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The India Meteorological Department (IMD) has revised the expected landfall timing of Cyclone Fengal along the Tamil Nadu coast, now anticipated to occur between Saturday evening and early Monday morning. Dense cloud cover is currently observed over south coastal Andhra Pradesh and north coastal Tamil Nadu, affecting areas including Chennai and Tirupathi. As of 8:30 AM, the cyclone was located approximately 120 km east-northeast of Puducherry, moving west-northwest at 13 km/hr. Various global weather models present differing predictions for landfall, with the European Centre for Medium-Range Weather Forecasts estimating it at 8:30 AM Sunday, while the IMD-GFS suggests 9:30 PM Saturday. The cyclone is expected to bring wind speeds of 70-80 km/hr, gusting up to 90 km/hr, as it approaches the coast between Karaikal and Mahabalipuram, marking the end of its prolonged presence over the Bay of Bengal. 
Published: Nov 30 2024, 12 pmeznews.inKarnataka-based Nirani Sugars has announced a ₹1,000 crore investment to revive the Riga Sugar Mill in Bihar, which resumed operations on December 26 after a four-year closure. Bihar's Industries Minister, Nitish Mishra, confirmed that the mill's sugarcane crushing capacity will double from 5,000 to 10,000 tonnes per day, with a ₹300 crore investment. Additionally, the ethanol distillery capacity will surge from 45 KLPD to 700 KLPD, supported by ₹550 crore, while the co-generation unit's capacity will increase from 11 MW to 50 MW at a cost of ₹75 crore. Nirani Sugars will also establish a new compressed biogas plant at ₹75 crore. The revival is expected to benefit local farmers and create new employment opportunities in the region. The mill, previously under liquidation, was acquired by Nirani Sugars following approval from the National Company Law Tribunal.
Published: Dec 26 2024, 8 pmeznews.inIndia's economic outlook for the second half of fiscal 2025-26 is showing signs of improvement, according to a Finance Ministry report released on December 26. Despite a dip in growth to 5.4% in the July-September quarter, leading to a downgrade in GDP growth forecasts for 2024-25 to around 6.5%, the performance of High Frequency Indicators (HFIs) for October and November suggests a brighter economic landscape. Key factors include an increase in minimum support prices for rabi crops, high reservoir levels, and robust rural demand, evidenced by significant growth in two and three-wheeler and tractor sales. Additionally, urban demand is recovering, with a 13.4% year-on-year increase in passenger vehicle sales. However, concerns remain regarding job opportunities and wage levels affecting consumption, alongside structural factors contributing to the earlier slowdown. The Reserve Bank of India's recent reduction of the cash reserve ratio is expected to stimulate credit growth.
Published: Dec 26 2024, 8 pmeznews.inIn an e-auction held on December 26, the Food Corporation of India sold 99,465 tonnes of wheat under the Open Market Sale Scheme (OMSS), maintaining the total weekly offer at 1 lakh tonnes. The auction saw a significant price drop, with the highest bid falling by up to ₹475 per quintal in several states, particularly Telangana, while Uttar Pradesh experienced a slight increase of ₹3 per quintal. The government adjusted allocation quantities among states, increasing supply for Odisha, Telangana, Chhattisgarh, Uttar Pradesh, Assam, Bihar, Punjab, and West Bengal by a total of 10,700 tonnes, while reducing it for other regions. The Food Ministry has set a reserve price of ₹2,325 per quintal for fair quality wheat and introduced new norms to prevent processors with excess stock from participating in the auction. The initiative aims to offload 25 lakh tonnes of wheat by March 31, 2025, to support flour mills and manufacturers.
Published: Dec 26 2024, 8 pmeznews.inThe National Financial Reporting Authority (NFRA) has imposed a ₹2 crore penalty on Deloitte Haskins & Sells for significant lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) for the financial years 2018-19 and 2019-20. The NFRA's investigation revealed that the auditors exhibited gross negligence, failing to apply professional skepticism and adequately challenge management assertions, particularly regarding unauthorized guarantees and the misuse of ZEEL's funds. Engagement Partner A B Jani has been barred from corporate audit work for five years and fined ₹10 lakh, while Engagement Quality Control Review Partner Rakesh Sharma faces a three-year ban and a ₹5 lakh penalty. This ruling underscores NFRA's heightened scrutiny of audit practices, signaling potential shifts in corporate governance and auditor accountability in India. Deloitte has stated it is reviewing the order and remains committed to high audit standards.
Published: Dec 26 2024, 8 pmeznews.inAs of December 26, 2024, water storage levels in 155 major reservoirs across India have fallen to 75% of their total capacity, reflecting a significant decline due to easing North-East monsoon conditions. The Central Water Commission reported that current storage stands at 135.404 billion cubic metres (BCM), which is 124% of last year's levels but only 199% of the normal for the past decade. The northern region is particularly concerning, with storage dropping to 46% of its capacity, including Punjab's reservoir at just 22%. Overall, 10 reservoirs are full, down from 13 last week, while 19 are below 50% capacity. The India Meteorological Department noted a 62% deficiency in post-monsoon rainfall across 721 districts, impacting rabi sowing, which has decreased slightly compared to last year. With the North-East monsoon ending, further declines in storage are anticipated in the coming weeks.
Published: Dec 26 2024, 7 pmeznews.inThe Directorate-General of Shipping has mandated the installation of Closed Circuit Television (CCTV) systems on all Indian-flagged merchant vessels exceeding 500 gross tonnage, following a series of alarming incidents, including potential suicides, collisions, and personnel disappearances. This decision aims to enhance maritime safety and security, particularly in man-overboard situations and cases of missing seafarers, where inadequate information has hampered Search and Rescue (SAR) operations. The directive emphasizes the need for 24/7 recording capabilities and a minimum of 90 days of footage storage, with a centralized monitoring station established on the vessel's bridge or in a dedicated security office. The move reflects the Directorate's commitment to safeguarding the well-being of seafarers and improving response times during emergencies, as outlined in a recent circular addressing these critical maritime concerns.
Published: Dec 26 2024, 6 pmeznews.inThe recent Supreme Court ruling dismissing the Competition Commission of India’s (CCI) appeal in the JCB case raises significant concerns about the role of private settlements in market regulation. While mediation can expedite dispute resolution, the court's endorsement of a private settlement between JCB and Bull Machines Private Limited (BMPL) risks undermining the CCI's authority to address systemic market failures. The ruling allows parties to resolve disputes without regulatory oversight, potentially enabling anti-competitive practices to go unchecked. This contrasts with the Competition Amendment Act of 2023, which mandates regulatory scrutiny of settlements to protect public interest. The decision sends mixed signals about the government's commitment to robust market oversight, highlighting the need for a balanced approach where private settlements complement, rather than replace, the CCI's role in ensuring fair competition. As India strives for a fair market economy, maintaining the CCI's authority is crucial to safeguarding consumer and competitive interests.
Published: Dec 26 2024, 4 pmeznews.inCardamom farmers in India are facing one of the worst years in the crop's history due to severe drought conditions and subsequent fungal outbreaks, leading to a projected 30-40% drop in productivity. The drought, exacerbated by the El Niño phenomenon, has devastated small and marginal farmers, who lack irrigation access, resulting in a significant reduction in high-quality cardamom supply. Production is expected to plummet to between 15,000 and 18,000 tonnes in 2024, down from 25,000 tonnes in 2023, while prices have surged from ₹1,650 to ₹2,950 per kg. Despite the challenges, there are optimistic export prospects due to a shortfall in Guatemalan cardamom production, with Indian exports expected to rise. However, the future remains uncertain, hinging on farmers' ability to manage the upcoming summer and the potential for recovery in production by late 2025.
Published: Dec 26 2024, 4 pmeznews.inHousing sales in India's top seven cities experienced a slight decline of 4% in 2024, with over 4.5 lakh units sold compared to 4.7 lakh in 2023, according to ANAROCK. This downturn was attributed to strong homebuyer demand, rising property prices, and the impact of general and state elections, which slowed project approvals. Despite the drop in sales volume, the overall sales value increased by 1%, reaching approximately ₹5.68 lakh crore, driven by a 16% rise in average prices and larger unit sizes. The Mumbai Metropolitan Region (MMR) led sales with a 1% increase, while new launches fell by 7% to around 4.12 lakh units. Notably, Delhi-NCR saw the highest price surge, with a 30% increase in average residential prices. Looking ahead, ANAROCK's Chairman Anuj Puri expects price hikes to stabilize in 2025, alongside a boost in new supply from developers.
Published: Dec 26 2024, 3 pmeznews.inIndia's finished steel imports surged to 6.5 million tonnes (MT) from April to November 2024, marking a 26.6% increase, while exports plummeted by 23.6% to 3.154 MT, resulting in a trade deficit of ₹26,468 crore—the highest in five years. The Steel Ministry's report highlights that imports, valued at ₹52,862 crore, nearly double the ₹26,394 crore from exports. China emerged as the dominant supplier, accounting for nearly one-third of imports, with shipments rising by 23% year-on-year to 2.0 MT. Meanwhile, imports from Japan also doubled to 1.4 MT. The Indian steel industry faces challenges in export markets, particularly in Europe, where shipments to Italy and Spain fell by 22% and 32%, respectively. Despite stable export offers to the Middle East, Indian steelmakers struggle against competitive pricing from China, which has led to a slowdown in trading activity in the region.
Published: Dec 26 2024, 2 pm
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