Thursday, December 26, 2024
Home Blog Page 15

Vegetarian Thali prices climb 7.2%, Non-Veg Thali sees 1.8% surge: Report

By
Online Desk
-
0
Image of vegetarian Thali
Vegetarian Thali prices climb 7.2%, Non-Veg Thali sees 1.8% surge: Report

The cost of home-cooked vegetarian and non-vegetarian thalis has increased significantly, revealed a recent report by CRISIL. 

Higher tomatoes and potatoes prices drive surge

In November, the cost of vegetarian thalis rose by 7.2% year-on-year (YoY), while non-vegetarian thalis increased by 1.8%. The surge in vegetarian thali costs was driven by higher prices of tomatoes and potatoes, which account for 26% of the thali’s cost.

Continue Exploring: Flipkart’s EOSS kicks off Dec 7 with new app features, fast delivery

According to the report, tomato prices rose by 35% YoY in November, while potato prices surged by 50% due to lower yields caused by late blight infestation in Punjab, Uttar Pradesh, and Gujarat. “We expect prices of vegetables and pulses to stabilise from December as fresh supplies enter the market, providing some respite to the veg thali cost,” said Pushan Sharma, Director-Research, CRISIL Market Intelligence and Analytics.

The report also noted a 10% increase in pulse prices and a 13% rise in vegetable oil costs. However, a 11% drop in fuel costs, from INR 903 to INR 803 for a 14.2 kg LPG cylinder in Delhi, helped mitigate further increases in thali prices. For the non-vegetarian thali, a decline of around 3% in broiler prices, which account for 50% of the cost, helped curb the rise in cost.

Continue Exploring: OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

Cost of Vegetarian thali decline by 2% in Nov

However, the coming few months are likely to witness YoY growth in non-veg thali on account of a low base created from December 2023, said Sharma. On a monthly basis, the cost of vegetarian thali declined by 2% in November, while that of non-vegetarian thali remained unchanged, according to the report. The average cost of preparing a thali at home is calculated based on input prices prevailing in north, south, east, and west India.

Advertisement

Milaf Cola: Saudi Arabia’s date-based drink set to challenge Pepsi & Coke

By
Online Desk
-
0
Image of milaf cola
Milaf Cola: Saudi Arabia's date-based drink set to challenge Pepsi & Coke

Saudi Arabia has launched a unique cola drink made from dates, touted as the world’s first soft drink made from this ingredient.

Saudi Arabia claims no sugar in Milaf Cola

Developed by Thurath Al-Madina, Milaf Cola, a subsidiary of the Saudi Arabian Public Investment Fund, claims to contain no added sugar and harnesses the health benefits of dates. This positions it as a healthier alternative to conventional sodas without compromising on flavor.

Continue Exploring: Dabur, Jubilant Group in talks for major stake in Coca-Cola’s Indian bottler HCCB

Launched at the Riyadh Date Festival, Milaf Cola, by the company’s CEO, Bander Al-Qahtani, and the Saudi agriculture minister Abdulrahman Al-Fadley. Dates are considered a superfood, packed with fiber, antioxidants, and essential minerals like magnesium and potassium. Milaf Cola is produced using the finest quality dates available locally and is known for its fibers and minerals, making it a healthier alternative to most soft drinks.

Interestingly, Milaf Cola’s star ingredient is premium dates, which are packed with fiber, antioxidants, and essential minerals. The company claims that Milaf Cola contains no added sugar and is able to harness the superfood’s health benefits. Not only does Milaf Cola have nutritional appeal, but it also complies with international standards of food safety and is eco-friendly. Using local ingredients, Milaf Cola supports sustainable production and fits Saudi Arabia’s vision for economic diversification and supporting local products.

Continue Exploring: Zomato launches ‘Recommendations from Friends’ to enhance user experience

Thurath Al-Madina to expand beverage in international market

Festival attendees were eager to sample the new alternative to traditional sugary sodas and praised its flavor, describing it as both familiar and refreshingly different. “It’s like drinking sunshine, if sunshine tasted like dates and happiness,” one festival attendee was quoted as saying. According to international media, the drink is being touted as a perfect blend of health and flavor. Thurath Al-Madina plans to expand the new beverage line and introduce the drinks in regional and international markets.

“Milaf Cola is just the beginning. We are working on a variety of products that will revolutionize how dates are consumed globally,” a company spokesperson said. With its unique blend of health and flavor, Milaf Cola is set to make a mark in the beverage industry.

Advertisement

Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

By
Online Desk
-
0
Image of dabur product
Dabur India to appeal against INR 4.42 Cr tax demand from Customs Commissioner

Dabur India has received a tax demand of INR 4.42 crore from the Commissioner of Customs (Prev.), Patna.

Tax demand on IGST on imported goods 

The demand includes tax liability of INR 1.06 crore, applicable interest, a penalty of INR 2.11 crore, and a fine of INR 1.25 crore. This order pertains to IGST on imported goods for the period from June 2019 to April 2024.

Continue Exploring: OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

“The order issued by the learned Commissioner is related to IGST on import of goods for the period from June 2019 to April 2024,” the company stated in an exchange filing. Dabur India plans to appeal this decision before the appellate tribunal, confident of getting a favourable outcome. “The company will challenge the order on strong merits and is likely to get a favourable outcome in higher forums,” the company said.

The tax demand is not expected to impact the company’s financial operations and other activities. “There is no impact on the financial operations and other activities of the company due to this order. The impact (if any) will be limited to the extent of the final demand towards tax as may be ascertained along with applicable interest and penalty, if any,” the company stated.

Dabur India announces new facility in Tamil Nadu

In other news, Dabur India is setting up a INR 400-crore manufacturing facility in Tamil Nadu’s Villupuram district, marking its first venture in the southern region. The new facility aims to strengthen Dabur’s presence in South India, which currently contributes approximately 18-20 per cent of its domestic revenue.

Continue Exploring: ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

Located in SIPCOT Tindivanam, Villupuram district, the facility will be established with an initial investment of INR 135 crore, which will increase to INR 400 crore within five years.

Advertisement

OreGin: India’s first Kinnow-based Gin expands market reach

By
Online Desk
-
0
Image og oregin gin
OreGin: India’s first Kinnow-based Gin expands market reach

OreGin, India’s first gin made from the native kinnow fruit, has carved a niche in the country’s growing retail and spirits market.

OreGin carves niche with Punjab’s Kinnow

Produced using kinnows from Punjab’s orchards, OreGin stands out for its natural composition and sustainable sourcing, offering a distinct flavor profile that blends citrus notes with juniper and fresh coriander.

Continue Exploring: Ranveer Singh’s protein brand SuperYou secures funding from Zerodha’s Kamath brothers

Reportedly, Punjab Agro, a Punjab Government Undertaking, partnered with OreGin to utilize surplus and undersized kinnows that traditional retail channels often overlooked. Ranbir Singh, CEO of Punjab Agri Export Corporation Ltd said, “OreGin has emerged as both a friend and a partner to Punjab’s farming community. By purchasing smaller-sized kinnows, we provide farmers with a reliable buyer while adding value to the supply chain.”

The handcrafted gin is distilled in copper vessels under the expertise of master distiller Regan Henriques. Henriques, along with OreGin’s Manpreet Singh, has ensured that each batch reflects meticulous craftsmanship, balancing traditional techniques with modern innovation. OreGin is more than a spirit; it embodies transparency and sustainability. Each bottle features a QR code that allows consumers to trace the journey of the kinnow from Punjab’s farms to the distillery in Goa.

Further, the brand’s commitment to ethical sourcing and environmental consciousness resonates with evolving consumer preferences in India’s retail and hospitality sectors.

Continue Exploring: Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

Oregon in Goa and Haryana

Currently available in Goa and Haryana, OreGin plans to expand its distribution to other major states across India. This initiative not only enriches the spirits industry but also supports sustainable agriculture, showcasing how the integration of business and community can yield meaningful impact.

Advertisement

Flipkart’s EOSS kicks off Dec 7 with new app features, fast delivery

By
Online Desk
-
0
Image of flipkart EOSS
Flipkart's EOSS kicks off Dec 7 with new app features, fast delivery

Flipkart, one of India’s e-commerce platforms, has announced its End of Season Sale (EOSS), which will start from December 7, 2024.

Flipkart to feature 10 lakh trendy styles

The sale will feature over 10 lakh trendy styles from participating brands and sellers, catering to millions of customers across India. To enhance the shopping experience, especially for Gen Z consumers, Flipkart has introduced new app features, expanded collections, and immersive video shopping experiences.

Continue Exploring: Zomato launches ‘Recommendations from Friends’ to enhance user experience

Interestingly, the revamped Flipkart app will include a new destination called ‘Play’ and advanced video commerce options, making this EOSS one of the most engaging to date. Customers can also explore over 50 product categories eligible for faster delivery through the ‘Flipkart Minutes’ service. 

Flipkart opens opportunity to earn more

Additionally, the increased order volume during EOSS is expected to provide last-mile delivery personnel with an opportunity to earn supplementary income.

Highlighting Flipkart’s commitment to serving India’s diverse retail market, the sale will deliver styles to all serviceable pin codes nationwide. It will also feature discounts and promotions in collaboration with Axis Bank and Bank of Baroda on debit and credit cards, adding further value for customers during the event.

Continue Exploring: Nihir Parikh steps down as CEO of Nykaa Fashion!

“With every new edition, Flipkart’s End of Season Sale becomes an even larger celebration of fashion and trends that brings joy to millions of our customers across India,” said Pallavi Saxena, Senior Director of Flipkart Fashion.

Advertisement

OYO’s luxury brand SUNDAY launches overseas properties in London & Dubai

By
Online Desk
-
0
Image of oyo brand
OYO's luxury brand SUNDAY launches overseas properties in London & Dubai

OYO‘s parent firm, Oravel Stays, has expanded its luxury hotel brand, SUNDAY, to the UK and UAE. 

This move is part of OYO’s efforts to strengthen its premium property portfolio globally. SUNDAY Lansbury Heritage, a 35-room property near London’s Canary Wharf, is the brand’s first overseas property. The property is a restored Grade II listed building with a history dating back to 1628.

Continue Exploring: ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

In Dubai, SUNDAY has launched SUNDAY Holiday International Hotel. The premium brand was originally launched in India in May 2023 as a joint venture between Softbank and Oravel Stays. Currently, there are three SUNDAY properties in India, with plans to increase to 25 by March 2025.

Our commitment to delivering value across all price points – Head of Oravel

Puneet Yadav, Head of Oravel’s UK business, stated, “Our data indicates a growing demand for premium, experience-driven accommodations. This strategic move allows us to tap into the luxury segment while maintaining our commitment to delivering value across all price points.” This expansion marks a significant step for OYO’s luxury hotel brand, SUNDAY, as it ventures into international markets.

Earlier, Global rating agency Moody’s has upgraded the corporate family rating of OYO‘s parent, Oravel Stays Limited, to “B2” from “B3” previously.

Continue Exploring: Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

The rating agency has maintained a stable outlook for the travel tech major, which has shown significant improvement in its financial performance in recent quarters. According to Sweta Patodia, assistant vice-president and analyst at Moody’s, the upgrade is attributed to OYO’s improved profitability in recent quarters. She added that the positive numbers have significantly strengthened the startup’s credit metrics.

OYO finalises $825 Mn term loan with five-year tenure

This development came as OYO is finalizing a new $825 million term loan with a five-year tenure. A significant portion of these funds, along with the $174 million raised by OYO between June and August this year, will be utilized to repay existing loans that mature in June 2026.

Advertisement

ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

By
Online Desk
-
0
Image of ITC Limited
ITC aims for 4,000 FPOs, connecting 10 Mn farmers in next five years

ITC is expanding its network of Farmer Producer Organizations (FPOs) with the goal of connecting one crore farmers in the next 4-5 years. 

ITC’s FPO collectivization is today, at about 1,600

The company plans to achieve this by scaling up sourcing of fruits and vegetables through its platform. S Ganesh Kumar, CEO of ITC‘s Agri Business Division, stated, “This agri stack and the FPO collectivization is today, at about 1,600 and our ambition is to take it to 4,000 and 10 million farmers in next 4 to 5 years.”

Continue Exploring: Zomato launches ‘Recommendations from Friends’ to enhance user experience

Currently, ITC is present in around 22 states through FPOs and works with 20 crops. The company plans to expand and deepen its presence in states such as Madhya Pradesh, Rajasthan, Haryana, Punjab, and Bihar. ITC is also working on expanding the reach of its super app MAARS, which provides personalized advisories to farmers on weather forecasts, sales of crops at mandi prices, supply of seeds and fertilizers, and services such as soil testing and helping them get credit from banks.

Through MAARS, ITC aims to enhance agricultural practices among small farmers through technology aggregation, AI-enabled solutions, AgTech, and an e-marketplace for commodities and inputs. Ganesh Kumar said, “They get the benefits of science, the better inputs in terms of seeds and various other inputs at all the crop stages, supported with an agri tech solution MAARS,…” He added, “now farmers are also realising that technology is benefiting them and their economic activity is increasing.”

Continue Exploring: Gautam Singhania’s appointment as Raymond Lifestyle executive chairman approved despite opposition!

ITC’s agri business revenue stands at INR 16000 Cr

ITC is the largest corporate house working directly with farmers, helping them improve the productivity and quality of various crops. The company’s revenue from its Agri Business division was INR 16,124 crore in FY24, contributing nearly one-fifth to its total revenue. Ganesh Kumar stated, “At present, around 40 per cent of ITC’s agri procurement from relevant hubs of the 10 states where MAARS has been rolled out, is sourced through MAARS.”

Under its NexGen Agri vision, ITC is working to make small farmers aware of the impact of climate change on crop zones and durations, the need for soil rejuvenation, and the importance of crop rotation. The company is also integrating MAARS with startups to provide efficient grassroots solutions. Ganesh Kumar said, “I also believe that as we work closely with the farmer, we will be able to extend more value into that system, in upgrading their produce into residue-free, organic where there are premiums…and introduce varieties.”

ITC started the brand Aashirvaad, which is now an over INR 9,000 crore brand, by directly sourcing wheat from farmers through its e-choupal network. The company has emerged as the second-largest purchaser of wheat after government-led agencies. Ganesh Kumar stated, “These are our farm level crop connects that we have built over 23-25 years when our FMCG portfolio was launched as a back end support and over a period of this journey, it has also evolved from e-Chaupal to FPOs.”

Advertisement

Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

By
Online Desk
-
0
Image of terractive wear
Mumbai-based activewear brand Terractive raises INR 8 Cr in Pre-Series A funding

Terractive, a Mumbai-based activewear brand, has raised INR 8 crore in a Pre-Series A funding round led by Fireside Ventures and DeVC (Matrix Partners). 

The funding will be used to accelerate fabric development and enhance product innovation, positioning the brand to capitalize on India’s expanding retail and activewear segments.

Ambani launches Terractive in 2023

Founded in 2023 by sisters Raena Ambani and Rahee Ambani-Choksi, Terractive aims to create innovative activewear that combines advanced fabric technology with everyday comfort. The brand’s proprietary fabrics, such as TerraSoft and CoolKnit, are core to its product line. 

Continue Exploring: Nihir Parikh steps down as CEO of Nykaa Fashion!

“Our goal has always been to create innovative, high-quality apparel that blends comfort and performance, tailored to the needs of the modern Indian. We are thrilled to have Fireside Ventures and DeVC-Matrix Partners join us on our journey in India,” said Raena Ambani and Rahee Ambani-Choksi, Co-Founders of Terractive.

The investment highlights the potential of India’s activewear market. Shuchi Pandya, Principal at Fireside Ventures said, “The activewear segment in India is poised for tremendous growth, and Terractive is a brand that stands out with its innovation-led approach.” Mohit Sadaani, MD at DeVC added, “At DeVC, our Collective was impressed with Raena and Rahee’s commitment to the customer and focus on innovation in the activewear segment at the fabric level.”

Notably, Terractive’s product lineup includes bestsellers such as TerraSoft Cuddle Tees, 365 Men’s Shorts, and Activity Skorts, which feature cotton-soft fabrics with anti-microbial and anti-odor properties.

Continue Exploring: Ranveer Singh’s protein brand SuperYou secures funding from Zerodha’s Kamath brothers

India’s fashion and apparel industry to reach $105.50 bn

With the Indian fashion and apparel market projected to reach $105.50 billion in revenue in 2024, Terractive is strategically positioned to meet the increasing demand for versatile and premium lifestyle activewear in the country.

Advertisement

Zomato launches ‘Recommendations from Friends’ to enhance user experience

By
Online Desk
-
0
Image of zomato
Zomato launches 'Recommendations from Friends' to enhance user experience

Foodtech major Zomato has launched a new initiative that allows users to get food recommendations from their friends.

User to synchronize contact information with Zomato

The feature, ‘Recommendations from Friends’, requires users to synchronize their contact information with Zomato’s app, enabling them to see and give food recommendations. Zomato’s marketing head Sahibjeet Singh Sawhney announced the feature in a LinkedIn post.

Continue Exploring: L’Oréal India’s net income plummets to INR 487.46 Cr, revenue surges 12%

“Introducing Recommendations from Friends. See which restaurants your friends are ordering from; what dishes they are recommending — get inspired while feeling bad about your own food choices,” the post said. This feature is part of Zomato’s ongoing experimentation and expansion of its offerings. Recently, the company launched its ‘going-out’ business ‘District‘ app, which allows customers to discover and reserve tables at restaurants and book tickets for events.

Zomato introduces “Food Rescue” initiative

Earlier, Zomato has also introduced a “Food Rescue” initiative, which allows users to buy cancelled food orders from nearby areas. This aims to reduce food wastage caused by last-minute order cancellations. Additionally, Zomato’s ‘Book Now, Sell Anytime’ feature allows users to buy event tickets in advance and re-sell them on the app in case of any last-minute changes.

Continue Exploring: abCoffee introduces coconut-based, non-dairy beverages across 75-plus outlets in India

A few days ago, Zomato raised INR 8,500 Cr through its first qualified institutional placement (QIP), aiming to expand its quick commerce business Blinkit and support other key growth initiatives. Shares of Zomato jumped over 6% during the intraday trading session yesterday to hit a fresh all-time high at INR 304.50 apiece on the BSE. 

Today, the company’s shares were trading at INR 301.05 apiece, 0.52% up from its previous day close.

Advertisement

Nihir Parikh steps down as CEO of Nykaa Fashion!

By
Online Desk
-
0
Image of nykaa CEO
Nihir Parikh steps down as CEO of Nykaa Fashion!

Nykaa Fashion’s chief executive officer (CEO) Nihir Parikh has resigned from the company.

According to a filing with the BSE, Parikh cited personal commitments as the reason for his resignation. “… this is to inform that Nihir Parikh, CEO- Nykaa (link unavailable) and a senior management personnel of the company, has tendered his resignation, on account of personal commitments,” the filing said.

Continue Exploring: Ranveer Singh’s protein brand SuperYou secures funding from Zerodha’s Kamath brothers

Nihir Parikh joins Nykaa in 2015

Parikh’s resignation will be effective immediately from the close of business hours of December 5. With nearly two decades of experience, Parikh previously worked with companies like GE Healthcare and Genentech. He joined Nykaa as its chief strategy officer in 2015 and rose through the ranks to become the CEO of Nykaa Fashion in April last year.

Parikh’s resignation comes just weeks after Nykaa roped in Cars24’s former South East Asia head Abhijeet Dabas as executive vice president and business head for its fashion segment. The development also comes at a time when the company has aggressively scaled up its quick commerce play and has been piloting deliveries between 30 minutes to 2 hours for select, high-demand beauty products.

Continue Exploring: HDFC Securities cuts Swiggy rating to ‘reduce,’ raises target price to INR 470

Nykaa fashion arm’s revenue grow by 21%

Despite playing second fiddle to the beauty vertical, Nykaa’s fashion arm’s revenue grew 21.7% year-on-year (YoY) to INR 166.10 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25). Meanwhile, it trimmed its EBITDA loss by 19.2% to INR 24.4 Cr during the quarter under review from an EBITDA loss of INR 29.1 Cr in the year-ago period.

Further, Nykaa’s net profit rose 66.3% to INR 12.97 Cr in Q2 FY25 from INR 7.8 Cr a year earlier. Its revenue from operations increased 24.4% to INR 1,874.74 Cr from INR 1,746.11 Cr in Q2 FY24. However, Nykaa’s shares fell 0.95% to INR 167.50 on the BSE by the end of Thursday, December 5.

Advertisement
1...141516...1,222Page 15 of 1,222