FOOD FAIR
Invesco reduces fair value of Pine Labs, Swiggy
Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its latest shareholder report. Pine Labs' value decreased from $4.8 billion to $3.5 billion, while Swiggy's valuation was also adjusted. Both companies are exploring potential IPOs amid market fluctuations.
Investors flock to new-age food brands; ecommerce sales report
Happy Wednesday! Investors are showing a strong appetite for new-age food brands, with notable investments and expansions taking place. This and more in today’s ETtech Morning Dispatch.
India-UK ties to grow incrementally with a fair share of challenges
Labour Party secures a significant win in UK elections, raising questions about Brexit's impact and future policies. Indian diaspora gains prominence in UK politics. Both India and UK aim to enhance cooperation on trade, technology, and security while addressing challenges in bilateral relations and global issues.
Vendetta politics: Congress slams PM Modi over 2023 decision on sale of rice to state govts
Congress accuses Modi's 'vendetta politics' of obstructing Karnataka's 'Anna Bhagya,' increasing food subsidy costs up to Rs 18000 crore. FCI halted OMSS rice sales despite 50 million tonnes stock. Demand for BJP, JD(S) MPs, and Consumer Affairs Minister to seek compensation. Karnataka offered Rs 170 monthly cash to 6.5 crore people for rice purchase.
Food delivery market size to cross Rs 2 lakh crore by 2030: Bain-Swiggy report
The online food delivery market in India is on a significant growth trajectory, with Zomato leading in market share. Swiggy's overall gross order value has been increasing, as reported by Prosus. By 2030, the industry is set to witness substantial expansion, driven by convenience and improved customer experience.
India pitches for strengthening quality standards for spices
India actively supports global food standards at the Codex Alimentarius Commission session in Rome, emphasizing quality in spices, vegetable oils, and water reuse. The country's commitment to food safety, recycled materials, and addressing global challenges like climate change is evident in its participation and championing of guidelines.
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Drought gripping Morocco is bad omen for global food supplies
Facing severe droughts, Morocco's farming sector struggles with plummeting wheat yields, impacting fruit and vegetable exports and widening income disparities.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Rain deficit may spike food inflation further, warn experts
A note from Madhavi Arora, lead economist at Emkay Global Financial Services Ltd, said cumulative rainfall till June 21 was 17% below the long-term average (LTA), while the weekly rainfall (till June 19) was 33% below the LTA. Overall, basin-wise reservoir levels were in deficit and below last year's level as well. On June 20, the overall level was about 9% below the LTA and 19% below last year's level.
How to prevent Big Tech dominance, protect privacy and ensure fair competition
The magnitude, scale and speed at which such platforms operate demand ex ante regulation, if the real interests of consumers are to be protected.
Midcaps, smallcaps, microcaps plunge up to 20%. BHEL, HUDCO among top losers
Market fall on Tuesday impacted Nifty Midcap 100, Nifty Smallcap 100, and Nifty Microcap 250 indices. Midcap index fell by 7% to 49,623.10, Smallcap index dropped by 7% to 15,801.80, and Microcap saw 247 stocks in red.
Baron Capital marks up Swiggy valuation by 25% to $15.1 billion
Swiggy Valuation: Baron Capital, which participated in Swiggy’s $700 million funding round in January 2022 at a valuation of $10.7 billion, has raised the fair value of its holding in Swiggy for the fourth straight time. Crossover funds, i.e. funds which invest in publicly traded and privately held companies, review the valuation of their portfolio companies periodically.
Jubilant FoodWorks Q4 Results: Profit jumps on steady demand
Jubilant FoodWorks reported a more-than-seven fold jump in quarterly profit on Wednesday as the Domino's Pizza's Indian franchisee booked an one-time gain and also benefited from steady demand.
Public support for INDIA bloc similar to Janata Party wave of 1977: Digvijaya Singh
Senior Congress leader Digvijaya Singh compared the public support for the INDIA bloc to the 1977 wave that brought the Janata Party to power. He accused PM Modi of violating the model code of conduct and criticized the Election Commission for not taking action. Singh also disputed the PM's claims on various issues, highlighting alleged lies and faulty policies of the BJP government.
Nestle India shareholders vote against increase in royalty to Swiss parent
Shareholders of Nestle India Ltd have turned down the company's proposal to raise the royalty payout to its Swiss parent. The resolution did not pass, with 57% of its shareholders voting against the plan, the packaged foods maker said in a stock exchange filing on Friday. The proposal was to increase the royalty by 0.15% of sales for each year over a duration of five years.
Food inflation likely to remain a cause for concern due to heatwave: ICRA
ICRA Chief Economist Aditi Nayar analyzes impact of heatwaves on food inflation, emphasizing monsoon's role. Divergence in wholesale and retail inflation explained by global factors and index composition
Government's stance on sugar exports amidst industry demands
ISMA seeks sugar export despite surplus, impacting closing stock projections. Central government prioritizes ethanol over export, aiming to build reserves. Sugar prices rise despite production surprises, with 2024-25 forecast dependent on monsoon.
Airport lounge access through cards getting tougher: Factors you must know to avoid last-minute shock
Airport lounge access: Airport lounges are a very popular feature among travellers in India. However due to rush of passengers in airport lounges, overcrowding issues came up, and to tackle this issue and make lounges accessible to all, certain measures were taken. These measures are aimed at fair usage for all and to provide a good experience to travellers.
Pakistan struggles with soaring inflation and widening wage disparities
The government's decision to devalue the currency by over 50 per cent within a year and eliminate subsidies as part of the latest instalment of the International Monetary Fund bailout package has exacerbated the nation's cost-of-living crisis.
No proposal to resume sale of subsidised rice for ethanol production: Food secretary
Government remains firm on not resuming subsidised rice sale for ethanol. Chopra encourages maize ethanol production and highlights the impact on distillery investments. Increased sugarcane FRP aims to boost cultivation for the upcoming season.
No proposal to resume sale of subsidised rice for ethanol production: Food Secy
The rice sale for ethanol makers was discontinued for various reasons, including apprehensions about domestic output and high retail prices, and economic unviability, he said. On the impact on investments on grain-based distilleries, Chopra said, "This is not a policy which is cast in stone. This policy will be renewed... Maize is being encouraged for ethanol production."
Madonna served naan, samosas, curry at Oscars after-party? 'Shang-Chi' star Simu Liu rates food
Simu Liu, star of "Shang-Chi and the Legend of the Ten Rings," took to social media to share his honest reviews of the culinary offerings at the Oscars and its exclusive after-parties. From the extravagant spread at the Governors Ball to the iconic in-n-out burgers at the Vanity Fair Oscar party, Liu provided insights into the diverse flavours that graced Hollywood's biggest night. He also highlighted the cultural cuisine served at Madonna's co-hosted after-party, featuring samosas, naan, curry, and rice.
Unravelling cotton candy's sweet origins: Exploring the 120-year journey of the pink fluff
Around 1897, inventor William Morrison and a confectioner created a machine to make fine-spun sugar.
On top of the food chain
Amid global food supply challenges, India stands out with comfortable conditions for both consumers and farmers. The Union cabinet's decision to raise the fair and remunerative price (FPR) of sugarcane by 8% reflects the government's focus on farmer welfare. Initiatives like the ethanol-blending program have helped clear most sugarcane dues.
We need to change our approach to market this year onwards. Nimish Chandan explains why
Nimesh Chandan, CIO of Bajaj Finserv Asset Management, believes that the markets have reached fair and higher than reasonable valuations. A change in approach is necessary, and investors should look for bargains in undervalued areas. The paint industry is experiencing an influx of new players, which may impact existing players' market share and valuations.
Government launches pilot in Himachal Pradesh to onboard fair price shops on ONDC
The Department of Food and Public Distribution under the commerce ministry has launched the pilot on ONDC in Himachal Pradesh. The ONDC pilot enables consumers in remote locations to access groceries and other essential products through the platform, while also helping fair price shops to increase their utilisation and revenue from market goods
Pilot to onboard fair price shops to ONDC launched in Himachal Pradesh
The pilot was launched by placing the first order on February 6 in 11 fair price shops in Himachal Pradesh - five in Una and six in Hamirpur district. The programme will be expanded across the state, and DFPD aims to subsequently cover the entire country. The pilot enables consumers in remote locations to access groceries and other essential products through ONDC, while also helping fair price shops to increase their utilisation and revenue from market goods.
Kolkata Food Fair, L'Affaire Boi Polloi
In between all that tucking in, books provide a generous side-dish, this year’s servings providing some Rs 27 crore.
Mega fairs, exhibitions in 2024 will help domestic industry expand global presence: DGFT
India will organise a series of mega fairs and exhibitions next year in sectors such as food, textiles and auto with a view to attract overseas buyers and increase global footprint of the domestic industry, a senior government official said on Friday. Director General of Foreign Trade (DGFT) Santosh Kumar Saranagi said it was observed that only a handful of domestic exhibitors go outside to participate in such events.
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