Connect with us
Tuesday,25-February-2025
Breaking News

Business

Lower price of edible oil by Rs 15, Centre tells associations

Published

on

In view of the international prices of imported edible oils seeing a downward trend, the Centre has directed leading edible oil associations to ensure reduction in the MRP of edible oils by Rs 15 with immediate effect, officials said on Friday.

The Department of Food and Public Distribution, under the Consumer Affairs, Food and Public Distribution Ministry, has also advised that the price to distributors by the manufacturers and refiners needs to be reduced immediately so that the price drop is not diluted in any way.

During a meeting on Wednesday, it was also impressed upon that whenever a reduction in price to distributors is made by the manufactures/refiners, the benefit should be passed on to the consumers by the industry and the Department may be kept informed on a regular basis. “Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices,” said an official.

During the meeting, it was observed that there is a downward trend in international prices of imported edible oils, which is a very positive picture in the edible oil scenario and, therefore, the domestic edible oil industry needs to ensure that the prices in the domestic market also drop commensurately, and benefit has to be passed on expeditiously to consumers.

Other issues like price data collection, the Control Order on edible oils and packaging of edible oils were also discussed in this meeting.

In May 2022, the Department had convened a meeting with the leading edible oil associations and according to sources, the MRP of refined sunflower oil 1 litre pack was decreased to Rs 210 from Rs 220 and soyabean and ‘Kachi Ghani’ oil 1 litre pack from Rs 205 to Rs 195.

The reduction in oil prices came in the wake of the Central government reducing the import duty on edible oils making them cheaper. The industry was advised to ensure that the complete benefit of the reduced duty is passed on to the consumers.

The edible oil prices in the international market are witnessing a dramatic fall, however, the situation in the domestic market is slightly different as the fall in the prices are gradual.

The government stepped in and a meeting was convened by the Department of Food and Public Distribution with the leading industry representatives including the SEAI, the IVPA and SOPA to discuss reduction in the retail prices of cooking oils amid a fall in the global prices.

The industry said that the global prices of different edible oils have fallen by $300-450 per tonne in the last one month, but it takes time to reflect in the retail markets and the retail prices are expected to come down in the coming days.

Business

Ducati DesertX Discovery Launched in India: Price, Features & Availability

Published

on

Ducati has introduced the DesertX Discovery in India, a feature-packed adventure motorcycle built for both on-road and off-road exploration. Designed to tackle diverse terrains, this special edition comes loaded with enhancements that improve rider comfort, durability, and overall performance. The bike sports an eye-catching Thrilling Black and Ducati Red color scheme, adding to its bold presence. Equipped with premium components for long-distance touring, the DesertX Discovery is now available across Ducati dealerships in India at an ex-showroom price of Rs 21,78,200.

The Ducati DesertX Discovery is engineered for adventure, offering rugged protection and enhanced comfort for long rides. It comes equipped with reinforced hand guards, an engine guard with water pump protection, a radiator grill, and a reinforced sump guard to handle rough terrains.

For added convenience, the bike features heated grips and a larger windshield, making it ideal for colder conditions. A central stand provides better stability and easy access to luggage and maintenance. Additionally, the Turn-by-Turn navigation system, accessible through the Ducati Link App, displays route guidance directly on the dashboard, enhancing the overall riding experience.

Powering the Ducati DesertX Discovery is a 937cc liquid-cooled Testastretta 11° engine, delivering 110 hp at 9,250 rpm and 92 Nm of torque at 6,500 rpm. The engine has been fine-tuned for optimal performance, with a gearbox and electronics tailored for adventure riding. The bike features multiple riding modes, with three dedicated to road conditions and two specifically designed for off-road terrain. With a generous 21-litre fuel tank, riders can cover long distances with fewer refueling stops, making it an ideal choice for extended journeys.

Commenting on the launch of the DesertX Discovery, Bipul Chandra, Managing Director, Ducati India, said, “The DesertX Discovery represents a significant step in Ducati’s growth within the Indian market. We recognize the immense potential of the adventure segment here, and we’re confident that this motorcycle will capture the hearts of adventure enthusiasts across India. We’re also committed to offering a diverse range of adventure motorcycles, ensuring that every discerning Indian customer can find the perfect Ducati to match their individual riding style and needs.”

Continue Reading

Business

Sensex, Nifty end flat amid mixed market sentiment

Published

on

Mumbai, Feb 25: The Indian stock market on Tuesday ended the intra-day’s trading session on a flat note, as investors remained cautious amid the mixed market sentiment.

The Sensex gained 147.71 points, or 0.20 per cent, to close at 74,602.12. During the intra-day, the index moved between 74,785.08 and 74,400.37.

Meanwhile, the Nifty closed marginally lower by slipping 5.80 points, or 0.03 per cent, to settle at 22,547.55. The index touched a high of 22,625.30 and a low of 22,516.45 during the session.

The market saw a mixed trend among stocks. Out of the 50 Nifty stocks, 31 ended lower.

Rupak De from LKP Securities said the index remained mostly muted, except for a small correction towards the close, adding that sentiment continues to favour the bears.

A rise towards resistance is likely to attract selling pressure, he added.

Hindalco, Dr Reddy’s Labs, Trent, Hero MotoCorp, and Sun Pharma were among the top losers, with losses of up to 3.10 per cent.

On the other hand, Bharti Airtel, Mahindra & Mahindra, Bajaj Finance, Nestle India, and Titan saw gains of up to 2.32 per cent.

The broader market indices also saw some pressure. The Nifty Midcap100 index declined by 0.62 per cent, while the Nifty Smallcap100 index slipped by 0.44 per cent.

Among sectoral indices, the market remained divided. Sectors like Nifty Auto, FMCG, Select Financial Services, Media, and Consumer Durables ended with gains of up to 0.84 per cent.

However, other sectors saw declines — reflecting the cautious sentiment in the market.

“Technically, on the daily chart, Nifty has formed an inverted hammer candlestick pattern, indicating buying interest around 23,500 levels,” said Hrishikesh Yedve from Asit C. Mehta Investment Limited.

He added that as long as the index respects 23,500 levels, a pullback rally towards 22,700-22,800 could be possible. On the higher side, 22,700-22,800 will serve as a solid resistance zone.

Sustenance below 22,500 levels could trigger fresh selling pressure. Traders should monitor these levels for potential trading opportunities.

The volatility index, India VIX, cooled off by 5.03 per cent to 13.72 which indicates a decline in market volatility.

The domestic benchmark indices will remain closed on Wednesday (February 26) due to the Maha Shivaratri holiday.

The Indian rupee weakened by 50 paise on Tuesday, closing at 87.20 per dollar, compared to 86.70 in the previous session.

Continue Reading

Business

UK-India Business Council upbeat as FTA talks get underway

Published

on

New Delhi, Feb 25: The UK-India Business Council on Tuesday welcomed the restart of the Free Trade Agreement (FTA) negotiations during UK Business and Trade Secretary Jonathan Reynolds’ visit to India, which includes two days of meetings with Commerce and Industry Minister Piyush Goyal and his team.

India and the UK resumed the negotiations on Monday.

This is an important and positive development. It is worth noting that UK-India bilateral trade and investment are already growing. The total trade in goods and services grew by 10 per cent to reach 42 billion pounds in the four quarters to the end of Q2-2024. This level of trade has almost doubled from before the pandemic in 2019, when the UK-India trade was 24.1 billion pounds, according to a UK-India Business Council (UKIBC) statement.

The UK and India have concluded 13 rounds of the bilateral FTA negotiation, with the 14th round being paused due to the UK’s general elections in May 2024. Substantial progress has been made since negotiations were first launched in 2022. The UK and India are focused on substantially deepening bilateral trade and the investment tide, with clear political will to close a mutually beneficial win-win deal, the statement said.

UKIBC applauded the continued commitment visible from both sides reaffirming at the highest levels the priority status being accorded to this partnership.

Richard Heald, Chair, the UK-India Business Council, said, “The visit of Secretary of State Jonathan Reynolds reaffirms the UK government’s commitment to step up to a more ambitious and future-focused trade and investment relationship with India.”

He said that starting with last year’s announcement of the Technology Security Initiative between India and the UK, the partnership has developed further with a renewed focus on cooperation, collaboration and integration across AI, security, climate change, development, as well as research and innovation.

Heald said the success of the FTA will support further economic growth for the world’s 5th and 6th largest economies and it will catalyse collaboration in other areas, too.

“Importantly, it will underscore the fact that the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership. As India charges ahead towards Viksit Bharat@2047, UKIBC and more broadly, British businesses recognise that a successful FTA is a critical milestone in a long-term journey and are keen to support India’s ambitions,” he added.

Continue Reading

Trending