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Stock limit on edible oils, oilseeds extended up to Dec 31

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 In view of the ongoing Ukraine-Russia war resulting in supply restrictions in import of edible oils and oilseeds, the Centre has extended the stock limits imposed on edible oils and oilseeds until December 31.

This will come into effect from April 1.

A notification from the Ministry of Food, Consumer Affairs and Public Distribution’s Department of Food and Public Distribution published on Wednesday, extended the date from March 31 to December 31.

Domestic prices have been impacted by the high prices of edible oils in the international market. Majority of India’s import of sunflower oil comes from Ukraine. The shortage in the global supply chain has had an impact on Indian markets too.

The government had claimed that it formulated a multi-pronged strategy to ensure that the prices of essential commodities such as edible oils, remain controlled. Measures like rationalisation of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders, have already been taken.

Under this amendment, the stock limits for edible oils are 30 quintals for retail and 500 quintals for wholesale while the same for oilseeds will be 100 quintals and 2,000 quintals, respectively. In both cases, the time for processors is 90 days of storage/production capacity.

This order was termed as Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Second Amendment) Order, 2022 and shall come into force with effect from April 1, 2022.

“In case, the stocks held by respective legal entities are higher than the prescribed limits then they shall declare the same on the portal (https://evegoils.nic.in/eosp/login) of the Department of Food and Public Distribution and bring it to the prescribed stock limits in this control order within 30 days of the issue of this notification,” the notification said.

“It shall be ensured that edible oils and edible oilseeds stock is regularly declared and updated on the portal of this department i.e. Department of Food and Public Distribution (https://evegoils.nic.in/eosp/login).”

In a related development, the government has also extended the free import of refined palm oils till December 31.

The Lok Sabha was informed on Wednesday that 62.84 LMT of palm oil was imported between June 2021 and March 14, 2022.

In a written reply to a question in Lok Sabha, Union Minister of State for Consumer Affairs, Food and Public Distribution, Sadhvi Niranjan Jyoti said: “In order to improve the domestic availability and to keep prices of edible oils under control, the government has allowed import of edible oils under Open General Licence (OGL).”

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Bomb threat note found on IndiGo Ahmedabad-bound flight; police launch probe

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Bengaluru, July 17: A hoax bomb threat found inside the lavatory of an IndiGo flight bound for Ahmedabad triggered a security scare at Bengaluru’s Kempegowda International Airport, leading police to register an FIR and launch an investigation into the incident.

The threat was discovered on Thursday evening aboard IndiGo flight 6E-6423, which was scheduled to depart for Ahmedabad at 8 p.m.

According to police, a handwritten note bearing the message, “Don’t go. Bomb Hai! Please,” was found tucked inside the aircraft’s forward lavatory around 25 minutes before take-off.

The discovery prompted airport authorities and security personnel to immediately activate standard safety protocols.

The aircraft was subjected to a thorough security check, but no suspicious object or explosive material was found during the search.

Following the incident, IndiGo lodged a formal complaint with the airport police, stating that the hoax threat had caused operational disruption and raised serious safety concerns for passengers and crew.

Based on the airline’s complaint, police registered a First Information Report (FIR) and initiated an investigation to identify the person responsible for leaving the note and ascertain the motive behind the false bomb threat.

Meanwhile, last month, another IndiGo flight carrying around 180 passengers from Lucknow to Delhi was grounded after a bomb threat was discovered written on a tissue paper inside one of the aircraft’s lavatories, triggering a comprehensive security response at the airport.

The flight, scheduled to depart from Lucknow at 10:45 a.m. on June 12, was preparing for take-off when crew members were alerted to a possible security threat on board.

The aircraft was immediately halted at the apron and prevented from departing as security agencies initiated standard emergency procedures.

The scare began after a tissue paper bearing the word “bomb” was found inside one of the aircraft’s toilets.

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CEAT shares tumble over 9 pc after Q1 profit slumps 96 pc

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Shares of tyre maker CEAT fell more than 9 per cent in early trade on Friday after the company reported a sharp decline in net profit in its June quarter earnings, with higher input costs squeezing margins despite healthy revenue growth.

The stock dropped as much as 9.3 per cent to an intraday low of Rs 3,473.05 on the BSE by 10:18 a.m., compared with its previous close of Rs 3,829.30.

The company reported a 96 per cent year-on-year decline in consolidated net profit to Rs 4 crore in the first quarter of FY27, from Rs 112 crore in the corresponding period last year.

However, revenue from operations rose 22.4 per cent year-on-year to Rs 4,318 crore from Rs 3,529 crore, reflecting healthy demand across business segments.

According to the company, profitability came under pressure due to higher raw material costs triggered by the ongoing conflict in West Asia.

Managing Director and CEO Arnab Banerjee said the company increased tyre prices in phases to partially offset the rise in input costs while maintaining demand and market share. He added that raw material prices are expected to remain elevated during the second quarter.

The company’s operating performance remained under pressure, with EBITDA declining 5.7 per cent to Rs 365 crore from Rs 387 crore a year earlier. EBITDA margin contracted to 8.5 per cent from 11 per cent.

Over the past one year, CEAT shares have declined around 8 per cent, underperforming the broader market. The stock has fallen more than 8 per cent in the last six months and nearly 6 per cent so far this year.

The stock has touched a 52-week high of Rs 4,431.60 and a 52-week low of Rs 3,006.50 on the BSE.

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Govt proposes new fuel economy norms for cars from April 1, 2027

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New Delhi, July 16: The Ministry of Power on Thursday circulated the draft Corporate Average Fuel Economy 2027 Norms (CAFE-III) for stakeholder consultation, which propose a fresh five-year fuel efficiency regime for passenger vehicles, beginning from April 1, 2027.

The draft norms apply to M1 category vehicles, a classification that covers passenger cars carrying up to eight people besides the driver, which includes all hatchbacks, sedans and SUVs sold for personal use. The category excludes commercial goods carriers and buses, according to an official statement.

The existing CAFE-II norms are likely to lapse on March 31, 2027. Compliance under CAFE-III will be assessed in two phases, the first covering three years and the second the remaining two, with fuel efficiency targets progressing to more stringent levels through each passing year.

The framework, overseen by the Bureau of Energy Efficiency under the Ministry of Power, aims to bring down average fleet emissions from current levels to a significantly lower threshold by FY32, according to earlier drafts reported in the media.

Compliance credits have been priced at Rs 2,500 each, rising by Rs 500 every year through the period, with unused credits expiring once the compliance period ends. Automakers that fail to meet targets could face penalties, though the detailed amounts have not been mentioned. Manufacturers selling fewer than 1,000 vehicles annually will remain exempt.

Industry has differed in its response to earlier versions of the draft. The Society of Indian Automobile Manufacturers (SIAM) has backed the proposal as balanced, while some carmakers have pushed for relief on small petrol cars and others have opposed differentiated treatment for that segment.

The ministry has invited suggestions from stakeholders and the public. Feedback can be sent to the Under Secretary, Energy Conservation, at the ministry’s New Delhi office, or can be emailed.

The last date for submissions is August 6, 2026. The draft norms will also be uploaded on the websites of the Ministry of Power and the Bureau of Energy Efficiency shortly, the statement said.

M1 vehicles are subject to stringent fuel efficiency and emission targets under Corporate Average Fuel Economy (CAFE) norms, which are regularly updated to reduce greenhouse gases.

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