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Thursday,22-October-2020

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Government agencies procure 44,809 tonnes of paddy in Punjab, Haryana

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Farmer

Paddy procurement is going on full swing in Punjab and Haryana with government agencies having purchased 44,809 tonnes of paddy in only four days since the MSP buying operations began in both states on the usual date this Kharif season, the Union Agriculture Ministry said on Wednesday.

The procurement of paddy during the Kharif marketing season 2020-21 commenced from September 26 in Haryana and Punjab. Up to September 29, paddy procurement of 3,506 MT in Haryana and 41,303 MT in Punjab totalling 44,809 MT having MSP value of Rs 84.60 crore at MSP of Rs 1,888 per quintal has been done from 2,950 farmers of Haryana and Punjab, a Ministry statement said.

Up to September 29, the government, through its nodal agencies, has also procured 46.35 MT of moong having MSP value of Rs 33 lakh benefitting 48 farmers in Tamil Nadu. Similarly, 5,089 MT of copra having MSP value of Rs 52.40 crore has been procured benefiting 3,961 farmers in Karnataka and Tamil Nadu against the sanctioned quantity of 1.23 LMT for Andhra Pradesh, Karnataka, Tamil Nadu and Kerala.

The procurement of cotton for the 2020-21 season will commence from October 1 and the Cotton Corporation of India (CCI) will start purchase of FAQ grade cotton from this date, said the statement.

Based on the proposal from the states, approval has been accorded for procurement of 14.09 LMT of pulses and oilseeds for Tamil Nadu, Karnataka, Maharashtra, Telangana and Haryana. For other states/UTs, approval will also be accorded on receipt of proposal for Kharif pulses and oilseeds and procurement of FAQ grade will be made as per Price Support Scheme (PSS), if the market rate goes below its MSP during the notified harvesting period, said the Ministry.

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Business

Swiggy onboards 7K new restaurants, delivers over 10 cr orders

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Swiggy

Online food delivery platform Swiggy on Thursday revealed it has onboarded more than 7,000 new restaurants a month on Swiggy which is 3,000 more than the pre-covid times, along with delivering 10 crore orders since the beginning of the lockdown.

Nearly 6,000 new restaurants are small and medium restaurants compared to 3,500 in the pre-covid era and there has been a five-fold increase per month in onboarding fine-dine restaurants for online deliveries, Swiggy said.

“Our pan-India food delivery has recovered around 80-85 per cent of pre-Covid order value. In many markets, it is at 95 per cent, some even over 100 per cent,” the company said in a statement.

In the IPL 13 season, Swiggy is seeing major cities reaching pre-covid recovery values.

During the ongoing cricketing season, the Tier 2, 3 cities have performed exceptionally well recording a double-digit growth over the first weekend itself, the company informed.

Bengaluru, Mumbai, Hyderabad are the most active metro cities while Ahmedabad, Jaipur and Lucknow are the most active tier-2 cities this cricket season.

“Almost over 200 cities have now reached 90 per cent of their pre-Covid GMV (gross merchandise value) levels with more than 70 cities seeing a full recovery to their pre-Covid levels,” Swiggy said.

Certain micro pockets within the country have also reached 200 per cent of their pre- COVID value.

Big food delivery markets such as Bengaluru and Chennai are seeing very fast recovery.

However, due to a lot of the customers migrating from these metros into tier 2 and 3 cities, they have reached their 80 per cent GMV levels.

“With offices resuming operations, we can expect the working population to migrate back to the metros in the near future and reach full recovery,” Swiggy said.

Swiggy’s Jumpstart Package has supported over 50,000 restaurants in the last four months.

“Over 15,000 restaurants have leveraged Jumpstart for the ‘Best Safety Standards’ tag and over 10,000 restaurants leveraged it for boosting their business,” it said.

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Business

Dr Reddy’s Labs hit by a cyber-attack

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cyber-attack

One of Indias largest pharma companies, Dr Reddys Laboratories has been hit by a cyber-attack and has isolated its data services.

Dr Reddy’s said in a statement, “In the wake of a detected cyber-attack, we have isolated all data center services to take required preventive actions.”

Commenting on this development, Mukesh Rathi, CIO, Dr Reddy’s Laboratories said, “We are anticipating all services to be up within 24 hours and we do not foresee any major impact on our operations due to this incident.”

In the morning, Dr Reddy’s Labs stock was trading down by more than 3 per cent after reports that its plants worldwide had been shut down due to a data breach.

Dr Reddy’s Labs website is also not functioning although the company is yet to give a clarification on the status of its plants and what exactly is the data breach.

As per reports, Dr Reddy’s Laboratories’ plants in India, Brazil, Russia, the United Kingdom and the United States were impacted by the data breach. It has shut down all production units after a breach in the server.

The share price of Dr Reddy’s Laboratories fell on the report of the data breach. The stock was trading 2.94 percent lower at Rs 4,898.45.

The development comes days after the company received approvals for clinical trails of Sputnik vaccine for Covid 19 in India.

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Business

Supreme Court: Can’t suppress material facts while availing life insurance

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Insurance

The Supreme Court has said that a contract of insurance is of utmost good faith and a proposer who is keen to obtain a policy of life insurance is duty-bound to disclose all material facts.

A bench comprising Justices D. Y. Chandrachud, Indu Malhotra and Indira Banerjee said: “A contract of insurance is one of utmost good faith. A proposer who seeks to obtain a policy of life insurance is duty-bound to disclose all material facts bearing upon the issue as to whether the insurer would consider it appropriate to assume the risk which is proposed.”

The top court emphasised that it is with this principle in view that the proposal form requires a specific disclosure of pre-existing ailments, which will enable the insurer to arrive at a considered decision based on the actuarial risk.

The top court set aside the March this year a verdict of the National Consumer Disputes Redressal Commission (NCDRC) which dismissed an insurance firm plea challenging the order asking it to pay full death claim along with interest to the mother of the deceased. The insurance company informed the top court during the pendency of the proceedings the entire claim was paid.

The bench, taking into account the age of the deceased’s mother who is seventy years old and the death of the assured on whom she was likely to be dependent, directed that no recoveries of the amount which has been paid shall be made.

Terming the NCDRC bad in law, the top court said: “The medical records which have been obtained during the course of the investigation clearly indicate that the deceased was suffering from a serious pre-existing medical condition which was not disclosed to the insurer.”

The bench noted that the deceased was hospitalised to undergo treatment for a condition in proximity to the date of his death, which was also not disclosed in spite of the specific queries relating to any ailment, hospitalisation or treatment undergone by the proposer in Column 22 of the policy proposal form. “The investigation by the insurer indicated that the assured was suffering from a pre-existing ailment, consequent upon alcohol abuse and that the facts which were in the knowledge of the proposer had not been disclosed”, noted the top court.

In August 2014, a man submitted a proposal for obtaining insurance policy. The life insurance form contained specific questions to health, medical history and also required a specific disclosure on existing ailment, hospitalisation or treatment, which he had undergone.

He answered these queries in the negative and an insurance policy was issued based on these answers. In September 2014, the man died following which a claim was lodged.

During the investigation, it was revealed that he had been suffering from Hepatitis C. The insurance firm rejected the claim in May 2015 citing non-disclosure of material facts.

The nominee initiated a consumer compliant before the district consumer disputes redressal forum. The forum directed the insurance firm to pay claim along with interest.

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