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Friday,05-March-2021

Business

Bears take hold of market, Sensex crashes 1,100 pts

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Graph. (File Photo: IANS)

The Indian stock market is on a bear run now with the BSE Sensex losing over 1,100 points on Monday largely following a global sell-off.

Globally, markets have taken to consolidation after the recent surge to record highs amid rising bond yields and weakening dollar.

The across-the-board sell-off in the Indian indices was led by auto, health care, FMCG and IT stocks.

The Sensex closed at 49,744.32, higher by 1,145.44 points or 2.25 per cent from its previous close of 50,889.76 points.

It had opened at 50,910.51, and has touched an intra-day high of 50,986.03 and a low of 49,617.37 points.

The Nifty50 on the National Stock Exchange was trading at 14,675.70, lower by 306.05 points or 2.04 per cent from its previous close.

The major losers on the Sensex were Mahindra & Mahindra, Tech Mahindra and IndusInd Bank, while the only top gainers were ONGC, HDFC Bank and Kotak Mahindra Bank.

Business

Man whose SUV with gelatin sticks was parked near Ambani home found dead

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Thane-based-businessman

In an intriguing development, police have recovered the body of a Thane-based businessman whose stolen SUV with 20 gelatin sticks was found parked near Antilia, the iconic home of Reliance Industries Ltd. Chairman Mukesh Ambani, officials said here on Friday.

The body of Mansukh Hiren — who had reported his Scorpio SUV as stolen from north-east Mumbai earlier — was fished out of the marshes adjacent to the Thane Creek near Mumbra town.

Reported missing by his family, the police recovered his body around 10.30 a.m. on Friday from Reti Bunder Road near Thane Creek.

Tentatively suspecting it to be a suicide, the Naupada Police has registered an accident death report and is investigating the matter, said officials.

Hiren’s SUV was found on the afternoon of February 25, along with 20 gelatin sticks and a purported threat letter typewritten in broken English, sending shock waves through the country’s corporate and political circles.

The suspiciously parked SUV, which belonged to the deceased Hiren, was apparently left there in the wee hours of February 25 and was detected only after around 12 hours by some locals who alerted the Mumbai Police.

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FarEye acqui-hires logistics tech start-up PY Technology

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Logistics management startup FarEye on Friday said that it has acqui-hired logistics technology startup PY Technology in a bid to scale customer implementation as well as incubate new ideas.

The financial transaction details were not disclosed.

PY Technology, earlier known as PRTouch, was founded by Jignesh Vasani in 2012.

He will be joining FarEye as Vice President, Professional Services, the company said.

Vasani is an entrepreneur and a leader with over 20 years of experience in building blocks aiming towards solving real-life problems.

“I would like to welcome Jignesh and his team on behalf of all of us in this exciting journey to empower brands and carriers globally to deliver better,” Kushal Nahata, CEO and Co-founder FarEye, said in a statement.

FarEye said an increase in online orders and brands building up direct-to-customer channels is accelerating demand that will drive the company’s projected growth of 2.4x in FY20-21, with the US being the fastest growing market for the company.

The company recently announced that in order to capitalise on the unprecedented demand from retailers and logistics and transportation organisations to scale their direct-to-home deliveries, it will hire 100 technology professionals in India and North America in 2021.

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Government plans to create world-class storage system

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In an effort to strengthen post-harvest supply chain across the country and ensure better returns to the farmers in a big way, the central government is working on a comprehensive plan of creating a world class storage system and standardisation of warehouses complying with the requirements of the Warehousing Development and Regulation Authority (WDRA).

A sure and silent change is sweeping the country which is going to help the farmers in a big way and these changes will not only strengthen post-harvest supply chain but will also improve the returns to farmers in many ways, said sources in the Food Ministry.

Department of Food & Public Distribution has pushed for an ambitious plan through Food Corporation of India (FCI) for the development of about 100 silos with capacity of 35.875 LMT (Lakh Metric Tonnes), which will be road fed and will work on ‘Hub and Spoke’ model. A road map of the same is already in place and work has started in all sincerity, said the sources.

Hub and Spoke model will be efficient and complexities related to land acquisition for rail siding silos are bypassed since road fed silos, near to procurement areas will help in direct bulk grain procurement from farmers, reduced turn-around times for farmers and quick intake and offtake of food grains.

Incentives at various stages of the project have been incorporated in the bid documents for Hub and Spoke to attract private investment. These in-build incentives shall incentivise the Concessionaire to expedite project implementation in an efficient manner.

A world class storage system in the country would need standardisation of all the warehouses under various undertakings and an integrated warehouse management.

In an endeavour to ensure high standards of warehouse construction and maintenance, registration of all warehouses of Central Warehousing Corporation (CWC) and Food Corporation (FCI) with the WDRA has already commenced with the deadline of April 30 for completion of registration, said a senior official.

Around 161 CWC warehouses have already been registered and the remaining 178 will be done by March 31, the official added.

Registration fees, security deposit and net worth conditions have been reduced for warehouses and staggered slabs, linked to capacity introduced to promote registration for small farmers, cooperatives, small warehouses businesses etc.

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