eznews.inIndia's monsoon has resumed after a two-week stall, with rains expected to blanket central regions this week, providing much-needed relief from a heatwave affecting the grain-producing northern plains, according to senior weather officials. The monsoon, crucial for India's nearly $4 trillion economy, accounts for about 70% of the rainfall necessary for agriculture, with nearly half of the country's farmland relying on these seasonal rains. Following its early onset on May 24, the monsoon's progress had slowed since May 29, but a favorable weather system in the Bay of Bengal is now set to enhance rainfall across central India. As of Monday, monsoon rains have reached much of Maharashtra and parts of Gujarat and Madhya Pradesh. Despite a 31% deficit in rainfall during early June, forecasts indicate above-average precipitation in the latter half of the month, potentially covering most of the country by the end of June. 
Published: Jun 16 2025, 3 pmeznews.inFreight rates for Russian crude oil shipments from Baltic ports to India have seen a decline from late May to early June, attributed to an increase in tanker availability. The European Union's proposed sanctions against Russia, including a reduction of the Group of Seven's price cap on Russian crude from $60 to $45 per barrel, could potentially reverse this trend. Since early April, the price of Russia's Urals crude has stabilized below the $60 cap, allowing Western shipowners, particularly Greek companies, to re-enter the market. As a result, shipping costs for Urals oil from Baltic ports to India have decreased to between $5.5 million and $5.7 million per shipment, down from approximately $6 million in April and May, although still higher than January's rates of $4.7 million to $4.9 million. The fluctuating dynamics of sanctions and market conditions continue to impact freight rates significantly.
Published: Jun 16 2025, 3 pmeznews.inThe Employees’ Provident Fund Organisation (EPFO) has issued a warning to its members against using unauthorized agents for services that are available for free through official channels. This advisory follows reports of cybercafe operators and fintech companies charging exorbitant fees for services that can be accessed directly via the EPFO’s online grievance portal. The Ministry of Labour and Employment emphasized that engaging with these third-party entities could jeopardize members' financial data and lead to unnecessary charges. Members are encouraged to utilize the EPFO's official website for assistance and can also reach out to helpdesks at regional offices for support. In the fiscal year 2024-25, the EPFO received over 1.6 million grievances, with 98% resolved within stipulated timelines, reflecting ongoing reforms aimed at enhancing service efficiency and transparency.
Published: Jun 16 2025, 4 pmeznews.inNTPC Group is advancing its pumped storage projects, targeting a total capacity of 20 GW across various sites in India, with plans to commission 3-5 GW by the fiscal year 2031-32. A senior official highlighted that THDC India, a subsidiary of NTPC, has already launched a 1,000 MW pumped storage project at Tehri in Uttarakhand, with the first unit commencing commercial operations this month. The company anticipates the full 1,000 MW to be operational by FY26, contributing to India's renewable energy transition. With over 40 years of operational life, these pumped storage assets are seen as vital for enhancing energy security and supporting climate goals. NTPC has completed preliminary feasibility reports for 18 projects, with detailed reports for four nearing completion, as it aims to bolster its energy storage capabilities. Currently, NTPC Ltd stands as India's largest integrated power utility, meeting a quarter of the nation's power needs.
Published: Jun 16 2025, 2 pmeznews.inKochi-based seafood exporter Kings Infra Ventures Ltd has announced an ambitious growth strategy, expanding into Andhra Pradesh, a key player in India's aquaculture sector, which accounted for over 32% of national seafood exports in FY24. The company has partnered with Aadhya Seafoods to enhance its shrimp supply chain, adhering to its quality and sustainability standards. Chairman Shaji Baby John outlined plans to create a future-ready global seafood platform, leveraging smart technology and sustainable practices. A significant initiative is the development of BlueTechOS, a digital platform designed to optimize the aquaculture value chain through real-time monitoring, blockchain traceability, and automated compliance. Kings Infra also aims to boost seafood exports via Vizag, Tuticorin, and Kollam ports, monetize land assets worth ₹150 crore, and expand its premium retail brands. Additionally, the company is transitioning to a professionally managed structure, appointing industry veterans to lead its operations.
Published: Jun 16 2025, 2 pmeznews.inInnoterra, the Swiss-Indian food and agri-tech platform, has appointed Avinash Kasinathan as Group Co-Chief Executive Officer, effective immediately. Kasinathan, who previously led Innoterra's India operations, will collaborate with Group CEO Pascal Foehn to drive the company's expansion and prepare for a potential public listing within three years. His appointment underscores India's growing significance in Innoterra's global strategy, positioning the country as a hub for innovation and sustainable food systems. Kasinathan emphasized the need to leverage India's agri-tech ecosystem and digital transformation to foster inclusive growth and capitalize on emerging opportunities. Foehn highlighted Kasinathan's leadership as crucial for harnessing India's potential for innovation and partnerships. Recently, Kasinathan played a key role in acquiring Fasal’s fresh produce distribution business and securing a partnership with Milky Mist valued at over $40 million, further solidifying Innoterra's market presence.
Published: Jun 16 2025, 1 pmeznews.inIn a recent update from Mumbai, the SENSEX rose by 536.24 points to close at 81,654.84, while the NIFTY gained 183.55 points, reaching 24,902.15. Crude oil prices increased by 47.00, settling at 6,332.00, whereas gold prices fell by 401.00 to 99,875.00. Silver, however, saw a rise of 137.00, reaching 106,630.00. In a separate incident, an Air India flight from Hong Kong to Delhi returned to its origin after the pilot detected a potential technical issue. The flight, which took off at 12:16 PM local time, landed safely back in Hong Kong, with all passengers disembarking as the aircraft underwent inspection. This story is still developing, and further updates are expected.
Published: Jun 16 2025, 12 pmeznews.inThe Tea Board has revised pan India auction rules in accordance with the Ramaseshan Committee's recommendations, introducing key changes to sampling norms under the Bharat Auction model, effective July 1 for South India’s registered tea auction centres. However, these changes will not apply to North India until further notice. The amendments aim to enhance price discovery and market structure within the tea industry, particularly benefiting bought leaf tea manufacturers. Notable reforms include standardising lots and allowing sellers to determine the eligibility for free or paid trade samples, a long-sought change by industry stakeholders. Dhananjayan Krishnamurthy, president of the Nilgiris Bought Leaf Tea Manufacturers Association, emphasized that this shift empowers sellers to better protect their commercial interests. The implementation of third-party services for sample collection will be considered in future consultations with the industry, as outlined in the Tea Board's circular.
Published: Jun 16 2025, 12 pmeznews.inWholesale inflation in India eased to 0.39% in May, down from 0.85% in April, primarily due to falling prices in minerals and non-food items, according to the Ministry of Commerce and Industry. The WPI Food Index inflation rate also declined significantly from 2.55% in April to 1.72% in May. The index for primary articles saw a slight decrease of 0.05%, with mineral prices dropping by 7.16%, while food articles rose by 0.56%. The fuel and power index fell by 0.95%, driven by a 2.06% decrease in mineral oil prices, although coal and electricity prices increased. The manufactured products index remained stable, with mixed price movements across various sectors. Notably, prices for pharmaceuticals and textiles rose, while food product prices saw a decline. The overall trend indicates a complex inflation landscape influenced by various commodity price shifts.
Published: Jun 16 2025, 12 pmeznews.inIn a tragic incident, an Air India Boeing 787-8 Dreamliner crashed shortly after takeoff from Sardar Vallabhbhai Patel International Airport in Ahmedabad on June 12, 2025, resulting in the deaths of 241 individuals, including former Gujarat Chief Minister Vijay Rupani. The Additional Medical Superintendent of Ahmedabad's Civil Hospital, Dr. Rajnish Patel, confirmed that DNA matching for 92 body remains has been completed, corresponding to 87 individuals due to duplication, with 47 bodies already dispatched to various districts. The crash also claimed the lives of at least 33 local residents and MBBS students when the aircraft struck a hostel complex. The sole survivor, Vishwashkumar Ramesh, a British national of Indian origin, is receiving treatment for his injuries. Rupani's cremation will take place in Rajkot with full state honors, as authorities continue to ensure the respectful identification and handling of the victims' remains.
Published: Jun 16 2025, 11 am
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