Hungry Hawk opens in Hyderabad, offering a global culinary extravaganza!

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August 5, 2023

Hungry Hawk, the newest dining destination in Hyderabad, has finally opened its doors, promising an unmatched culinary experience with a selection of global cuisine. Positioned in a prime location, it has quickly become the go-to spot for foodies in search of an exceptional dining adventure.

With a diverse array of dishes from Asia, Mughlai, and beyond, Hungry Hawk offers a world of flavors to satisfy every palate. From the savory delights of Japanese Teppanyaki and the aromatic spices of Indian cuisine to the comforting tastes of classic Italian pasta and the indulgent Thai curries, the restaurant ensures a gastronomic journey like no other.

As food enthusiasts step into this multi-cuisine haven, they are greeted with a menu that boasts a tantalizing selection of culinary delights from different corners of the globe. Hungry Hawk aims to be a place where flavors blend seamlessly, creating an unforgettable dining experience for all who walk through its doors.

Speaking on the launch, P V Suresh Kumar, Managing Partner, Hungry Hawk, said, “At Hungry Hawk, we set out to design a place that combines two of our personal passions: fine dining and gaming entertainment. Our aim is to offer a singular experience where visitors may savour exquisite cuisine from all around the world while immersing themselves in the excitement of gaming. We are eager to welcome both foodies and gamers. We are committed to using only the finest and freshest ingredients to create our culinary masterpieces. Our talented chefs employ their expertise to craft each dish with passion and precision, ensuring an unforgettable dining experience.”

Adding more to it Sanjeev Dhawan, Managing Partner, Hungry Hawk, said, “Our team of talented Chefs have designed some amazing set menu’s to craft each dish with passion and precision. In order to satisfy the varied palates of our customers, we have taken great care in curating a range of dishes that combine creative flavours by special preparation methods and artistic presentation.

Jude Pereira, Executive Chef, Hungry Hawk, added, “I am pleased to present the Hungry Hawk menu. Each dish has been thoughtfully crafted to showcase the finest flavours and ingredients as the apex of my enthusiasm for culinary creation, promising an unparalleled culinary experience that blends the best of Teppanyaki, Mughlai, and Asian flavours under one roof.”

Guwahati’s street food culture gets official recognition with ‘Khao Gali’

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August 5, 2023

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street food — Street food (Representative Image)

The Guwahati Municipal Corporation (GMC) has taken a proactive step to resolve the long-standing conflict between law enforcement agencies and street vendors by introducing two designated “Khao Gali” street food vending zones in the city. These zones aim to provide a harmonious space for street vendors to operate without any legal hurdles, creating a win-win situation for both parties involved.

The road connecting Panbazar to Guwahati railway station and the bustling area in front of Dighalipukhuri, already renowned as a food hub, will now be officially designated as “Khao Gali” – a dedicated zone for street food vendors.

GMC mayor Mrigen Sarania said, “The GMC has decided to designate the Cotton University hostel road and the space in front of Dighalipukhuri as ‘Khao Gali’, street-food vending zones within one to two months. We have taken the decision in order to end the clashes between the law enforcement agencies and the street vendors. The designated vending zones will give their business legitimacy.”

Additionally, the mayor expressed optimism that the establishment of these food zones will attract a wave of young entrepreneurs, encouraging them to embrace street food vending as a viable means of livelihood. This, in turn, is expected to contribute to a reduction in the unemployment rate in the city.

Food stall owners in the Dighalipukhuri area have voiced their grievances, stating that they frequently face threats of eviction from GMC officials.

Ibraj Chetry, owner of a food stall in the area and also an ex-employee of techno giant WIPRO, said, “If the GMC demarcates this place as a vending zone, it will be beneficial for us. Otherwise, we live in fear that we will be evicted any day. They frequently threaten us to vacate, accusing us of littering the place, though we try our best to clean up the stretch every night before closing our stalls.”

Previously, in the city, the Ariz Path area, which connected Guwahati Club to the Barowari area, was designated as a street food vending zone. However, this initiative was later discontinued due to the traffic congestion caused by the presence of food stalls in the area.

After tomato, onion prices experience uptick due to lower sowing

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August 5, 2023

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Onion prices have surged by nearly 10% in the last month, primarily attributed to reduced kharif sowing in key producer states such as Maharashtra and Karnataka. However, an official has assured that the government maintains sufficient buffer stock to manage the price escalation effectively.

As of August 3, the wholesale consumer price of onions in All India stood at INR 2,068.51 per quintal, showing an increase from INR 1,893.56 recorded on July 3. According to data from the consumer affairs ministry, the price has experienced a year-on-year rise of 4.86%.

“Onion prices are expected to firm up as lower output is expected from the kharif crops since monsoon rains have not been adequate in Nasik, Pune and Ahemdnagar districts,” said Nikhil Sule, an onion farmer from the area.

According to a Crisil report, the area dedicated to onion farming had decreased during the last rabi season. The report estimated that the acreage was 3-5% lower than the previous year, leading to an approximate 6% decline in output compared to the previous year.

The rating agency attributed the decline in rabi acreage to the “25-27% lower realization experienced by farmers in the preceding season.”

Nevertheless, a senior official from the Ministry of Consumer Affairs, Food and Public Distribution stated that the central government has acquired a buffer stock of 300,000 tonnes this year, marking a 20% increase compared to the previous year.

“This stock will come in handy for interventions when the prices go up,” the official said.

The individual attributed the modest price upswing in recent weeks to the approaching festive season and assured that the retail prices of onions will not exceed INR 40 per kg this year.

During the fiscal year 2022-23, the government maintained a buffer stock of 251,000 tonnes of onions.

The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies in case rates go up significantly during the lean supply season.

Britannia Industries reports strong Q1 FY24 performance, net profit surges 35.65% to INR 455.45 Crore

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August 5, 2023

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In the first quarter of FY24, Britannia Industries recorded a consolidated net profit of INR 455.45 crore, marking a notable 35.65 percent surge compared to the INR 335.74 crore earned during the same period in June 2022.

The fast-moving consumer goods (FMCG) giant registered total revenues from operations amounting to INR 4,010.70 crore in the latest quarter, showcasing an impressive 8.36 percent growth year-on-year, in contrast to INR 3,700.96 crore recorded during the corresponding quarter of the previous year.

While Britannia’s revenue aligned closely with market expectations, its net profit fell short of the anticipated mark. Brokerages surveyed had projected revenue to be approximately INR 4,101 crore and net profit to be around INR 517 crore for the company.

In the June quarter, Britannia’s EBITDA witnessed a remarkable 37 percent year-on-year growth, rising to INR 689 crore from INR 501 crore in the corresponding period last year. Furthermore, the company’s EBITDA margins expanded significantly, showing an increase of 364 basis points to reach 17.2 percent during the reviewed quarter.

After the markets closed, the packaged food company released its earnings report. Earlier on the same day, the stock had a slight gain, closing 0.08 percent higher at INR 4,802.55 on the National Stock Exchange.

Monster Beverage expands energy drink portfolio with Bang Energy acquisition

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August 5, 2023

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Bang energy drink (Representative Image)

Monster Beverage Corporation made an official announcement stating that its subsidiary, Blast Asset Acquisition LLC, has successfully finalized the acquisition of Vital Pharmaceuticals, the owner of Bang Energy.

As part of the acquisition, Monster Beverage Corporation has obtained the assets of Bang Energy beverages and a beverage production facility located in Phoenix, Arizona. The purchase price for this acquisition was approximately $362 million, with potential adjustments taken into account.

In July, Monster Beverage Corporation and Vital Pharmaceuticals (VPX Sports) came to an agreement for an asset purchase. As part of this deal, a Monster subsidiary was set to acquire all the assets of Bang Energy. Subsequently, Monster successfully obtained approval from the US bankruptcy court to proceed with the acquisition of VPX Sports under Chapter 11, as previously reported.

Rodney C Sacks, chairman and co-chief executive officer of Monster Beverage Corporation, said, “We are enthusiastic about the opportunities this acquisition presents to us and believe that the Bang brand will fit well within our broader portfolio of energy drink brands”.

Hilton H Scholsberg, vice chairman and co-chief executive officer, added that Bang Energy has a “distinct marketing position and loyal consumer base”, and that production will be increasing at the Phoenix facility to accommodate certain of the company’s other brands.

“We are excited for the opportunities for all of our brands,” Schlosberg concluded.

India’s export ban spells trouble for non-basmati rice exporters, while basmati rice exporters set to flourish, reveals Ind-Ra report

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August 5, 2023

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According to India Ratings and Research (Ind-Ra), the recent government notification that prohibits the export of non-basmati white rice is anticipated to enhance the operational performance and bolster the credit profile of India’s leading basmati rice exporters.

On July 20, India implemented a ban on the export of non-basmati white rice in an effort to regulate the escalating prices of this essential food commodity in the domestic market. Industry experts point out that the delayed monsoon arrival and inadequate rainfall until mid-June have caused significant worries regarding paddy output in the country.

India holds the title of being the largest rice exporter globally, commanding approximately 40% of the total market share. Following closely behind are Thailand with a 13% share and Vietnam with a 9% share, among other contenders.

During the financial year 2023, India successfully exported 14.24 million tonnes of non-basmati rice.

The export ban captured international attention, making headlines in several developed nations and leading to panic buying in various countries such as the US, Canada, and Australia.

Ind-Ra reports that countries importing basmati rice are expressing worries about a potential ban on this category. Consequently, they are requesting early shipments, leading to the possibility of higher prices in the short and medium term. The report also highlights that numerous farmers have shifted their focus to producing basmati rice to capitalize on the notable price disparity in export markets.

Since FY21, the leading four basmati rice exporters have witnessed a remarkable increase in demand and profits. The ban on non-basmati rice might prompt importing countries to switch to the basmati category, albeit on a limited scale, driven by the substantial price difference and lower production and supply of non-basmati rice. This shift could potentially lead to higher inflation in the importing nations.

Over the past decade, India’s rice production has displayed a compound annual growth rate (CAGR) of 2.6%, whereas consumption has grown at a rate of 1.3%. The decision to prohibit non-basmati rice exports is likely influenced by the repercussions of adverse climatic changes on food grain production over the years, as well as the recent surge in prices in the domestic market.

According to the most recent report from Ind-Ra, major Indian rice exporters are predominantly focused on dealing with basmati rice. The rising demand and favorable pricing in this category have had a positive impact on their operational performance during FY23.

“Revenues for the four major basmati exporting companies have grown at a median rate of 28% year-on-year. The export ban on non-basmati rice may further benefit these companies by improving liquidity due to early shipments requested by importing countries, fearing a ban on basmati rice. Additionally, the elevated price of basmati in export markets and the shift in demand from non-basmati to basmati rice could lead to increased volumes, revenues and profitability in the medium term for basmati rice exporters,” says the Ind-Ra report.

Non-basmati rice constitutes 80% of India’s rice exports, and the ban on its export is anticipated to bring substantial implications to the consumption patterns in rice-importing nations. Both basmati and non-basmati rice prices have been on the rise since FY22 due to major global suppliers like Thailand and China reducing their exports post-pandemic to prioritize domestic food security.

“The realisation of basmati rice price jumped to 84 a kg in FY23 from 64 a kg in FY21 and reached 91 a kg during April-May 2023,” the report adds.

Centre vigilantly monitoring sugar stocks and prices as festive season draws near

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August 5, 2023

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In anticipation of the upcoming festive season, the government has expressed apprehension over a 5-6% increase in ex-factory sugar prices observed in the last two to three months. This rise is attributed to a reduction in the sugar surplus caused by increased exports and a decline in production. In response to the situation, the government has issued stringent directives to state governments to meticulously gather precise data concerning sugar stocks from all sugar factories by the end of July, as informed by reliable sources.

According to high-level sources, the central government has initiated a verification process for the goods and services tax (GST) paid by sugar mills as part of their efforts to ascertain the stock positions in the country. There are suspicions that certain sugar stocks might have been sold unofficially to destinations that are not permitted. Therefore, authorities are diligently examining the GST data to ensure transparency and legality in the sugar trade.

In light of the recent increase in tomato prices and the rising cost of onions, the government is implementing measures to prevent excessive escalation in sugar prices, particularly as the festive season approaches.

“We are not anticipating any rise in prices in sugar, edible oils, rice or wheat” in the upcoming festival season, food secretary Sanjeev Chopra said, PTI reported Friday. “Prices will rule in a stable manner.”

Maharashtra sugar commissioner Chandrakant Pulkundwar said, “Our officials will sign the stock declaration by sugar mills only after they physically verify the stocks at the sugar mill premises.”

While there is no scarcity of sugar in the country, the surplus available has noticeably diminished. During the 2021-22 period, India achieved a remarkable sugar production of 35.9 million tonnes, and an all-time high export of 11 million tonnes. However, in the ongoing 2022-23 sugar marketing season, which concludes in September, India’s sugar output has experienced an 8.6% decline compared to the previous year, reaching 32.8 million tonnes. Additionally, the country has exported 6 million tonnes of sugar this year, further contributing to the reduction in surplus.

As the festival season approaches, industry representatives have reported a strong demand for sugar in the market.

“It is suspected that a large number of sugar mills have sold more sugar than their monthly quota during the period when they were crushing the sugarcane, which has reduced the arrival of sugar in the market,” said a broker, who didn’t want to be identified.

The Indian Sugar Mills Association (ISMA) has projected a 3.3% decrease in sugar production for the upcoming 2023-24 season, commencing in October. According to ISMA’s estimations, net sugar production is expected to be 31.7 million tonnes, down from the previous year’s estimate of 32.8 million tonnes. Consequently, there will be a carry-forward stock of 4.2 million tonnes, which falls short of the two-month requirement. ISMA’s assessment indicates that India’s annual sugar consumption stands at 27.5 million tonnes, equivalent to 2.3 million tonnes per month.

According to a prominent industry executive, sugar factories are experiencing a significant deficit of 35-40% in payments to farmers during the crushing season. To meet their obligations, these factories secure loans from banks, using the sugar as collateral to compensate cane farmers. The banks determine the value of the sugar based on the minimum sale price (MSP) set by the central government, which has been fixed at INR 31 per kilogram since 2018-19.

However, the sugar industry sought to reassure consumers.

India considers eliminating import duties on wheat to address price escalation

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August 5, 2023

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On Friday, Food Secretary Sanjeev Chopra announced that the government is contemplating a plan to reduce or eliminate import duties on wheat. This decision arises as the world’s second-largest producer of this essential crop grapples with efforts to curb the escalation of prices.

Chopra clarified that there are no intentions to import wheat from Russia or pursue any government-to-government agreement regarding the matter.

Over the past few months, wheat prices in Delhi have experienced a notable increase of 12 percent, reaching a six-month peak at INR 25,174 per metric ton. This upward trend in prices is attributed to unpredictable weather patterns that have negatively impacted production. In response, the government has taken a significant step by imposing restrictions on the quantity of wheat stocks that traders can retain. This marks the first instance of such restrictions in 15 years, with the objective of reducing prices.

In June, for the first time in 15 years, the government implemented a restriction on the quantity of wheat stocks that traders can retain with the aim of lowering prices.

“We have options like lowering or abolishing the wheat import duty and tweaking the stock holding limits to control prices,” Chopra said. “The options are under consideration.”

Despite these measures, inflation, especially in cereals, has not been adequately controlled. Consequently, the government is contemplating further options to address the situation. This includes the possibility of reducing or eliminating the import duty on wheat and making adjustments to the stock holding limits. As of now, the wheat-import tariff stands at 40%, having been raised from 30% in April 2019.

In 2023, India achieved a historic production of 112.74 million metric tons of wheat. However, a prominent trade organization reported that this harvest fell short by a minimum of 10% compared to the government’s projection. This variance, combined with India’s yearly wheat consumption of approximately 108 million metric tons, has prompted a need to explore potential revisions to import taxes.

Chopra made it clear that importing wheat from Russia or participating in any government-to-government agreements is not part of the plan. Instead, the emphasis is placed on bolstering domestic producers and guaranteeing the accessibility and cost-effectiveness of wheat for consumers.

On Friday, Chicago wheat experienced a 3.5% increase following a Ukrainian drone attack close to the Russian Black Sea export center in Novorossiysk. This event reignited concerns about global supply, while India contributed to demand projections by revealing the possibility of eliminating an import tax, further influencing market dynamics.

Sea drones of Ukrainian origin launched an attack on a Russian naval facility situated near the port of Novorossiysk, a significant hub for Russian exports of grain and oil.

According to the Caspian Pipeline Consortium, which operates an oil terminal in the area, the civilian port suspended all ship movements temporarily before later resuming normal operations.

Recently, the government’s decision to ban all exports of non-basmati white rice has captured attention. This move was driven by the need to stabilize domestic prices, which had escalated to multi-year highs due to volatile weather patterns jeopardizing production. However, this export ban has not only reverberated through the global rice market but has also sparked concerns about potential inflationary effects.

Also Read: India’s ban on rice exports expected to worsen global food price volatility, warns IMF Chief Economist

Also Read: India’s rice export ban triggers panic buying among NRIs in the US

Consumer woes continue: After tomatoes, pulses, rice and flour register steep price hikes in Delhi

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August 5, 2023

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Following the surge in tomato prices, the cost of essential food items such as pulses, rice, and flour has also witnessed a substantial rise in the national capital, significantly burdening the average citizen’s finances.

In the last three months, the prices of pulses, rice and flour have also increased over 30 to 40 per cent as claimed by the shopkeepers in the national capital.

“Toor dal is currently at INR 180 to 190 per kg. It was being sold at INR 150 to 160 kgs a month ago. Arhar dal, which was at INR 150 per kg, is now being sold at INR 190 per kg. Chana dal is currently available at INR 190 per kg and three months ago it was also available at INR 150 per kg,” said a wholesale dealer in Lajpat Nagar area of south Delhi.

Along with pulses, the rate of flour and rice has also increased by about 10 to 20 pe rcent.

“Flour is being sold at INR 224 per 5 kg and three months ago, it was at INR 215 per 5 kg. Among spices, the price of cumin has shown the highest increase, recording an increase of 40 per cent. Where 100 grams of cumin used to cost INR 45 in last 3 months, now it has doubled to INR 90. Due to inflation, people are once again troubled and the budget of his house has deteriorated,” said Anil, a shopkeeper in Laxmi Nagar in east Delhi.

Meanwhile, tomato prices in the national capital have surged again after a period of brief respite when the government started selling the kitchen staple at subsidised rates.

While rates had dropped to roughly INR 120 per kilo last week, they have again shot up beyond INR 200 and above. At Safal, the tomatoes were being sold at INR 259 per kg.

According to recent reports, the price of tomatoes has skyrocketed from INR 15 per kg in the first week of May to an astonishing INR 250 per kg or above in various places including CR Park in south Delhi.

“I am selling tomatoes at INR 220 per kg today while bottle gourd (lauki) is being sold at INR 55-60 per kg. Coriander, which we usually gave as complimentary is now at INR 270 to 300 per kg. Green capsicum is at INR 70 per 300 grams and ginger is being sold above INR 400 per kg,” said Manoj Kumar, wholesale dealer of veggies in Delhi and Noida.

The recent surge in tomato prices has been attributed to the impact of heavy rainfall in the production areas and disruptions in the supply chain.

Vegetable vendors and wholesalers are pointing towards the rains as the primary cause behind the disruption in tomato supply, leading to a significant increase in retail prices of this crucial kitchen staple. The abundant rainfall is likely to have adversely affected the cultivation, transportation, and overall availability of tomatoes, resulting in scarcity and a subsequent rise in prices in the retail markets.

Major relief for Blinkit as Supreme Court dismisses trademark infringement appeal

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August 5, 2023

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In a significant development for Blinkit, the quick-commerce giant owned by Zomato, the Supreme Court (SC) has reportedly declined to grant a stay on the Karnataka High Court’s order in a trademark infringement case. This decision comes as a major relief for the company and its stakeholders. The ruling was issued on Friday, August 4.

The matter pertains to the April ruling of the High Court, which revoked a temporary injunction in favor of Blinkhit as granted by a trial court. This ruling also included instructions to resolve the case within a year. Blinkhit, asserting its own trademark rights, subsequently contested the High Court’s decision in the Supreme Court.

During the hearing of a plea submitted by Blinkhit, a bench of Justices Sanjiv Khanna and SVN Bhatti from the Supreme Court noted that the appellant had reported no turnover and had not provided any financial documentation to substantiate their argument.

“You have zero turnover. I went through the files, you did not even mention your financials,” Justice Khanna said as per Bar and Bench.

Following this, the Supreme Court, in its ruling, remarked that it had no intention to intervene in the High Court’s decision and consequently dismissed the appeal.

Central to the issue is a trademark infringement lawsuit brought forth by Blinkhit, a web development company based in Bengaluru, against the prominent quick-commerce entity. The case was initiated in the Bengaluru civil court in June 2022.

Although Blinkhit asserted ownership and registration of the trademarks ‘Blinkhit’ and ‘iBlinkhit’ since 2016, it appears that the company sought to register the alliteration ‘Blinkit’ as a trademark in December 2021.

In 2021, during the same period, Grofers, which later became Blinkit, underwent a rebranding process, adopting the new name Blinkit. Subsequently, Blinkit applied for a trademark for its new name. Legal complications arose when news surfaced about Zomato’s potential acquisition of Blinkit. Following these developments, the web development company approached the Bengaluru civil court in June 2022, seeking an injunction in response to the situation.

Initially, the civil court sided with Blinkhit’s argument and issued a provisional injunction. Following this, the quick-commerce giant appealed to the Karnataka High Court and successfully secured a suspension of the injunction. Subsequently, the case returned to the lower court, which once more ruled in favor of the web development company.

In response, Blinkit once more approached the High Court, seeking redress. The High Court, however, reiterated its decision to dismiss Blinkhit’s argument regarding the prior acquisition of the ‘Blinkhit’ trademark before the company’s rebranding and operational changes.

In April, the High Court echoed the Supreme Court’s concern, noting that Blinkhit did not conduct any business or generate any income under the claimed trademark. The court also pointed out the contrasting nature of business between the two parties and consequently lifted the injunction in favor of Blinkit.

As the legal complexities continue to unfold, Blinkit finds itself in a high-stakes situation, having invested significant amounts of money to establish its brand’s value.

The Supreme Court’s relief came just one day after Zomato announced a consolidated profit after tax (PAT) of INR 2 Crores in the first quarter of the financial year 2023-24 (FY24). While Zomato’s food delivery business continued to expand, the quick-commerce vertical experienced subdued revenue growth during the same quarter.

Also Read: Zomato’s profitable quarter ignites bullish outlook; brokerages raise target prices

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