Business
Buffalo milk prices rising in Mumbai from March 1, will have cascading effect
The buffalo milk wholesale prices in Mumbai will shoot up by Rs 5/litre from midnight on Tuesday and could trigger a significant cascading effect on the entire food industry that depends on it as its raw material, milk industry players say.
Portending a hard hit, the Mumbai Milk Producers Association (MMPA) last Friday announced the steep hike in wholesale price of buffalo milk.
The bulk milk prices will go up from Rs 80/litre to Rs 85/litre and will remain in force till August 31, MMPA Executive Committee Member C.K. Singh said.
This will be followed by a similar increase in the retail market by the 3,000-plus retailers in Mumbai for the creamy fresh buffalo milk, which would now sell at around Rs 90 per litre – up from the current Rs 85 per litre – from March 1.
These sharp hikes shall be borne by the ordinary consumers not only in the form of dearer plain milk, but also other milk products that are consumed by households daily.
“This would impact, albeit marginally, the rates of a cup of tea-coffee-ukala-milkshakes, etc, served by restaurants, at the ordinary pavement vendors, or in small eateries,” said MMPA Treasurer Abdul Jabbar Chhawaniwala.
The duo said that there are many other milk products like khoya, paneer, sweetmeats like pedha, barfi, certain north Indian or Bengali sweet varieties which are milk-based which could witness a price hike now.
Prominent milkman in north Mumbai, Mahesh Tiwari rued that the price hike has come on the eve of certain festivals and also the big fat weddings season, which would be hit by the whole-sale milk price hike from Wednesday.
“The demand for milk and milk products goes up at least 30-35 per cent during festivals and even higher for weddings, marriages and other social events, and the new rates would be applicable,” he said.
There’s a string of festivals like Holi, Gudi Padva, Ram Navami, Mahavir Jayanti, Easter after Good Friday, Ramzan Eid, and others in the next couple of months where the celebration budgets would have to be expanded, says Singh.
The hike has been necessitated to offset the increased prices of milch animals as well as their food items like dana, tuvar-chuni, chana-chuni, makai-chuni, udad-chuni, green grass, rice grass, hay, which have seen steep price rises by 15-25 per cent in the past few months, Singh said.
“Inflation has become unbearable, many of the items that make buffalo feed are almost wasted, but we have to buy them at higher rates from the market. So the milk price hike was inevitable, though done reluctantly,” rued MMPA General Secretary Kasim Kashmiri.
Singh avers that normally, any fluctuation in milk prices in Mumbai is usually followed by an increase in milk rates in the rest of the country, too.
On an average, Mumbai consumes over 50 lakh litres of buffalo milk daily, of which more than seven lakh is supplied by the MMPA through its chain of dairies and neighbourhood retailers, through their farms spread in and around the country’s commercial capital.
This is the second major hike by MMPA after September 2022 when the buffalo wholesale milk prices was jacked up from Rs 75 per litre to Rs 80 per litre, making domestic budgets of poor and middle-class families go haywire.
Incidentally, in February 2023, all the major cow milk producers’ associations in Maharashtra, along with other major branded producers, have hiked the prices of cow milk by at least Rs 2 per litre.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
Business
Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know
The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.
The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.
Market Snapshot
By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.
The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.
However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.
Reasons behind the sharp decline
One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.
As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.
Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore
The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.
The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.
Business
Trump Victory Revives The Crypto Mania; Bitcoin Touches 81,000 Mark, Other Virtual Currencies Also Surge
The world of cryptocurrency, which was enduring its long-drawn-out winter since the end of the pandemic, appears all set to come out of its ‘haitus’.
And this new surge has been powered by the recent triumph of Donald Trump at the 2024 US election. The president-elect, Donald Trump, who once thought that crypto was a ‘scam’, has come a long way. Donald Trump, by all means, is the most crypto-friendly president that the US has had so far.
Bitcoin
As a result of this newborn optimism, major names in the crypto business. The biggest of them all, Bitcoin, saw the biggest jump. Bitcoin scaled the USD 80,000 mark for the first time.
In the past 5 days, the cryptocurrency has surged in value by 7.76 per cent or USD 5,865.47, taking the overall value to 81,456.88 for one USD. In the Indian context, one Bitcoin is worth Rs 68,72,585.50.
Ethereum
And it is not just Bitcoin that has seen its value gallop. The second biggest name in the crypto world, Ethereum has observed a rise in its price since Trump’s victory. 8.71
In fact, this crypto has seen an even bigger jump of 17.00 per cent or USD 462.66, in the past 5 days, taking the overall value to USD 3,184.54.
Ripple
Another cryptocoin, Ripple, has also seen its prices rise. In the past 5 days alone, the value of this digital currency has jumped to USD 0.59.
This came to pass after an 8.71 per cent USD 0.05 rise in its value.
Dogecoin
The meme coin or a currency that was started as a joke, Dogecoin or ‘Dog Coin’ also saw a gargantuan rise in its prices. Just in the past 5 days, Dogecoin jumped in value by a substantial 49.76 per cent.
The price increased by USD 8.24, taking the overall value to USD 24.80. It is to be noted that Tesla boss Elon Musk, who is a close ally of Donald Trump, is a major proponent of this cryptocurrency.
One of the controversial policies that Trump has advocated throughout his campaign is weakening the US Dollar and loosening any scope of scrutiny on cryptocurrency. In fact, it is even reported that he would ‘fire’ the Security Exchange Commission chair, Gary Gensler. Gensler has been at the forefront of attempts to regulate cryptos.
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