year dropped by over 28.3 per cent to 277,712 tonnes from 387,276 tonnes in the same period last year, a senior agriculture ministry official said on Tuesday. Low demand from the automobile industry, especially in the Asian region, cut Thai products exports, she told Reuters. "The figures for two months show that every country bought less Thai rubber this year," she said. Unofficially, total exports in the first quarter were likely to be at 423,712 tonnes compared with an actual 565,133 tonnes in the same year ago period, the official added.

Tokyo naphtha quiet

Naphtha trading in Tokyo remained quiet in late Monday trade and on Tuesday, but traders were braced for Japanese buying ahead of Thursday when the country's "Golden Week" National holiday begins. Open-spec naphtha was nearly flat from Monday's Asian close, notionally assessed at $156.50/158.00per tonne for the first half of July. The inter-month spread was assessed at about $1.50 in backwardation from the second-half June for a month.