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In 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 Indian rupee is expected to remain under pressure as it approaches the end of the month, with forecasts indicating it will open at ₹85.26-85.27 per dollar, just shy of its all-time low. The dollar's strength is bolstered by anticipation surrounding Donald Trump's inauguration as U.S. President on January 20, with expectations that his policies will drive inflation and growth, subsequently pushing up U.S. Treasury yields. This has contributed to the rupee's decline, which has seen a 0.3 percent drop this week, marking its eighth consecutive weekly loss. The dollar index has risen over 7 percent this quarter, suggesting continued challenges for emerging market currencies. Additionally, India's widening trade deficit, slowing capital inflows, and declining growth rates are further exacerbating the rupee's struggles, which has fallen 1.75 percent this quarter.
Published: Dec 27 2024, 9 ameznews.inIndian government bond yields are expected to remain stable in early trading on Friday, with the 10-year yield projected to fluctuate between 6.77% and 6.80% ahead of a scheduled debt auction. This follows a previous close of 6.7824%. The government plans to raise ₹32,000 crore ($3.75 billion) through the auction, which will include a new seven-year bond and a 15-year note. A trader noted that the auction could offer some direction in a generally subdued market, as trading volumes have significantly decreased, halving to around ₹36,300 crore in recent sessions. Meanwhile, U.S. Treasury yields remain elevated, with the 10-year yield recently reaching an eight-month high following a robust employment report, which may influence the Federal Reserve's approach in 2025. The Fed has reduced its 2025 interest rate cut forecast, with a 89% chance of a pause in January, according to CME's FedWatch Tool.
Published: Dec 27 2024, 9 ameznews.inElectric ferry boat services connecting Mumbai and Jawaharlal Nehru Port are set to launch in January 2025, promising to cut travel time by 20 minutes. The air-conditioned ferry, capable of reaching speeds of 12 knots and operating for three hours on a single charge, will accommodate 20-24 passengers. The Jawaharlal Nehru Port Authority (JNPA) will manage ticket sales and has leased the vessel, which is constructed from fibre-reinforced polymer and measures 12-15 meters in length. A full charge will take approximately 75 minutes. This initiative is part of the Harit Sagar or ‘Green Port’ project, aimed at promoting sustainable port operations and introducing a zero-emission, environmentally friendly transport option for the public.
Published: Dec 27 2024, 8 ameznews.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.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 pm
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