According to the Thai Rice Exporters Association, Thailand’s 5% cracked white rice – the Asian benchmark – increased for the third consecutive week to $659 per ton on Wednesday. This is the highest level since October 2008.
Rice prices have hit a new 15-year high, fueled by strong demand and lingering supply concerns. According to the Thai Rice Exporters Association, Thailand’s 5% cracked white rice – the Asian benchmark – increased for the third consecutive week to $659 per ton on Wednesday. This is the highest level since October 2008 and has sent prices up about 38% this year, after top exporter India restricted exports and dry weather threatened production.
Rice is essential to the diets of billions of people in Asia and Africa, and the latest price hike could add to inflationary pressure and increase import bills for buyers. Some countries have increased purchases to stock up on supplies out of concern that the impact of El Niño could further tighten supply in the coming months.
Indonesian President Joko Widodo said last week that Thailand would deliver up to 2 million tons next year, while India agreed to supply 1 million tons. Meanwhile, the Philippines is expected to receive more than 500,000 tons of rice imported by the private sector until the end of February.
The number of fraud cases reported by private banks accounted for 66.2% of the total cases.
Indian banks reported a total of 12,069 card and internet-related digital frauds in the first half of FY24 (April-September), amounting to Rs 630 crore, seven times higher than 87 crore fraud during the corresponding period of the previous financial year, says the report, Banking Sector Trends and Progress 2023 by the Reserve Bank of India (RBI).
Overall, lenders reported a total of 14,483 scams amounting to Rs 2,642 crore, the lowest in six years. “Based on the date of fraud occurrence, the average amount involved decreased during 2022-2023, with the number of incidents concentrated on card or internet related frauds,” the report said.
The number of fraud cases reported by private banks accounted for 66.2% of the total cases, while in terms of numbers, public sector banks accounted for a higher share. The majority of fraud cases in public sector banks were related to advances, while private lenders accounted for the majority of cases related to cards, internet and cash.
Along with the overall decline in frauds, the RBI also fined lenders less in FY23 compared to FY22. For example, the regulator imposed a total fine of 3 .7 crores on seven non-compliance cases in public sector banks in FY23, compared to a fine of Rs 17.6 crore imposed in 13 cases in FY22.
Private banks were fined more than public sector banks in FY23, with the regulator imposing a penalty of Rs 12.2 crore for seven violations by these lenders. The central bank has imposed the highest penalty on cooperative banks, as it has imposed a fine of Rs 14 crore for 176 violations by this category of lenders.
Delhi makes most payments between midnight and 6am.
An interesting finding from the report is that the maximum number of payments are made on Saturday, making it the busiest day of the week for digital transactions. With most payments made between midnight and 6 am, Delhi has become Paytm’s night owl.
One97 Communications Limited (OCL), the owner of payments and financial services company Paytm, has announced the release of Paytm Summary 2023. The summary shows payment numbers and user engagement on the app its use.
Users can also check out their personal payments journey with Paytm in 2023 through paytm.com/recap. Paytm recorded strong in-store payment figures with over 92 lakh devices pioneered by Paytm like Soundbox, Card Machine, etc. in the quarter ending September 2023. A total of 912 crore merchant payments were made using Paytm in Q2FY24. Paytm was the first company to launch QR code and confirmation based payments Instant sound with Soundbox device. This year, the company launched three new Paytm Soundbox devices for merchants: Pocket Soundbox, Music Soundbox and Card Soundbox.
An interesting finding from the report is that the maximum number of payments are made on Saturday, making it the busiest day of the week for digital transactions. By making most payments between midnight and 6 am, Delhi has become Paytm’s night owl, outperforming cities like Hyderabad, Bengaluru, Chennai and Goa.
“The company’s report shows the widespread adoption of Paytm’s pioneering QR codes and points out that if all the Paytm QR codes used this year were stacked together, they would be larger than 40 Qutub Minars, ” it said in an announcement.
The company is expanding digital payments everywhere, thereby driving financial inclusion as it is adopted in the most remote parts of the country, with users coming from places like Dharwas in Himachal Pradesh and Laitmawsiang in Meghalaya.
There were some interesting observations during the year with Rs 20 being the most popular amount paid by Paytm users. Facilitating payments of over 55 lakh challans worth over a staggering Rs 179 crore, the company has provided users with a convenient way to clear fines and fees.
“Over the past year, users have made payments to our robust commerce base worth ₹3.75 crore, across the country, supporting businesses of all sizes,” the company said.
A Paytm spokesperson said: “As the pioneer of QR codes, sound boxes and mobile payments in India, we continue to see widespread acceptance of Paytm, with growing adoption by consumers and sellers.
In 2023, we achieved new milestones and further strengthened our leadership in payments. We continue to be at the forefront of technology for small shops in India and remain focused on driving financial inclusion in India.
The Indian economy showed resilience in 2023 with strong GDP growth and strong GST collections, but inflation remained above the RBI target.
The Indian economy has shown remarkable resilience in 2023 with strong GDP growth and strong GST collections. However, inflation remains higher than the Reserve Bank of India’s (RBI) target of 4%.
India’s retail inflation, or inflation based on the consumer price index (CPI), was 4.87% in October, up from 5.02% in September and 6.83% in August. However, it rebounded in November and hit a three-month high of 5.5%.
In its latest policy meeting, the RBI kept its inflation forecast unchanged as it forecast inflation based on the Consumer Price Index (CPI) or retail inflation at 5.4% for FY24, with a third quarter forecast of 5.6 percent and a fourth quarter forecast of 5.2 percent. hundred. CPI inflation in the first quarter of FY25 is forecast at 5.2 per cent, in the second quarter at 4 per cent and in the third quarter at 4.7 per cent.
On the other hand, the RBI has raised its real GDP growth forecast for FY24 to 7%, from 6.5% previously, with Q3 GDP at 6.5% (vs. previous estimate of 6%. ) and fourth quarter GDP was 6%. (compared to previous estimate of 6%). The previous estimate was 5.7%).
RBI’s real GDP growth forecast for the first quarter of FY25 is 6.7 per cent, for the second quarter of FY25 it is 6.5 per cent and for the third quarter FY25 it is 6.4 per cent.
Mint spoke to several experts to gather their views on India’s inflation and economic growth trajectory in 2024. Here’s what they said:
Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings
India’s annual retail price inflation rose from 4.87% in October to 5.55% in November 2023. Agriculture production hit by five-year low monsoon in 2023 by ‘El Niño. As a result, the MPC will continue to be wary of inflation as the macroeconomic outlook is characterized by volatile and unstable food prices.
India’s GDP in fiscal 2024 is expected to grow by 6.7%. Going forward, India will emerge stronger thanks to key transformation factors, namely the consumption boom, the rise of the middle class and the green transition (demand side) and economic benefits. i.e. demographics, better access to finance and increased physical and digital infrastructure (supply side). In short, India is in an ideal situation.
In the ever-evolving landscape of e-commerce, the Stopover Store app is emerging as a game-changer, providing a dynamic platform for artists and influencers to monetize their creativity seamlessly. Founded by dropout entrepreneur Aditya Raj, the app has rapidly gained traction, boasting an impressive 1 million downloads on the Play Store.
Stopover Store stands out as an open eCommerce haven, allowing individuals to establish their stores with a primary focus on delivering captivating content and dependable services. The mission is clear: enable artists and influencers to showcase and sell their merchandise without the burden of upfront costs.
Dedicated to eCommerce, the platform simplifies the process of launching a merch store, clothing line, or selling personalized gifts. It provides a user-friendly interface, ensuring a smooth experience for creators and buyers alike. With a commitment to supporting individual artists, the app handles inventory and logistics, relieving sellers of upfront financial commitments.
Stopover Store goes beyond being a marketplace; it’s a creative hub where artists can exhibit and sell their creations. By managing inventory and logistics, the platform removes barriers for creators, empowering them to focus on their passion without the worries of operational intricacies.
The Stopover Store app introduces a pioneering concept in India, revolutionizing the way individuals, including students, homemakers, and creators, kickstart their online merchandise businesses. This innovative platform allows users to effortlessly design and sell custom products such as t-shirts, hoodies, and sweatshirts, right from their smartphones.
The app doesn’t just stop at providing a marketplace. It offers branding support, allowing influencers to create their branded stores with personalized links for seamless sharing with followers. The earnings tracking feature ensures that creators can easily monitor their income per order and request payouts with a single click.
Stopover Store strategically targets students, homemakers, and influencers seeking part-time income. By simplifying the process of starting a T-shirt business through a smartphone, it caters to a diverse audience. The app’s success is evident in its remarkable 10 Lakhs downloads on the Play Store, and it has set its sights on expanding its reach to raise awareness and support independent artists.
As the Stopover Store app continues to redefine the landscape of e-commerce, it stands as a testament to the power of innovation and the untapped potential within the creative community. With its user-friendly approach and commitment to empowering individual artists, Stopover Store is not just an app; it’s a movement propelling creators towards success in the digital era.
In the dynamic world of skincare, Raga Nair, the visionary Founder and CEO of HerbaVeda Skin & Hair Care, has emerged as a game-changer at the age of 27. Since its inception in 2017, HerbaVeda has redefined the skincare industry, placing affordability and innovation at the forefront of its mission.
With an unwavering commitment to addressing various skin issues and problems, HerbaVeda has earned a reputation as a beacon of trust and ingenuity under Raga’s leadership. The brand boasts an impressive lineup of 25+ variants in skincare and 7+ variants in hair care, exemplifying its dedication to diversity and inclusivity in beauty.
Setting itself apart, HerbaVeda proudly stands as the only Indian skincare brand offering skin whitening and lightening creams that are approved, certified 100% organic, FDA approved, certified organic by PQcert (London) and London Certified (UK), vegan, and paraben-free. This unique distinction has positioned HerbaVeda as a trailblazer in delivering quality products with a commitment to health and sustainability.
The brand’s global impact is evident, having garnered the trust of over 10,000 individuals worldwide. HerbaVeda’s expansion into seven countries showcases its commitment to providing accessible skincare solutions on a global scale, managing both retail and wholesale orders with seamless efficiency.
Noteworthy is HerbaVeda’s dedication to women empowerment, with 60% of its workforce comprising women. This commitment goes beyond rhetoric, solidifying the brand’s stance as a supporter of women entrepreneurship. Recognition as the Best Startup Brand in 2021 and consecutive wins as the Best Brand in 2022 and 2023 at the India 5000 MSME Awards underscore HerbaVeda’s excellence and positive impact.
HerbaVeda’s recent recognition by the IEB-UK Board in Thailand emphasizes its growing global acclaim. Looking ahead, Raga Nair envisions treating over 500,000 clients in 2024, delivering excellent skincare products tailored to their specific needs.
The brand’s commitment to fostering confidence by creating pigmentation and acne-free skin aligns with its broader goal. HerbaVeda aims to empower individuals to flaunt their natural beauty confidently, eliminating the need for excessive makeup. By the end of 2024, the brand sets its sights on conquering resellers, with a significant focus on women empowerment and global accessibility for its products.
The vision extends further, with HerbaVeda aiming to establish physical stores globally. This strategic move will ensure easy access for clients to their products, making quality skincare a tangible reality. Currently accessible through Instagram and WhatsApp for orders, HerbaVeda also offers free consultations, where its expert team guides individuals in addressing their skin issues and recommends suitable products.
HerbaVeda proudly commemorates significant milestones and achievements, with the remarkable success of its best-selling “Avocado Cream,” boasting the sale of over 50,000 containers in the past year. This milestone stands as a testament to the product’s widespread popularity and undeniable efficacy, solidifying HerbaVeda’s position as a frontrunner in the skincare industry.
Building on this triumph, the brand recently celebrated the exceptional performance of its Korean Glass Skin Cream, selling over 1000 containers in the last month alone. This recent accomplishment highlights the product’s top-tier status within HerbaVeda’s diverse skincare offerings. Furthermore, HerbaVeda’s commitment to personalized skincare shines through, with the brand taking pride in customizing over 500 skincare products to address individual clients’ unique skin conditions and specific requirements, underscoring its unwavering dedication to tailored excellence in skincare.
HerbaVeda’s commitment to being a certified Mercury & steroid-free skin care brand further reinforces its dedication to providing safe and effective solutions for its clientele. As it continues to redefine the beauty landscape, HerbaVeda stands as a testament to the transformative power of conscious and inclusive skincare.
It is likely that Jio Cinema and Disney+ Hotstar will merge into a single entity, bringing a new and improved OTT experience unlike any other in India.
In a major move that could change entertainment and OTT viewing in India, Mukesh Ambani’s Reliance has signed a non-binding agreement with Walt Disney Co, bringing the companies closer to a mega-merger between RIL and Disney Star.
Jio Cinema and Disney+ Hotstar are also part of the deal, which is likely to be merged into a single entity. Jio Cinema and Hotstar are direct rivals, but their potential merger could be a game changer in India’s OTT industry.
The Reliance-Disney merger is expected to be completed by February 2024, with Ambani’s company expected to have more control over the combined entity. According to the initial details of the deal, the share split between Reliance and Disney will be 51-49.
Once the deal is completed, it will become the largest entertainment merger in India. Under the terms of the deal, both companies will gain $1.50 for the merger, while Reliance will hold more shares in the company.
Jio Cinema and Disney+ Hotstar are two major companies when it comes to bidding for IPL rights and international cricket tournaments. With a potential merger looming, this bidding war could be over for good. Once Reliance takes control of Star India channels, Star could retain cricket rights for television, while OTT rights could be given to the merged Jio-Disney platform.
The merger between Jio Cinema and Disney+ Hotstar will create India’s largest OTT platform, with streaming rights to cricket and football as well as HBO and WB content. This will also help Hotstar escape the losses it has suffered in the past year.
Meanwhile, news of the Reliance-Disney merger has caused a wave of users leaving Hotstar, which has been struggling for the past few years after losing its IPL rights and HBO deal.
The Reliance-Disney deal will not only bring change to the OTT sector but also to TV viewing. The companies are currently finalizing the final details of the merger.
New Delhi: Adani Green Energy Limited (AGEL) on Wednesday said it has completed a 1,050 megawatt joint venture (JV) with TotalEnergies.
TotalEnergies has invested about 300 million USD in subsidiary AGEL, acquiring 50% of the shares in the joint venture’s projects. In the regulatory filing, Adani Green wrote: “Following execution of the joint venture agreement, the Company and TotalEnergies own a 50:50 interest in ARE9L. ARE9L in turn has a project portfolio of 1,050 MW. TotalEnergies has acquired a 50% stake in ARE9L. ARE9L’s shares amount to 300 million USD.
The binding agreement for the joint venture was announced in September. The ARE9L joint venture has a 1,050 MW portfolio comprising 300 MW of operating capacity, 500 MW of capacity under construction and 250 MW of assets under development including solar and wind turbines in India. AGEL said the joint venture will help it achieve its renewable energy capacity target of 45 GW by 2030.
TotalEnergies is a French multi-energy company specializing in the production and marketing of energy commodities, including oil and biofuels, natural gas and green gas, renewable energy and electricity. It operates in 130 countries.
On Tuesday, AGEL announced that it has raised ₹9,350 crore by issuing preferential warrants to promoters. Earlier this month, the company announced a $1.36 billion facility funded by eight international banks to build 2,167 MW of solar projects in Khavda, Gujarat.
In the September quarter, the company reported a 149% year-on-year rise in consolidated net profit to ₹372 crore. As of September 30, its net debt stood at ₹38,190 crore, compared with ₹40,455 crore as of March 30, 2023, according to an investor presentation released on October 30.
Demand for agricultural pumps is largely resilient: a “good” monsoon boosts farm income and pump purchases, supported by a good kharif harvest, while a “poor” monsoon demands asked to use a pump to irrigate rabi plants.
According to a report by CRISIL Ratings, agricultural (agricultural) pump manufacturers will witness a decent revenue growth of 7-9% in FY25. This will supported by steady domestic demand for conventional pumps and growing consumption of solar pumps, largely under the PM Kusum programme. This will follow likely revenue growth of 8 to 10 per cent in the current financial year.
Operating margins will also remain stable, at 12-13% this financial year and next, thanks to improved operating leverage and stable prices of key raw materials. This, coupled with a stable working capital cycle and moderate capital expenditure (capex), will support the credit risk profile.
CRISIL Ratings analyzed five major agricultural pump manufacturers, accounting for nearly 55% of the industry’s revenue estimated at ~Rs 6,000 crore in FY24 to publish the report. The sector is dominated by conventional pumps (grid-connected pumps and diesel pumps), which account for about 90% of the market share, with the remainder being solar pumps.
Demand for agricultural pumps is largely resilient: a “good” monsoon boosts farm income and pump purchases, supported by a good kharif harvest, while a “poor” monsoon demands asked to use a pump to irrigate rabi plants. This was also evident in the current financial year, where revenue growth was largely volume-driven, as conventional pump sales increased amid irregular monsoons caused by El Nino conditions.
“Taking into account normal monsoons in FY25, industry revenue growth will be largely driven by production. While conventional pumps may see steady growth at 6-8%, solar pump volumes will grow at a faster rate of about 20% year-on-year, supported by expected decline in pump prices,” said Anuj Sethi, Senior Director. CRISIL Rating.
Solar pumps are expected to become cheaper in FY25 as manufacturers pass on lower prices of solar modules, an important raw material, the report added. accounts for about 65-70% of the cost of a solar pump. . This, combined with increased order intake under the PM KUSUM program, is expected to close in March 2026; will be behind double-digit volume growth expectations for the next fiscal year.
Steady growth in conventional pump volumes, coupled with the prices of key raw materials – cast iron, steel and copper (accounting for about 70 to 75% of total costs), the remaining product lines will remain profitable as operating healthy at 12-13% this financial year. and the next (~12% in 2023), CRISIL Ratings said.
“Conventional pump manufacturers are operating at 65-70% capacity and solar pump manufacturers at around 40%, thereby avoiding the need for significant investment. This, coupled with healthy cash flows and a steady working capital cycle, driven by one-off receivables and moderate inventory levels, should keep the credit profile in the sector stable, ” said Aditya Jhaver, Director, CRISIL Ratings.
Debt metrics will remain strong, with interest coverage and leverage expected at 18-20 times and below 0.10 times respectively this financial year and next, better than a year. little compared to fiscal 2023. Therefore, precipitation and weather patterns are the same as geopolitical factors. Risks affecting key commodity prices will need to be monitored.
With the Premium Free option, the insurance company will pay the premium on your behalf and ensure that your investment plan stays on track without increasing the financial burden on your family.
Investment and insurance products are becoming increasingly popular among Indian parents due to their dual benefits. They provide life insurance, ensure financial protection for children in case of unforeseen events, and provide the opportunity to create wealth by investing in various funds.
“Who will pay the insurance premium if something happens to me? What will happen to the plan? – is a question asked by many investors. One prominent additional option that comes to their rescue in a situation like this is the death premium waiver, which comes into effect in case of the policyholder’s death. For parents, nothing is more important than securing their child’s future, and this choice can be a saving grace if something happens to them.
How does WOP work? Suppose the policyholder dies. Often, families may have difficulty meeting the payments of these plans. However, with the premium free option, the insurance company will pay the premium on your behalf and ensure that your investment plan stays on track without increasing the financial burden on your family.
How WOP secures your investment
These products include two main elements: insurance coverage and investment in market-linked funds. Typically, the premium is divided between these items based on your needs. The returns from stock market performance of these funds increase over time and are returned to the nominee when the plan matures. If you die during the insurance period, the insurance department will provide financial support to the candidate. Unlike standard life insurance policies where coverage ends after payment of the death benefit, these plans continuously increase the investment component until maturity. With the WOP option, the responsibility for paying the premium is transferred to the insurance company.
The criteria for activating this option are clear: it comes into effect after the death of the insured, ensuring that their dependents do not have to bear the additional burden of paying premiums during the period of bereavement .
