BUSINESS
India's 1st D2C unicorn Licious raises $150 mn, to widen reach
The funds raised through Series F2 round will be utilised for investment in technological intervention that will help category development and improve overall customer experience, the company said in a statement. "The growing interest of investors from India and abroad alike is an added assurance that obsession with customers, quality and service standards are the pillars of the best businesses," said Vivek Gupta and Abhay Hanjura, Co-founders, Licious.
Chinese Banks seek Sitharaman's urgent intervention in resolution plan for Reliance Infratel
Chinese banks have written to Finance Minister Nirmala Sitharaman on the delays in the implementation of the Resolution Plan for Reliance Infratel Limited. China Development Bank, Export Import Bank of China, Shubh Holdings Pte. Ltd. and SC Lowy Asset Management have written to the finance minister and IBBI Chairman in their respective capacities as financial creditors of Reliance Infratel Limited (RITL).
Equity indices a tad down in early trade
India's key equity indices -- Sensex and Nifty -- traded marginally lower in early session on Tuesday. At 9.36 a.m., Sensex was 0.1 per cent or 38 points down at 56,448 points, whereas Nifty was 0.1 per cent or 10 points down at 16,862 points. "The drop in crude from $140 to $103 is a big relief and will turn out to be a tailwind for the market if the decline sustains," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
731.53 LMT paddy procured benefitting 103.40 lakh farmers: Govt
The paddy procurement is progressing smoothly in the KMS 2021-22 at MSP in the procuring states/UTs of Chandigarh, Gujarat, Assam, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Punjab, Uttar Pradesh, Uttarakhand, Telangana, Rajasthan, Kerala, Tamil Nadu, Karnataka, West Bengal, Tripura, Bihar, Odisha, Maharashtra, Puducherry, Chhattisgarh, Andhra Pradesh and Madhya Pradesh, a statement from the Ministry of Consumer Affairs, Food & Public Distribution said.
Pakistan left with only five days of diesel stocks
The war has caused the falling of global diesel stocks and other middle distillates to the lowest seasonal level since 2008. The Oil Companies Advisory Council (OCAC), a body of oil industry, had already warned the Pakistani government about the diesel shortage crisis due to depletion of stocks globally. Other reason was that Pakistani banks had also put the oil companies in high-risk category and refused to grant loans.
Reliance New Energy Ltd acquires assets of Lithium Werks
Reliance Industries' subsidiary Reliance New Energy Ltd on Monday signed definitive agreements to acquire "substantially" all of the assets of Lithium Werks BV for a total transaction value of $61 million, including funding for future growth.
India's Feb wholesale price inflation rises to 13.11%
The annual rate of inflation, based on wholesale prices, rose to 13.11 per cent last month from 12.96 per cent reported for January 2022. Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed an exponential rise last month over February 2021, when it stood at 4.83 per cent.
India's Feb retail inflation remains above 6%
As per the data furnished by the National Statistical Office on Monday, the Consumer Price Index (CPI) rose to 6.07 per cent last month from 6.01 per cent in January 2022. Similarly, on a YoY basis, last month's retail inflation rose at a faster rate than the 5.03 per cent increase in prices recorded for February 2021.
Europe faces a deficit in sunflower oil as exports from Ukraine have stopped
"Beyond that period, it is likely that [the] lack of availability of crude sunflower seed oil and limited alternatives will lead to a shortfall of refined/bottled sunflower seed oil on the European market, and that this will be felt up to the consumer level," reads the latest FEDIOL press release, RT reported. According to the association, the conflict in Ukraine has already prevented approximately 200,000 tonnes of sunflower seed oil per month from being shipped to European ports.
India's Feb 2022 exports up 25%, imports rise 36%
Exports during last month rose to $34.57 billion from $27.63 billion reported in February 2021.The data, furnished by the Commerce and Industry Ministry, showed that last month's exports rose by 24.60 per cent over February 2020.
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