Govt plans to export wheat and rice even if the food inflation soars to 17.9%.
For the first time in six years govt is planning to export wheat and rice which is about to touch 81 million tonne in 2009-10. India is second largest wheat producing country in the world. Major wheat players and expected to benefit from this move, players like Adani. AWB, Glencore.
Sugar production has also gone up this year.
Food Inflation hovering at around 17%. Todays biggest concern is the raising food inflation with the food pricing index going higher and higher with an annual rise of 17.87% this week.
Truckers have also decided to raise the price which would also impact inflation and make it a major concern. High food prices coupled with a pick in manufacturing and fuel prices are expected to push the headline inflation to double digits by end March from 8.56% in January.
Suzuki has bought an addition 5% stake in Maruti. This makes Suzuki to have 55% stake in Maruti. Suzuki requires enough of approvals in this acquisition. This acquisition has also made Maruti to increase its unit capacity from 1 million units to 1.8 million unit. Maruthi comprised 80% of Suzuki’s stake in it and is the largest overseas acquisition to Suzuki and over to that Suzuki gets most of its profit from Maruti .In fact it is Maruti sells more units than Suzuki.
Since Government also has stake in Maruti and Suzuki is an foreign entity it requires fair bit of approvals from RBI and even SEBI’s .
Sanjay Kapoor takes over as Bharti CEO for South Asia and India. Bharti Airtel which is in rase to buy out Kuwaiti telecome gaint Zain had announced earlier that it would nominate Sanjay Kapoor as its CEO for South Asia and India from March 1
Airtel paid $9 billion for 42mn customers of zain in African countries. The countries in which Zain provides its service are Burkina Faso, Niger, Malawi, Sierra Leone, Tanzania, Uganda, Zambia, Ghana, Kenya, Madagascar, Gabon, Congo, Democratic Republic of Congo. Zain also provides 90% all African Subscribers connection. All subscribes is also growing at around 30% for Zain in Africa. Subscribers growth in Africa remains to be good. Due to Africa’s limited fixed line infrastructure, the mobile networks are beginning to play an increasing role in Internet services in a growing number of markets.
Sugar Prices after 5 days of straight fall
Sugar Prices after 5 days of straight fall, from its peak. A dealer said Demand has improved at lower levels. Government has asked millers to sell their part of their monthly non levy Quota every week, failing which the unsold quantity will be converted into leby sugar and sold at subsidized rate through the public distribution system
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