According to rating agency Crisil, the recent decision by the Centre to prohibit the export of non-basmati white rice is anticipated to lead to a reduction of India’s rice exports by 4-5 billion tonnes in this fiscal year. This amount represents over one-fifth of the rice exported during the previous fiscal year.
Pushan Sharma, Director-Research, Crisil Market Intelligence and Analytics said “Despite two curtailing moves last fiscal — a ban on broken rice exports, and 20% duty on non-basmati exports – India’s overall rice exports rose 5-6% even as overall production fell. To boot, as of July 1, 2023, rice stock with the Food Corporation of India is down a fifth on-year.The consequent tight supplies meant domestic prices rose 14-15% last fiscal.”
He added “The government clearly viewed these as red lines from a domestic food security and inflation point of view. We expect Thursday’s blanket ban to reduce India’s rice exports by 4-5 billion tonne this fiscal, or more than a fifth of what was exported last fiscal. That should improve domestic supplies and have a moderating effect on retail prices.”
Over the past few years, India has held the position of the largest rice exporter, contributing to one-third of the world’s total rice exports.
India’s actions could potentially raise concerns about additional inflation in the global food markets. As India accounts for over 40% of the world’s rice exports, any reduction in shipments due to low inventories with other exporters may further inflate food prices. This situation is already influenced by Russia’s invasion of Ukraine last year and unpredictable weather conditions, contributing to the existing instability in food prices.
Homegrown quick-grocery delivery provider Dunzo finds itself in the midst of a legal dispute as it faces a legal notice from Facebook India Online Services Private Ltd (“FBI”) and Bengaluru-based software consultancy firm Nilenso. The notice highlights unpaid dues of INR 4 crore, as reported by the media.
As per sources cited by Moneycontrol, Dunzo has made partial payments to Facebook but still has an outstanding amount of approximately INR 1.5 crore to settle with the tech giant. The outstanding dues are related to the use of Facebook’s advertising services, for which the full payment has not been made yet.
Google, Dunzo’s second-largest backer, has recently served a legal notice to the startup, demanding the settlement of unpaid dues.
“Dunzo defaulted in making its payments to FBI under the Contract, despite repeated efforts, verbally and in writing, to rectify the delinquency, Dunzo acknowledged its liabilities and started making the payment to FBI. However, the payment was insufficient to settle all the outstanding balances under the account,” the legal notice read.
Based on the report, the total demand notices for the startup would be within the range of INR 5-6 crore.
During the period when Dunzo was still in negotiations with Facebook, the report revealed that Nilenso, a company offering contract software engineers, had also issued a demand notice to Dunzo under the Insolvency and Bankruptcy Code (IBC), seeking payment for unpaid dues.
After settling approximately INR 1 crore from its total outstanding amount, the Bengaluru-based startup still has around INR 2.5 crore pending.
As per the report, there is pending litigation between Nilenso and Dunzo.
Meanwhile, Dunzo has said it will not be able to pay employees’ salaries until early September, a further delay from the earlier deadline of July 20. The company has also delayed the August salary for senior employees to September 4 as well, it said in an email seen by TechCrunch.
The delay is attributed to the startup’s concentration on “streamlining our cash flow to establish a more sustainable business for the future,” as stated by the Bengaluru-based company.
The Indian government, in a recent decision, has taken the step of prohibiting the export of non-basmati white rice, as mentioned in a notification issued by the Directorate General of Foreign Trade on Thursday.
“Export policy of non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or glazed)…is amended from free to prohibited,” the DGFT said in a notification.
However, it will allow the export of consignments of this rice under certain conditions, such as cases where the loading of the rice onto the ship had already commenced before the notification was issued.
According to a previous report by the news agency Bloomberg, the Indian government was contemplating a potential ban on exports of most rice varieties. Such a ban could have significant ramifications, potentially affecting approximately 80 percent of India’s rice exports. While it might lead to reduced rice prices within India, there is a concern that it could have adverse effects on global prices.
Uneven distribution of rainfall in the key rice-growing areas of the country has resulted in a price hike of the grain by up to 20% in the last 10 days, as reported earlier by SnackFax.
According to a report by Reuters, rice prices for exports from Vietnam have surged to their highest levels in over a decade this week. The increase in prices is attributed to growing supply concerns arising from the El Nino weather pattern, coupled with India’s decision to impose restrictions on rice exports. Traders have pointed out that the news about India’s potential move to curb exports has further contributed to the upward trend in prices. As a result, traders anticipate that prices will continue to rise if India indeed limits its rice exports.
Meanwhile, rice planting in India has gained momentum with the revival in monsoon rainfall over the past fortnight.
In September 2022, India, renowned as the world’s largest rice exporter, took significant measures to address production concerns. It decided to prohibit the export of broken rice and levied a 20% duty on the export of several other rice grades. These measures were implemented as a response to the challenges faced in rice production at the time.
B.V. Krishna Rao, president of the Rice Exporters Association (REA) said a government move to increase paddy procurement price had been pushing up rates. “But, the government is holding more stocks than needed for welfare schemes. There is no need to restrict exports,” he told Reuters.
Last week, India’s rice export prices continued their upward trend for the seventh consecutive week, reaching a level not seen in over five years. The surge was driven by diminishing supplies as reports emerged that the country was contemplating a ban on exports for most rice varieties. This potential measure was being considered as a means to curb inflationary pressures in the country.
Avneet Singh, the visionary behind Medusa Beverages, laid the foundation of the company in 2018 as they ventured into the beer market. From its very inception, the brand has been making remarkable strides towards achieving a substantial revenue target of INR 160 crore for the fiscal year 2023–24. Not only that, but Medusa Beverages has also achieved impressive sales figures, securing a notable 17 percent market share in the thriving canned beer industry in Delhi.
With three breweries in different parts of India, Medusa Beverages has established an impressive track record of progress. It all began with the company’s initial stage of manufacturing through a contract with one brewery in Punjab. However, since then, they have undergone significant growth and expansion, now boasting a network of three strategically located breweries across the country. This expansion has enabled Medusa Beverages to solidify its position in the market and make a notable impact on the beverage industry.
Speaking of their achievement, Avneet Singh said, “Our goal has always been to provide the best beer in the market and I am grateful to our consumers for the love they have shown for Medusa. It has been a wonderful five years and we have grown every step of the way. We are so proud of what we have achieved with Medusa so far and we are truly excited for the journey ahead. We will continue to strive for the best.”
Medusa has a dedicated marketing team that consistently strives to maintain its unique and quirky image in the market.
Tipplers in Tamil Nadu will now need to shell out more money to indulge in imported foreign liquor and varieties from other states, as the state-run liquor corporation, Tasmac, has decided to raise the maximum retail prices. According to reports, the updated MRP list shows a slight increase in the prices of beer varieties, with a INR 10 hike for 330 ml tins and a INR 20 increase for 500 ml tins.
Nevertheless, there have been significant price hikes for various vodka, whisky, gin, and rum options. The 700 and 750 ml bottles have seen an increase of INR 240, while the one-liter bottles have experienced a staggering INR 320 increase. These price jumps are directly linked to the special fee imposed on agents dealing with imported liquors.
With an extensive range of more than 500 imported liquor varieties and brands, the MRP list appears impressive. However, consumers have expressed their dissatisfaction due to the limited availability of these options. Out of the vast selection, only approximately 10 percent of the varieties are accessible at retail shops. Exclusive sales of imported liquors are restricted to specific establishments, previously referred to as Elite shops, which can be found in malls and a select few shopping complexes.
In addition to that, Tasmac has implemented price increases for liquor varieties sourced from other states. Among the 18 affected types, the prices have gone up by up to INR 320. However, it has been revealed that only three of these varieties are commonly found in all retail shops. For example, the 100 Pipers Blended Scotch Whisky, which was previously priced at INR 460 per 180 ml, now costs INR 520, while Globus wine’s price has surged from INR 140 to INR 170 per 180 ml.
Meanwhile, Tasmac has issued a warning to its staff, stating that they will face suspensions if they overcharge customers for liquor, exceeding the Maximum Retail Price (MRP).
Tasmac’s Managing Director, S Visagan, has sent a circular to all senior regional managers, instructing them to take action against supervisors and salesmen if MRP violations are reported. Failure to do so will result in penalties for the managers themselves. In a stern warning, the staff that they will be suspended for overcharging.
On Wednesday, Tata Coffee disclosed a consolidated net profit of INR 62.06 crore for the quarter ending in June, reflecting a 5 percent decrease. In the corresponding period last year, the company’s net profit was INR 65.49 crore.
According to a regulatory filing by Tata Coffee, the total income for the first quarter of this fiscal increased to INR 707.93 crore, up from INR 666.05 crore in the corresponding period of the previous year.
The surge in overall income was fueled by increased revenues in the plantation coffee and instant coffee sectors in both India and Vietnam.
“Tata Coffee’s Vietnam operations continue to deliver strong sales with improved profitability driven by higher sales of premium products. It has a robust healthy order pipeline,” it said.
During the June quarter, the operational performance of EOC (Eight O’clock Coffee) business was affected by reduced bag volumes and elevated input costs.
“The Group’s consolidated profit for Q1, FY’24 is marginally lower at INR 62 crore compared to INR 65 crore in the corresponding quarter of the previous financial year due to subdued performance of EOC,” the company said.
Tata Coffee Ltd, previously known as Tata Global Beverages Ltd, is a subsidiary of Tata Consumer Products Ltd. As Asia’s most significant integrated coffee company, it holds the distinction of being India’s foremost producer of specialty coffee and the second-largest exporter of instant coffee.
At its 19 estates in South India, the company cultivates shade-grown arabica and robusta coffee, yielding an annual production of approximately 8,000 to 10,000 tonnes.
On Thursday, the regulator of Britain’s food industry refuted the notion that high food price inflation was a result of weak retail competition. This statement supported supermarkets’ stance as they had been accused of profiteering during a period of cost of living crisis.
Amidst the crisis, certain politicians, consumer groups, and trade unions have pointed fingers at supermarkets, including major players like Tesco and Sainsbury’s, accusing them of earning exorbitant profits. However, the grocers firmly refute these allegations, deeming them baseless and without merit.
The Competition and Markets Authority (CMA) reported that as it continued its investigation into the grocery sector, the evidence indicated a more favorable scenario compared to the fuel market. The findings revealed robust price competition among all supermarkets and discounters, showcasing a healthier level of competition.
Official data indicates that UK food price inflation surged to its highest level since 1977 in March, surpassing 19%. Although there was a slight improvement in June, with a decrease to 17.3%, the burden on the financial situation of numerous households remains significant.
“Although food price inflation is at historically high levels, evidence collected to date by the CMA indicates that competition issues have not been driving this,” the regulator said.
The retail grocery sector experienced a significant downturn in its operating profits during the fiscal year 2022-2023, as they plummeted by 41.5%. This decline was accompanied by a notable drop in average operating margins, which went down from 3.2% to 1.8%. These figures indicate that retailers were unable to fully pass on the increasing costs to consumers.
Additionally, it was observed that market share had been gained by the most economical retailers, Aldi and Lidl, indicating that other retailers may face limitations in increasing prices without experiencing a loss of business.
Nevertheless, the CMA emphasized the need for stricter regulations regarding unit pricing, which refers to the cost of a specific product per weight or volume. It urged the government to undertake legislative reforms to assist shoppers in identifying the most favorable deals.
“Not all retailers are displaying prices as clearly as they should, which could be hampering people’s ability to compare product prices,” CMA Chief Executive Sarah Cardell said.
She emphasized that retailers found in violation would receive instructions to implement the required changes, and failure to do so would expose them to potential enforcement action.
During the upcoming stage of the investigation, the CMA will delve into competition and pricing dynamics across the supply chain for ten product categories, encompassing items such as milk, bread, and baby formula.
Earlier this month, the CMA stated that the diminishing retail competition was a contributing factor to the increased fuel prices faced by drivers.
The CMA’s report received a warm welcome from both the government and the British Retail Consortium (BRC), representing the supermarkets.
“Retailers have gone above and beyond to try and protect consumers from rising costs in the supply chain,” BRC Chief Executive Helen Dickinson said.
Governments across Europe have been struggling with high inflation. Last month the French government secured a pledge from 75 food companies to cut prices on hundreds of products. Hungary, meanwhile, has imposed mandatory price cuts.
In an effort to enhance user experience, Swiggy, the online food delivery platform, has taken a significant step forward. It has decided to leverage generative AI techniques to create and implement products and services that will revolutionize the way customers place orders. The aim is to provide more intuitive and effortless ordering experiences for its users. This announcement comes as a promising development for all food enthusiasts who rely on Swiggy for their favorite meals.
The company’s objective is to assist users in finding food and groceries through an AI-powered neural search system, enabling them to engage in natural conversations while receiving personalized recommendations.
Madhusudhan Rao, CTO of Swiggy, said in a blogpost, “Swiggy’s neural search enables users to search using conversational and open-ended queries and receive recommendations tailored to their specific needs. This makes it easier for consumers to find what they’re looking for without having to use or remember specific keywords.”
Furthermore, the company has announced that they have developed a neural search feature utilizing a Large Language Model (LLM), which has been specially adapted to comprehend the specific terminology associated with dishes, recipes, restaurants, and Swiggy’s unique search data.
By September, the neural search feature will undergo a pilot phase, and based on the insights and outcomes gathered during this period, Swiggy aims to implement it across all search traffic within their app.
Furthermore, the neural search capability is set to expand its support to include voice-based queries and queries in select Indian languages. This enhancement will make it even more accessible to users with diverse language preferences, catering to a broader range of customers.
Moreover, the company emphasized that they are actively integrating the neural search feature into Swiggy Instamart. This integration will enable customers to explore groceries and household items using conversational interactions, making the shopping experience more intuitive and efficient.
Swiggy Dineout is another domain where the company is leveraging generative AI techniques to revolutionize how consumers explore dining options.
“Our unique Dineout conversational bot acts as your virtual concierge, guiding you to restaurants that meet your preferences, be it ambience, kid-friendliness, valet parking, ratings, cost, to name a few,” Swiggy said.
Additionally, the online food delivery platform is actively developing generative AI-driven solutions to enhance the support provided to restaurant and delivery partners.
The company is currently conducting pilot tests of in-house tuned LLMs (Large Language Models) to empower restaurant partners with self-service capabilities for various processes and inquiries concerning onboarding, ratings, payouts, and more. This initiative aims to expedite issue resolution and streamline operations for improved efficiency.
A conversational assistant, powered by this LLM, will be accessible through both the restaurant-owner app and WhatsApp.
United Spirits, a leading company in the alcoholic beverages industry, recently announced its financial results for the first quarter ending in June 2023. During this period, the company achieved a remarkable consolidated net profit of INR 477 crore, signaling a strong performance in the market.
In the last fiscal year’s April-June quarter, the company recorded a net profit of INR 261 crore.
Total income in the first quarter surged to INR 5,830 crore, marking a significant increase from INR 7,157 crore reported during the same period last year.
United Spirits stated in a regulatory filing that the financial results for the current quarter cannot be directly compared to those of the same quarter in the previous fiscal year. The reason for this disparity is due to the company’s completion of a slump sale of its entire business undertaking, including 32 brands, to Inbrew Beverages on September 30, 2022.
Hina Nagarajan, the CEO and Managing Director of United Spirits, expressed that the company has started fiscal year 2024 with a strong first-quarter performance.
“While inflationary pressures remain, our strategy to reshape the portfolio combined with revenue growth management and focus on everyday efficiency is driving sustainable growth across the Prestige & Above segment,” she added.
Nagarajan stated that Royal Challengers Sports, the wholly-owned subsidiary of the company, has significantly boosted its earnings. This impressive growth can be attributed to the revenues generated from the new media rights cycle of the Indian Premier League.
“This reinforces our longer-term confidence in the Women’s Premier League. Our Sports business aligns to our core purpose of celebration and is a vital component of our consolidated portfolio,” she added.
Nagarajan emphasized that the company’s foremost focus is to sustain the growth momentum and ensure the delivery of enduring value to all stakeholders in the future.
Shares of the company ended 0.48 per cent higher at INR 975.40 apiece on the BSE.
In today’s fast-paced world, the way we eat has evolved significantly. Our busy schedules, late-night work hours, and easy access to fast food have led us to adopt irregular eating patterns. Many people tend to have dinner late at night, often right before going to bed. However, recent research suggests that shifting to an early dinner schedule can have transformative effects on our health and overall well-being. This article explores the shocking reasons why eating an early dinner can transform your life.
The Science Behind Early Dinner:
Our body’s internal clock, known as the circadian rhythm, plays a crucial role in regulating various physiological functions, including metabolism and digestion. It follows a 24-hour cycle that influences the release of hormones and neurotransmitters, impacting our sleep-wake cycle and eating habits.
Eating late at night disrupts the natural circadian rhythm, leading to potential health issues. During the evening and night, our body’s metabolism slows down to prepare for rest and recovery. Consuming a heavy meal during this period hinders proper digestion and may contribute to weight gain and digestive problems.
Eating an early dinner aligns with the body’s natural biological clock, optimizing digestion and promoting better sleep, both of which are essential for overall health.
Improved Digestion and Gut Health:
The human digestive system functions most efficiently during the day when we are active and moving around. Eating an early dinner gives our bodies ample time to digest the food before going to bed, reducing the risk of indigestion and acid reflux.
Furthermore, an early dinner allows our gut to rest and repair during the night, promoting a healthy gut microbiome. Studies have shown that a diverse and balanced gut microbiome is linked to improved immune function, mental health, and reduced inflammation.
Weight Management:
One of the most surprising benefits of adopting an early dinner habit is its positive impact on weight management. When we eat late at night, our bodies are less likely to burn off the calories consumed, leading to weight gain over time. Additionally, late-night eating can disrupt our sleep patterns, which is associated with weight gain and obesity.
In contrast, eating an early dinner ensures that we are more active after the meal, giving our bodies ample time to burn calories before bedtime. This can lead to better weight management and even weight loss when combined with a balanced diet and regular exercise.
Increased Energy Levels:
A well-timed early dinner can lead to increased energy levels throughout the day. Eating late at night often causes disturbances in sleep patterns, leading to fatigue and reduced alertness during the day.
By eating an early dinner, we allow our bodies to digest food properly and promote better-quality sleep, leading to enhanced energy levels and improved cognitive function during waking hours.
Mental Well-being and Mood:
The connection between our gut and brain, known as the gut-brain axis, has gained significant attention in recent years. The gut microbiome plays a crucial role in producing neurotransmitters like serotonin, which is often referred to as the “feel-good” hormone.
A balanced and healthy gut microbiome, fostered by eating an early dinner, can positively impact our mood and mental well-being. On the other hand, irregular eating patterns and late-night meals may contribute to anxiety and depression symptoms.
Reduced Risk of Chronic Diseases:
Research has shown that eating late at night may increase the risk of developing chronic diseases like diabetes, heart disease, and certain types of cancer. Irregular eating patterns can disrupt insulin sensitivity, blood sugar regulation, and other metabolic processes, contributing to the development of these conditions.
Adopting an early dinner routine can help stabilize blood sugar levels and improve insulin sensitivity, reducing the risk of developing diabetes. Additionally, it may lower cholesterol levels and blood pressure, promoting heart health.
Better Sleep Quality:
Sleep is crucial for overall health and well-being, and its quality is affected by various factors, including our eating habits. Eating late at night can lead to disruptions in sleep patterns and even insomnia due to poor digestion and discomfort.
On the other hand, an early dinner allows the body to relax and prepares it for a restful night’s sleep. A well-rested body and mind are better equipped to handle daily challenges and stresses, leading to improved productivity and better overall health.
Family Bonding and Social Interaction:
Eating dinner together as a family has been associated with numerous benefits, including improved communication, stronger relationships, and better mental health for both children and adults. An early dinner allows for more family time and fosters a sense of togetherness.
Moreover, an early dinner routine can positively impact social interactions. Dining out with friends or colleagues can be more enjoyable when done earlier, as everyone is still energetic and engaged in conversation.
Enhanced Productivity and Focus:
When we eat late at night, our bodies allocate energy towards digestion during the hours when we should be resting. This can lead to grogginess and reduced productivity during the following day.
By adopting an early dinner schedule, we ensure that the body has sufficient time to digest food, promoting better sleep quality and allowing us to wake up feeling refreshed and focused. Improved productivity and focus can enhance our performance in various aspects of life, including work and personal projects.
Long-term Health Benefits:
The benefits of eating an early dinner extend beyond short-term improvements in digestion, sleep, and mood. A consistent early dinner routine can lead to long-term health benefits, such as reduced risk of chronic diseases, better weight management, and improved mental well-being.
When we prioritize our health through mindful eating habits, we set the foundation for a healthier and more fulfilling life in the long run.
Final Thoughts:
The shocking reason why eating an early dinner will transform your life lies in its alignment with the body’s natural circadian rhythm and the numerous health benefits it offers. From improved digestion and gut health to better sleep quality and increased energy levels, adopting an early dinner habit can positively impact various aspects of our well-being. Not only does it promote physical health, but it also fosters stronger relationships, enhances productivity, and contributes to long-term overall health. By making a conscious effort to eat dinner early and prioritize our well-being, we can take a significant step towards leading a healthier and more fulfilling life.
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