FCI stops wheat auction under OMSS

Panaji (PTI): Air India Express, India’s first international budget airline, on Monday said it has commenced operations from Goa International Airport, with four weekly direct flights on the Goa-Dubai route. The first flight IX 840 took off at 1:00 am on Monday with 148 passengers on board from Dabolim Airport. Aloke Singh, Managing Director, Air India Express and AirAsia India, said that the airline takes pride in being the only airline that offers direct connectivity to Dubai from Goa.

GOLD RATES FALL BY `640/10 GM; SILVER TUMBLES `700/KG

New Delhi (PTI): Stateowned Food Corporation of India (FCI) on Monday said wheat sale at discounted rates via e-auction to bulk consumers, institutions and state governments has been stopped for now as procurement of the fresh crop begins next month.

Under the Open Market Sale Scheme (OMSS), the FCI has sold 33 lakh tonnes of wheat till March 15 through e-auction, out of which, buyers have lifted 31 lakh tonnes of the grain so far. They have to lift the balance quantity by March 31.

“The last e-auction of wheat to bulk consumers was undertaken on March

15. The auction has been stopped for now as the procurement of the fresh crop will pick up in the coming days,” FCI Managing Director Ashok K Meena said.

Sale of wheat to institutions like Nafed and state governments under the OMSS has also been stopped. The wheat auction

Sensex breaks 2-day losing streak, Nifty tests 17K level

New Delhi (PTI): Gold price declined `640 to `59,220 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities. The precious metal had ended at `59,860 per 10 grams on Friday. Silver also tumbled `700 to `70,140 per kilogram. “Spot gold prices in the Delhi market traded at `59,220 per 10 grams, down `640 per 10 grams,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

OYO EXPECTS MORE THAN `5,700 CRORE REVENUE IN FY23

Mumbai (PTI): Equity benchmark Sensex climbed 126 points on Monday, propped up by buying in index heavyweights Reliance Industries, Maruti and SBI amid a higher opening in European equities.

The 30-share BSE Sensex climbed 126.76 points or 0.22% to finish at 57,653.86.

During the day, it jumped 492.45 points or 0.85% to 58,019.55.

The broader NSE Nifty advanced 40.65 points or 0.24% to end at 16,985.70.

Among the Sensex firms, Reliance Industries, Maruti, Sun Pharma, State Bank of India, UltraTech Cement, Infosys, Kotak Mahindra Bank, Hindustan Unilever, ITC and HDFC Bank

Vi stares at bleak future: Report

New Delhi (PTI): Hospitality and travel-tech firm

OYO estimates its revenue in FY23 to be more than `5,700 crore, up 19% from `4,780 crore it had recorded in FY22, according to its Founder & Group CEO Ritesh Agarwal. At a town hall on Monday, Agarwal told employees of the firm that OYO is aspiring to reach adjusted EBITDA of nearly `800 crore in the next financial year. In the presentation, Agarwal said OYO’s revenue for FY2023 is expected to be over `5,700 crore, up around 19% from the `4,780 crore achieved in FY2022.

ELECTRIC THREE WHEELERS LIKELY TO GAIN TRACTION

Mumbai (PTI): Vodafone

Idea or Vi stares at a bleak future, including the possibility of “shutting shop” due to factors triggered by heightened competition, a domestic brokerage said on Monday. It also expects telecom companies to start hiking tariffs only after the general elections in 2024.

In the absence of the price hikes, Vi will not be able to keep up with the investments required and launch 5G services, which will lead to an erosion of subscribers.

IN 2023-24

Mumbai (PTI): Electric three-wheelers are expected to gain traction due to favourable operating economics, and the government’s focus on cleaner means of transportation. According to a Icra report, the electric segment is likely to account for 14-16% of new three-wheeler sales (excluding rickshaws) by FY2025, up from 8% currently. Penetration is estimated to rise to 35-40% by FY2030 as the product gains more acceptance, as per the report.

Top Talking Points

z Under the Open Market Sale Scheme (OMSS), the FCI has sold 33 lakh tonnes of wheat till March 15 through e-auction, out of which, buyers have lifted 31 lakh tonnes of the grain so far. They have to lift the balance quantity by March 31.

z Sale of wheat to institutions like Nafed and state governments under OMSS has also been stopped.

` GAINS 3 PAISE TO CLOSE AT 82.37 AGAINST US DOLLAR

will resume only if there is a need to intervene in the market, he added.

The government in January had announced plans to sell wheat in the open sale under the OMSS. Out of the allocated quantity, FCI was mandated to sell a total of 45 lakh tonnes of wheat to bulk users till March 15 through weekly e-auctions. were the biggest gainers. market from its buffer stock under the OMSS in order to check rising wheat and wheat flour prices.

Shares of Reliance Industries climbed 1.54%, the most among the 30-share BSE constituents.

Power Grid, Axis Bank, Mahindra & Mahindra and Tata Motors were among the major laggards.

Mumbai (PTI): The rupee appreciated by 3 paise to close at 82.37 (provisional) against the US dollar on Monday. At the interbank foreign exchange market, the local unit opened at 82.36 against the American currency and finally settled at 82.37 (provisional) against the greenback, registering a gain of 3 paise over its previous close of 82.40. During the trading session, the rupee touched a high of 82.27 and a low of 82.42 against the dollar.

A total of 50 lakh tonnes of wheat was allocated for

S&P keeps India growth aim at 6% for fiscal 2024

New Delhi (PTI): S&P

Global Ratings on Monday kept its forecast for India’s economic growth unchanged at 6% in the fiscal year starting April 1, before rising to 6.9% in the following year.

In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5% in 2023-24 fiscal, from 6.8% in the current financial year.

It saw India’s gross domestic product (GDP) likely growing by 7% in the current financial year ending March 31 (2022-23), before slowing to 6% in the next 2023-24 fiscal.

“India leads, with average growth of 7% in 20242026,” the update said.

GDP is projected to rise to 6.9% in the following two financial years -- 2024-

Coca Cola To Continue Investing Through Partners In Indian Mkt

Lucknow (PTI): Global beverages major The CocaCola Company is bullish on the Indian market and is continuing to invest in the country through its partners, the company’s President and Chief Financial Officer John Murphy said on Monday.

India’s rapid progress in infrastructure, electrification and digitisation offer a long runway ahead for the economy to grow and it fosters confidence, he said.

A lot of development has taken place in urban and rural India, which has created an emerging middle class, ensuring growth for many years to come, he said.

“When you have an economy growing, our industry typically benefits from economic growth,” he said.

“For us, there are tremendous ingredients to the growth equation that we are developing. And to manage growth, you have to invest. We are fortunate to have partners in India who believe in the opportunity they have and are investing in infrastructure and people,” he noted.

Real estate sector likely to garner $12-13bn

New Delhi (PTI): Real estate sector has received an equity capital of $32 billion during the last five years and is expected to attract $12-13 billion during 202324 with office assets likely to garner maximum fund, according to CBRE.

It has estimated that equity flows in real estate sector will remain steady with expected investment at around $12-13 billion over the next two years with an average $6-7 billion flow per year.

Equity investments include those by private equity funds, pension funds, sovereign wealth funds, institutional investors, real estate developers, investment banks, corporate

Major Findings

z Real estate sector has received an equity capital of $32 billion during the last five years and is expected to attract $12-13 billion during 2023-24 z Equity flows in real estate sector will remain steady with expected investment at around $12-13 billion over the next two years

About 3 lakh tonnes of wheat was earmarked for state governments and 2 lakh tonnes for institutions like Nafed for converting it into wheat flour and then selling at ` 27.50 per kilogramme. Under the OMSS, the reserve price of fair and average (FAQ) quality wheat was also fixed at a discounted rate of ` 2,150 per quintal, while for Under Relaxed Specifications (URS) wheat at ` 2,125 per quintal.

RBI likely to pause interest rate hike in Apr

25 and 2025-26 and rising to 7.1% in 2026-27.

“In India, domestic demand has traditionally led the economy. But it has become more sensitive to the global cycle lately, in part due to rising commodity exports; and its year-onyear GDP growth slowed to 4.4% in the fourth quarter (October-December 2022),” the rating agency said.

Pronounced core inflation in India suggests little slack in these economies, it said.

Other Stories

New Delhi (ANI): The Reserve Bank of India (RBI) is expected to pause their interest rate hike and the current 6.5% repo rate could be the terminal rate for now, said SBI Research in its latest Ecowrap report.The repo rate is the interest rate at which the RBI lends money to all commercial banks.

The next monetary policy meeting is scheduled for the first week of April 2023.

“The (RBI’s) stance could continue to be withdrawal of accommodation, even as liquidity is now in deficit mode. RBI can always keep the options open in June (monetary) policy,” the SBI Research said.

Epfo To Decide Rate Of Interest On Epf Deposits For Fy23 By Tuesday

New Delhi (PTI): The retirement fund body EPFO is likely to announce the rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21 in March 2022. “The EPFO’s apex decision making body Central Board of Trustees (CBT) is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon,” a source said.

Bmw To Launch 19 Car Models In India This Year

New Delhi (PTI): German luxury auto maker BMW plans to introduce 19 car models, including electric vehicles, in India this year as it looks to sustain double- digit sales growth in the country. The car maker, which expects 2023 to be the best for it in terms of sales in the country so far, also aims for electric vehicles to account for about 15% of its overall sales this year. The group also plans to introduce three bike models in India this year.

groups, and REITs, etc.

CBRE expects that office assets would continue to garner a majority share of total institutional inflows, followed by Industrial & Logistics (I&L) and sites/ land parcels.

FOUR SAIL PROJECTS WORTH `2,338 CR FACE DELAYS: STEEL MIN

New Delhi (PTI): Four projects of Steel Authority of India Ltd (SAIL) worth `2,338 crore are facing delay due to reasons like delayed placement of orders and supply of materials/equipment. “There is delay in projects... Mainly on account of poor performance of contractors/ sub-contractors, delay in placement of orders and supply of materials/equipment, etc. However, there is no cost overrun,” Union steel minister Jyotiraditya M Scindia said.

HDFC BOARD CLEARS RAISING `57,000 CRORE THROUGH NON-CONVERTIBLE DEBENTURES

New Delhi (PTI): Mortgage lender HDFC Ltd on Monday said its board has approved raising funds through non-convertible debentures (NCDs) in tranches aggregating to `57,000 crore. The board has cleared issuance of unsecured, redeemable, non-convertible debentures under a Shelf Placement Memorandum, aggregating `57,000 crore, in various tranches, on a private placement basis, HDFC said in a regulatory filing.

At many a time, emotional attachment to a cause can liberate you to achieve more than possible.

—Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India