Mother Dairy’s Safal outlets to sell onions at subsidized rates amid soaring prices

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November 6, 2023

In an effort to alleviate the burden of soaring onion prices for consumers, the Central government announced on Saturday that Mother Dairy’s Safal outlets in Delhi-NCR will offer subsidized buffer onions at a rate of INR 25 per kilogram starting this weekend. Similarly, the Hyderabad Agricultural Cooperatives Association is extending this initiative to Telangana and other southern states.

Furthermore, cooperative organizations such as NCCF and Nafed have been actively involved in selling buffer onions at subsidized prices on behalf of the central government. Nafed has established 329 retail points, including mobile vans and station outlets, across 55 cities in 21 states, while NCCF has set up 457 retail points in 54 cities across 20 states to make these affordable onions available to the public.

As of November 3, Kendriya Bhandar has also commenced retail distribution of onions through its outlets in the Delhi-NCR region.

“Safal Mother Dairy will start from this weekend. The retail sale of onions to consumers in Telangana and other southern states is being taken up by Hyderabad Agricultural Cooperatives Association (HACA),” the consumer affairs ministry said in a statement.

The ministry has launched a robust retail distribution of onions from the buffer stock, aiming to alleviate the recent surge in onion prices caused by delays in the arrival of the kharif crop and provide relief to consumers.

The government has retained a buffer stock of 500,000 tonnes of onions for the present year and intends to establish an additional buffer of 200,000 tonnes.

Due to the recent government measures, wholesale prices are showing a declining trend, but it takes time to reflect in retail markets.

According to the statement, the wholesale price of onions in the Lasalgaon market in Maharashtra was INR 4,800 per quintal on October 28. However, by November 3, it had dropped to INR 3,650 per quintal, reflecting a significant 24% decrease within just one week.

“Retail prices are expected to show a similar decline from the coming week,” the ministry noted.

It’s worth noting that in the last week of June 2023, tomato prices surged due to supply disruptions caused by monsoon rains and a white fly infestation. In response, the government stepped in by procuring tomatoes through NCCF and Nafed from producing states like Karnataka, Andhra Pradesh, and Maharashtra. These tomatoes were then provided to consumers at a significantly subsidized rate in major consumption centers.

Furthermore, in an effort to guarantee the accessibility and affordability of lentils for regular households, the government has introduced Bharat Dal at a subsidized rate of INR 60 per kilogram.

Bharat Dal is offered for retail purchase by consumers, as well as for distribution to the Army and various welfare programs through NAFED, NCCF, Kendriya Bhandar, Safal, and state-controlled cooperatives in Telangana and Maharashtra.

Tyson Foods issues major recall for popular ‘Fun Nuggets’ over metal fragments found in packaging

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November 6, 2023

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US-based food company Tyson Foods has initiated a voluntary recall of approximately 30,000 pounds of frozen, fully cooked dinosaur-shaped chicken “Fun Nuggets” or Dino Chicken Nuggets.

A few consumers have raised concerns about discovering small, flexible metal fragments in the product. As a precautionary measure, the company announced in a statement on Saturday that it was recalling the affected product.

The company specified that the recall pertains to Tyson brand fully cooked “Fun Nuggets” available in 29-ounce packages, and assured that no other Tyson brand products have been impacted by this issue.

According to the company, the product was manufactured at a single facility on September 5, 2023.

In a statement released on Saturday, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced that Tyson Foods is recalling approximately 30,000 pounds of fully cooked breaded chicken.

The FSIS disclosed that there has been a single reported minor oral injury linked to the consumption of this product. They further noted that they have not received any further reports of injury or illness related to the consumption of these products.

India leads Asia-Pacific markets as top performer for global consumer goods corporations

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November 6, 2023

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The Indian market has showcased remarkable performance in contrast to the rest of the Asia Pacific, including China, for numerous major global consumer goods companies, as per their post-earnings management comments in the past quarter.

Several of these companies, including Mondelez International, PepsiCo, Coca-Cola, Pernod Ricard, Colgate-Palmolive, Unilever, Levis Strauss & Co, Yum! Brands, Honeywell International, and AO Smith, reported robust growth, with some achieving double-digit increases in their India operations during the July-September quarter. Their India performance stood out as one of the strongest across all emerging markets for these multinational corporations. Apple and Coca-Cola, for instance, achieved their highest sales and volume performance in several years, while major players in the alcohol beverage industry, Pernod Ricard and Budweiser Brewing Company, anticipate their India business to significantly contribute to their global figures in the current fiscal year, thanks to the notable trend of premium product demand.

The senior leadership of these corporations affirmed that the demand in India continued to exhibit remarkable strength.

Mondelez’s Chairman and Chief Executive, Dirk Van de Put, noted that consumer demand in India during the previous quarter reached its highest point in four years.

Coca-Cola’s Chairman and CEO, James Quincey, mentioned that the company is witnessing strong consumer demand in Latin America, India, and various regions within Central and Southeast Asia. However, he noted that consumer spending confidence has not fully rebounded in Africa and China.

Global consumer goods giants are experiencing renewed optimism at a juncture when industry observers have consistently reported month-on-month improvements in demand for various products in India, including fast-moving consumer goods, groceries, consumer electronics, and mobile phones. This positive trend coincides with a moderation in inflation.

In October, the initial month of the current quarter, demand has shown further enhancement, driven by increased festive spending and a growing emphasis on premiumization, as reported by industry executives.

Quincey said Coca-Cola delivered double-digit volume and revenue growth in India, which resulted in the highest value share gain over the past three years even as China was a drag in volumetric terms. “We’re winning in the (Indian) marketplace by generating 2.6 billion transactions at affordable price points and driving availability across rural regions,” he said.

For the first time ever, Apple CEO Tim Cook began his earnings call by focusing on India’s performance, highlighting the record-high revenue and iPhone sales in the Indian market during the last quarter. Cook expressed his enthusiasm for the Indian market, attributing its success to the expanding middle-class segment, improved distribution networks, and various positive factors. He also noted that the two retail stores established in India have outperformed their initial expectations.

During the earnings call, Mondelez’s management reported that the company’s India operation experienced double-digit growth in the September quarter, whereas China expanded at a high single-digit rate, in contrast to the 3.4% volume growth in all emerging markets combined. Colgate-Palmolive executives, on the other hand, mentioned a 4% decrease in net sales for the Asia Pacific region in the last quarter, with a 1.5% decline in organic sales growth. However, they highlighted that the India business continued to demonstrate strong organic sales growth.

According to Reserve Bank of India Governor Shaktikanta Das, India’s GDP growth for the September quarter is expected to surpass earlier estimates. Furthermore, India’s goods and services tax revenue saw a notable 13% increase in October, reaching Rs 1.72 lakh crore. This marks the second-highest monthly collection since the introduction of the levy in July 2017.

International corporations engaged in discretionary sectors such as alcohol have confirmed that the premiumization trend remains unabated.

Helene de Tissot, Pernod Ricard’s Chief Financial Officer, remarked that in India, the fundamental performance is exceptionally robust.

“That’s why we believe this is going to support our ambition to deliver strong growth in the rest of the year and strong growth in the full year and in India. The fundamentals are excellent. There’s an ongoing premiumisation trend, geographic structural tailwind…So this is a key market for us with a very strong potential. That’s why our ambition is very strong for the year,” Tissot said.

Budweiser Brewing Company APAC, one of the major beer companies in the Asia Pacific, reported robust double-digit growth in its premium and super-premium portfolios in India during the last quarter. This substantial growth in these segments contributed to a strong double-digit increase in overall revenue for the company’s India business.

Adani Group set to exit edible oil giant Adani Wilmar in high-stakes sale

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November 6, 2023

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Adani Group is currently engaging in discussions with several multinational consumer goods corporations regarding the potential sale of its complete 43.97% share in Adani Wilmar Ltd, the owner of the renowned Fortune brand known for its edible oils and packaged grocery products. According to insiders familiar with the situation, a transaction is anticipated to be formally concluded within the next month.

The conglomerate, which spans ports and renewable energy, anticipates receiving $2.5-3 billion for its stake in the joint venture with Wilmar International, a Singapore-based company that also holds a 43.97% ownership in the firm, as per their statement.

As of the press time, emails sent to Adani Group and Adani Wilmar have gone unanswered.

Wilmar International has chosen not to provide a comment.

Adani Wilmar’s stock price has decreased from INR 488 in mid-May to INR 317.45 on Friday, resulting in a market capitalization of INR 41,258 crore ($4.96 billion).

“Adani Group will exit a few businesses to invest more deeply in core focus areas such as infrastructure,” one executive said. “Plans to disinvest its stake in Adani Wilmar are on these lines,” he said, adding that proceeds from the proposed sale are likely to be used for investments in other group businesses, and not to pare debt.

Adani Wilmar stands as a major contender in the edible oil industry. In the previous fiscal year, the company disclosed a net profit of INR 607 crore on a revenue of INR 55,262 crore.

The group’s promoters have been contemplating divestment of non-core assets to establish a financial cushion. This decision was prompted by the Hindenburg short-seller report on the group earlier this year, which resulted in the abrupt cancellation of a planned share sale in the flagship Adani Enterprises and caused a wealth erosion of $150 billion for investors. However, it’s worth noting that the group’s companies have since regained most of the value lost in their share prices.

Reliance Retail expands Smart Bazaar stores to small towns, targets growing demand

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November 6, 2023

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Reliance Retail is expanding its Smart Bazaar stores into towns with populations of up to 50,000 to cater to the increasing demand.

According to Damodar Mall, the CEO of Reliance Retail, the most intriguing aspect of consumer growth lies in small towns, often referred to as feeder markets.

“In the Supermarket India that I see – in modern stores or on digital apps – there are no signs of any downward impact on discretionary spending,” he said. “The narrative of some players that non-food is not growing is not a macro consumer concern, but maybe an insight that they are possibly not updating their operating models enough.”

Mall’s statement contradicts the perspectives of certain retailers and analysts who believe that discretionary spending has faced challenges in recent months.

Products in the categories of home, personal care, and general merchandise are all experiencing more rapid growth than our overall store performance. Mall pointed out that feeder markets in smaller towns, like Nokha and Sikar in Rajasthan, Armoor and Banswada in Telangana, and Raygada and Simliguda in Odisha, are displaying strong demand trends.

Reliance Retail, a subsidiary of Reliance Industries, holds the title of the nation’s largest grocery retailer. The company operates stores in a variety of formats, including Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik, and 7-Eleven.

“We are seeing uptrading across categories and FMCG companies facing a slowdown in modern trade may need to do more to grow in tune with the market,” Mall said.

Rural market demand has experienced a slump due to several factors. Analysts report that persistent inflation has adversely affected rural demand, which accounts for over one-third of FMCG sales. Additionally, consumers in these areas continue to exercise caution with their discretionary spending, especially after experiencing irregular rainfall patterns.

Reliance Retail has been actively promoting the sales of its FMCG product range, which includes soft drinks under the Sosyo Hajoori brand, confectioneries by Lotus Chocolates, biscuits from Maliban, Campa Cola, Glimmer beauty soaps, Get Real natural soaps, Puric hygiene soaps, Dozo dishwash bars and liquids, HomeGuard toilet and floor cleaners, as well as Enzo laundry detergent in powder, liquid, and bar formats.

“We do not do private labels, or white labels, as they are conventionally approached,” Mall said. “Our customers buy SnacTac snacks or besan laddoo because they are good things, and most of them may not even know that SnacTac is our brand.”

During the second quarter, Reliance Retail’s grocery segment showed a 33% year-on-year growth, with Smart and Smart Bazaar formats leading the way. The company emphasized that demand remained robust during the festivals in that quarter. In the June quarter of this year, the grocery business had witnessed a year-on-year growth of 59%.

In their earnings reports for the September quarter, prominent FMCG manufacturers like HUL, ITC, and Nestle have voiced their apprehension regarding erratic rainfall patterns, the repercussions on crop yields, and the escalating prices of commodities like wheat, maida, sugar, potatoes, and coffee.

“FMCG companies are learning to think of premiumisation differently for urban, modern trade and rural consumers,” Mall said. “We need more of this to happen.”

Enrich your Diwali celebrations with the gift of health and hydration from DrinkPrime

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November 6, 2023

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Diwali is a time of joy, illumination, and celebrations. As the festival of lights approaches, every corner of India comes alive with vibrant colors, dazzling decorations, and the warmth of family gatherings. It’s a time when we exchange gifts, indulge in delicious sweets, and wear beautiful clothes. While these traditions bring happiness and togetherness, there’s one priceless gift that often goes unnoticed amidst the festivities—the gift of health.

After all, what’s the point of celebrating if we’re not healthy enough to enjoy it?

This Diwali, let’s break away from the usual gifts and surprise our loved ones with something extraordinary—the gift of clean, safe, and healthy drinking water.

Imagine the delight on your family’s faces when they unwrap a gift that not only brings joy but also contributes to their well-being. Well, with DrinkPrime, you can make this a reality!

By bringing a DrinkPrime water purifier into your home through a subscription, you can enjoy an unlimited supply of safe drinking water, 24/7. It’s the perfect solution for those who want to avoid the hassle of dealing with water cans and bottles, making their lives more convenient and, most importantly, healthier.

For those who are still relying on unhygienic plastic water cans and bottles, it’s high time to break free from the risks associated with these outdated practices. DrinkPrime offers a reliable alternative that ensures the purity and safety of the water you consume.

And as a limited-time offer, new subscribers can enjoy an exclusive Flat INR 300 off on their first recharge. Visit DrinkPrime website to avail of this special Diwali offer.

This gift is not just meaningful; it is also long-lasting. If you’re currently using water cans, you’re well aware of the hassles that come with them—having to order cans, dealing with empty cans, and constantly worrying about the quality of the water. With DrinkPrime, you can bid farewell to all of these inconveniences and embrace a more modern and hassle-free solution to your water needs.

Diwali is not only a time for festivity but also an opportunity to embrace a healthier, happier lifestyle. So, this Diwali, break free from the constraints of traditional presents and let your gift stand out among the rest. Make this Diwali a celebration of health, happiness, and the joy of giving a truly unique and valuable gift. With DrinkPrime, you’re not just gifting a water purifier; you’re gifting the promise of a healthier future for your loved ones.

Tanishq expands global footprint: Unveils new boutique in Singapore and plans 50 more worldwide

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November 6, 2023

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Tanishq, the jewellery brand under the Tata Group, intends to expand its global presence with 50 boutiques, as highlighted by Kuruvilla Markose, CEO of Titan Company managing the brand. During the opening of a boutique, Markose revealed this long-term plan, emphasizing the brand’s mission. Presently, Titan operates 13 boutiques internationally and is committed to locating new sites to serve the 32 million-strong global Indian diaspora.

“Long-term plan is to have 50 boutiques globally, and the company is planning such retail outlets in the United Kingdom, Australia and Malaysia,” Markose said at the inauguration of the brand’s first boutique in Singapore.

Dr. Shilpak Ambule, the Indian High Commissioner to Singapore, presided over the inauguration of the boutique in Singapore’s Little India area, marking the entry of a prestigious brand into the Southeast Asian markets via the city-state.

“As a true Tata brand, it lives the values of giving back, by protecting and promoting the ageless craftsmanship of Indian jewellery making,” said K V Rao, the Resident Director of ASEAN at Tata Sons.

“Tanishq in Singapore aims to delight the customers and the endless visitors from all over the world — to come, see, touch, feel and possess a piece of Tanishq, a treasure forever, also giving a testament to our designers and artisans behind this magic,” said Rao when asked about Tanishq’s vision in the Lion City.

“We intend to cater to the diverse preferences of Singapore’s residents, bringing a wide range of exquisite jewellery and at the same time, interesting designs in everyday wear,” Markrose said.

“With a firm commitment to quality, ethical sourcing, and a tailored retail experience, Tanishq is here to provide Singaporeans with jewellery that epitomises perfection,” he said.

“Tanishq is a proud story of nearly 30 years. In Sanskrit, Tan — means body, and Nishq — gold ornament (necklace) that beautifies a woman,” he said.

Covering an area of 2,800 square feet across two floors, the boutique provides a selection of over 2,000 distinct designs. With a team of 14 employees fluent in 16 languages, the store ensures diverse and comprehensive customer service.

Tanishq presently operates a network of over 410 stores in India. In November 2020, it expanded its international presence by inaugurating its first store in Dubai, subsequently opening twelve additional stores. These include seven in the United Arab Emirates, two in Qatar, and two in the United States.

Hectic lifestyles trigger a surge in demand for processed tomato products

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November 6, 2023

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Employed individuals, hotel staff, as well as chefs and cooks, are increasingly leaning towards using crushed and deseeded tomatoes for convenient and rapid cooking.

Horticulture experts acknowledged the increasing demand for processed tomato products at a national conference, ‘Tomato: Problems, perspectives, and plant-breeding solutions,’ held at the University of Horticultural Sciences in Gandhi Krishi Vigyan Kendra on Saturday.

The surge in demand is attributed to hectic lifestyles and the desire for quick meal preparation, as reported. Notably, this shift has also led to a decrease in tomato wastage and an enhancement of kitchen productivity. Research conducted by the city-based Center for Processed Food among both household and commercial consumers revealed that a significant number are selecting processed tomato items due to their extended shelf life.

“Hoteliers, the catering industry, independent chefs, kitchen maids, homemakers, working professionals and senior citizens are favouring tomato puree over actual fruits. The preference is largely to avoid spending time cutting/peeling fruits and their limited shelf life,” explained Chethan Hanchate, director of Centre for Processed Food.

Surinder Tikoo, Co-Founder and research adviser of Tierra Agrotech, said, “At present, only 1% of the total tomato production is directed towards processing. India annually imports Rs 118 million worth of tomato paste from China, highlighting the potential market for such products in this country.”

Krishna Kumar, former deputy director-general (horticulture) at Indian Council of Agricultural Research, said, “The trend of ready-to-eat foods among urban dwellers is behind this change.”

Salt Range Foods eyes nationwide retail expansion for its premium honey products after successful export venture

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November 6, 2023

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Salt Range Foods, a company based in Guwahati and established in 2014, has unveiled its strategic focus on expanding its retail sales of honey products throughout the country. This shift comes in response to the company’s robust performance in the export market. Initially, Salt Range Foods operated as a honey distributor but has since evolved to establish its own production facility, currently boasting a capacity of 2,000 tonnes per year.

Salt Range Foods Director Pawandeep Singh Kohli, said “We are exporting 95 per cent of our production to the US, Europe and Middle East countries. We retail only in Guwahati and have an online presence on Amazon and Flipkart.”

He emphasized that Salt Range Foods’ primary focus will be on expanding its retail presence through the digital market.

“Honey is a highly adulterated product. There is a huge demand for quality honey in India and we want to tap that demand. We believe our product fulfils the quality norms considering we are exporting to several nations,” he said.

Kohli stated that the company has set a target to enhance its annual honey production capacity to 5,000 tonnes by 2026. Presently, their honey is procured from regions such as Assam, Meghalaya, West Bengal, and Bihar, and the company manages a collection of approximately 500 beehives.

Under the ‘Salt Range’ brand, the company offers honey in various flavors such as mustard, Sundarban forest, lichi, and coriander.

Zomato grants 10.65 Cr ESOPs following two consecutive profitable quarters

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November 6, 2023

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Zomato, the foodtech giant, has recently allotted nearly 10.65 crore equity shares as part of its multiple employee stock option plans (ESOPs).

According to an official exchange filing, the company announced that its board has granted approval for the allocation of 10,64,69,448 fully paid-up shares under the Zomato Employee Stock Option Plan 2018, Zomato Employee Stock Option Plan 2021, and Zomato Employee Stock Option Plan 2022.

The majority of the shares were allocated under Zomato’s 2021 ESOP plan, while 30.95 lakh shares were allotted under the 2018 and 2022 plans. This development occurred a mere three months following the allocation of 2.52 crore shares to its employees in August 2023.

Upon the allotment of these shares, Zomato’s subscribed and paid-up equity share capital will rise from INR 860.44 Cr to INR 871.09 Cr.

The declaration about ESOPs coincided with Zomato unveiling its financial reports for the quarter concluding in September 2023. The company witnessed an increase in share-based expenses, climbing to INR 132 Cr in Q2 FY24 from INR 100 Cr in the previous quarter. Nevertheless, this figure experienced a marginal decrease from INR 137 Cr in Q2 FY23.

Meanwhile, Zomato marked its second consecutive quarter of profitability by announcing a profit after tax (PAT) of INR 36 Cr in Q2 FY24. This follows its debut profitable quarter in Q1 FY24 when it reported a PAT of INR 2 Cr. In contrast, during Q2 FY23, the company had incurred a net loss of INR 251 Cr.

Also Read: Zomato turns profitable in Q1 FY24, reports INR 2 Cr consolidated PAT

During the reviewed quarter, Zomato experienced a surge in its operating income, escalating from INR 1,661 Cr in the corresponding quarter of the previous year to INR 2,848 Cr.

The foodtech giant witnessed a significant milestone as its quick commerce subsidiary, Blinkit, achieved a positive contribution for the entire quarter, marking a notable achievement since its acquisition in June 2022. Blinkit’s contribution margin, calculated as a percentage of the gross order value (GOV) in the overall business, showed a remarkable improvement, transitioning from -7.3% in Q2 FY23 to +1.3% for the quarter ending on September 30, 2023.

In the meantime, Zomato’s shares concluded the trading session on Friday with an 8.3% gain, reaching INR 116.40 on the BSE. This marked the first time in approximately 22 months that the stock closed above its listing price on the stock exchanges.

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