FOOD COMPANIES
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
As Indians acquire healthier tastes, food companies pack it in
Indians are increasingly shifting towards consumption of low-salt, low-sugar, and nutrition-fortified packaged food, reflecting a growing trend towards healthy eating habits. Sales of such products have risen in the last five years, with urban India leading the shift, although rural areas are also seeing an increase. This shift is driven by concerns over high levels of sugar, salt, and fat in processed goods, amidst rising health issues like diabetes and obesity.
Human finger in ice cream: Food safety concerns keep quick commerce companies on their toes
Food safety concerns have intensified for quick commerce companies in recent weeks, particularly after a disturbing incident in Mumbai where a customer discovered a human thumb in their Zepto ice cream order. This incident has brought the issue under greater public scrutiny. Here's a look at the latest episodes in the quick-commerce space.
Edible oil prices rise 15% in a month
Companies like Adani Wilmar, Emami Agrotech, and Sunvin Group said while disruption in soyabean oil supplies from Argentina and Brazil is driving prices higher, mustard oil prices have risen as National Agricultural Cooperative Marketing Federation of India (NAFED) and Haryana State Co-operative Supply and Marketing Federation Ltd (HAFED) have purchased large quantities of mustard seeds.
What to do with Heritage Foods, REC and 4 other stocks? Religare Broking's Ravi Singh decodes
For Nifty, a break above 23,350 could potentially lead it to touch 23,600 levels. For Bank Nifty, breaking above 50,400 could help the index achieve 51,300 levels in the near term.
85 smallcaps offer double-digit returns in action-packed market week
It was a turbulent week in the market as investors went through a whirlwind of emotions. There was an initial surge in optimism after the exit polls, followed by a sharp downturn on election results day, and then a remarkable rebound. The bounce-back after the election results led to a significant recovery across various sectors, with 85 small-cap stocks registering double-digit gains for the week.
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Block deals worth over Rs 7,640 crore this week. Chandrababu Naidu’s Heritage Foods, Adani Ports see top action
The week was an eventful one. Besides the general election results, D-Street saw some prominent block deals which included over three dozen companies from large, mid and smallcap segments. Shares worth Rs 7,640 crore were traded on screen, which included both buying and selling.
A dozen consumer companies line up IPOs amid a thriving stock market
India's primary market anticipates a dozen consumer-facing companies to launch IPOs this year to capitalize on market potential. Companies like Coca-Cola's bottling partner HCCB, CG Foods, Allied Blenders & Distillers, Urban Tots, Cremica Food, Patel's R Mart, PNG Jewellers, Baazar Style Retail, Unicommerce eSolutions, One Mobikwik Systems, and Swiggy are among those planning IPOs.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Food companies can't claim '100% fruit juice': FSSAI
The Food Safety and Standards Authority of India (FSSAI) has mandated that all food companies immediately stop labeling and advertising reconstituted fruit juices as ‘100% fruit juice’. FSSAI noted that many food businesses have falsely marketed reconstituted fruit juices as ‘100% fruit juice’.
Bikanervala Foods not to hike prices of sweets amid rise in cost of milk
Bikanervala Foods Ltd has decided not to raise prices of sweets, instead opting to absorb the increased milk rates from suppliers Amul and Mother Dairy. The suppliers raised liquid milk prices by Rs 2 per litre, impacting consumers and small sweet shops. Director Manish Aggarwal stated the company will bear the higher milk costs for now but may adjust prices in the future to balance consumer sensitivity and competition.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Food delivery companies lean on existing users for growth
In light of a slowdown in new user signups, Zomato and Swiggy are implementing strategies to increase order frequency among their existing customer base. This approach aims to drive growth despite the challenges in user acquisition.
Cheeni kum: Fresh dietary guidelines try to hit sweet spot
The National Institute of Nutrition (NIN) and the Indian Council of Medical Research (ICMR) have recommended sugar content thresholds for packaged foods and beverages for the first time. This move could potentially impact most branded soft drinks, juices, cookies, ice-creams, cereals, and other items available online and on shelves. The NIN-ICMR dietary guidelines have been revised after 13 years.
India's biryani craze keeps food, delivery companies on their toes
Grover said the company is also conducting a pilot in Mumbai for ‘Mehfil-e-Behrouz’. “Under this, we will arrange a buffet-like setup for people wishing to host a gathering through Behrouz complete with table runners, and kebabs and curries as accompaniments,” he added.
Wai Wai maker CG Foods set to cut salt by 10-25%: CEO
The move comes amid tighter regulation and heightened scrutiny on packaged foods. "What the government is doing (in terms of regulation) is definitely welcome; it is positive for consumers, and positive for the ecosystem and a responsibility of all organisations towards consumers," Manvendra Amber Shukla said.
Bain teams up with Temasek to compete with Blackstone-led consortium for controlling stake in Haldiram's
The Bain and Temasek combination submitted a non-binding offer late last week valuing India’s largest snack and convenience foods company at $8-8.5 billion (Rs 66,400-70,500 crore), after initially engaging with the founding family of the 87-yearold brand separately, said people aware of the matter.
From Bikaner to Blackstone: The success story of humble Haldiram's
Since 2016-17, several private equity firms including General Atlantic, Bain Capital, Capital International, TA Associates, Warburg Pincus, Everston have been talking with the Agarwal family for a minority stake or a controlling one. Haldiram's journey from humble beginnings with a bhujia recipe to a billions-dollar empire is the stuff of business legends.
HC quashes penalty order issued to Tata Chemicals and others over 'substandard iodized salt'
The Nagpur bench of the Bombay High Court has overturned a 2016 ruling by the Food Safety Appellate Tribunal in Maharashtra's Buldhana, which penalized Tata Chemicals Limited and others for allegedly producing and selling substandard iodized salt. Justice Anil L Pansare directed the FSSAI to ensure procedural compliance and transparency going forward.
It's crunch time: Blackstone teams up with ADIA, GIC for Haldiram Snacks bid
A non-binding offer has been submitted to buy up to 76% of co at $8.5 bn valuation; 87-year old Haldiram with roots in Bikaner, Rajasthan is India’s largest snack and convenience foods company. Delhi and Nagpur factions of the Agarwal family are merging their snacks and packaged foods business, demerging the restaurant operations.
Before global scrutiny, Indian spice maker MDH faced many US rejections
Hong Kong suspended sales last month of three spice blends made by MDH and one by another Indian company, Everest, for apparently containing high levels of a cancer-causing pesticide. Ethylene oxide is unfit for human consumption and a cancer risk with long exposure. India is the world's biggest spice producer and is also the largest consumer and exporter of spices.
View: Why India struggles to keep its food safe
The Food Safety and Standards Authority of India denounced as “false and malicious” news reports that linked the spice scandal to a recent 10-fold relaxation on maximum permissible limits of pesticide residue. The country has the most stringent norms, the regulator said, even though others clearly seem to think otherwise.
Why are Indian spice companies facing global market heat, and what steps can regulators take to restore trust?
Global scrutiny on Indian spice industry post ethylene oxide contamination. Urgent need to enhance domestic market quality for export trust. Authorities and experts stress transparency and stringent measures for maintaining export integrity.
Patanjali Group companies face GST heat, receives show-cause notices
Patanjali Foods has received a show cause notice from the Directorate General of GST Intelligence, Chandigarh, for allegedly claiming Rs. 27.5 crore in undue input tax credit. The company has vowed to defend its position and comply with the law, stating that the financial implications are yet to be determined.
Cerelac has half the permissible limit of added sugar as set by FSSAI; allegations are racially stereotyped and untrue: Nestle India chairman
Nestle India Chairman & Managing Director, Suresh Narayanan, refuted allegations of racial stereotyping in the company's infant food formulation, asserting it's done globally. He stated the sugar content in Cerelac is within FSSAI limits and necessary for nutrition. Narayanan emphasized that local variations are based on regulatory needs and raw material availability, denying any racial bias. He highlighted a reduction in sugar content over the years and stressed adherence to global standards.
MDH says its products are safe; rejects pesticide allegations
The CFS asked consumers not to buy and traders not to sell MDH's Madras Curry Powder (spice blend for Madras curry), Everest Fish Curry Masala, MDH Sambhar Masala Mixed Masala Powder, and MDH Curry Powder Mixed Masala Powder.
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved's non-food business
The board also authorised officials to carry out due diligence, appoint professionals, negotiate the terms and conditions of the proposal, and report the findings to the Audit Committee and the board for further consideration. To strengthen its product portfolio, Patanjali Foods acquired the biscuits business of Patanjali Natural Biscuits Pvt Ltd for Rs 60.03 crore in May 2021.
More trouble for Patanjali: Company gets show cause notice from GST authority over ₹27 crore tax claim
Patanjali Foods faces a show cause notice from GST Intelligence in Chandigarh for a Rs 27.5 crore tax claim, involving input tax, penalties under CGST and Uttarakhand SGST Acts, recovery issues, interest implications, and the need to defend its case with uncertain financial outcomes.
Food companies view India as the new Wild West
Baby foods have sugar added to them, protein powders don’t have enough proteins and our good old spices could have ingredients that are carcinogenic. ET’s Kiran Somvanshi spoke to New York-based award-winning journalist Michael Moss whose investigation of the processed foods industry culminated in the best-selling book - Sugar, Salt, Fat.
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