Biz Updates: Foreign exchange reserves down $1.78 billion; complaint to CCI against several companies, including Zomato
New Delhi| The country’s foreign exchange reserves declined by $1.78 billion to $638.69 billion in the week of February 28. During this period, foreign exchange assets have fallen by $493 million. The country’s gold reserves also declined by $1.30 billion to $73.2 billion.
Complaint in CCI against many companies including Zomato
All India Consumer Products Distributors Federation, an organization of FMCG distributors, has filed a petition before the Competition Commission of India i.e. CCI. It has been accused of promoting anti-competitive practices against quick commerce companies such as Zomato-owned Blinkit, Swiggy and Jeptoe. The federation alleges that quick commerce platforms are violating the rules through huge discounts etc.
To reduce the stock, the government gave permission to export broken rice
To reduce the reserves, the government has allowed the export of 100 percent broken rice. The notification said the move could help poor African countries get food grains at lower prices. This may also provide relief to Asian animal feed and ethanol producers, who depend on this variety of rice.
Broken rice stocks hit a record high in February, nine times higher than the target. India banned the export of 100 per cent broken rice in September, 2022. At the same time, the period of free import of yellow peas has been extended till 31 May.
AGS Technology fails to pay 38.59 crore
AGS Transact Technology and its other units have defaulted on payments of 38.59 crore. The company and its unit SecureValue India owe a principal of Rs 21.2 crore. India Transact Services has not been able to repay the liability of Rs 17.36 crore.
Minimum application size on SSE will reduce
SEBI has proposed to reduce the minimum application size for IPOs of zero coupon zero principal means issued by non-profit organizations on the Social Stock Exchange (SSE) from Rs 10,000 to Rs 5,000 or Rs 1,000. This will increase the number of retail investors.
Patanjali: The largest plant of orange processing in Nagpur
Patanjali Mega Food and Herbal Park established by Patanjali in Nagpur will have Asia’s largest plant of orange processing. Patanjali Ayurveda Ltd. The plant has a processing capacity of 800 tonnes per day, which works on zero wastage system, said Acharya Balkrishna, MD, of. Our priority is to provide employment to the local people and make the farmers prosperous.
