- Tuesday, March 11, 2025
By: Shubham Ghosh
Here are news in brief related to India economy and business for Tuesday, August 30:
Restaurant aggregator Zomato has started a pilot of an inter-city delivery service called ‘Legends’ which will now allow select users in parts of the National Capital Region to order food from restaurants in cities such as Kolkata, Hyderabad, Lucknow and others. The innovative step comes months after the company unveiled a 10-minute food delivery pilot in Gurugram exclusively. “Food is freshly prepared by the restaurant and packed in reusable and tamper-proof containers to keep it safe during air transit. State-of-the-art mobile refrigeration technology preserves the food without the need to freeze it or add any kind of preservatives,” the company said. “We will rapidly scale this to other cities in the next few weeks… With over 100 airports and a rich spread of the most iconic dishes that India has to offer, the sky is the limit to how big Intercity Legends can become,” it added.
India’s National Bank for Agriculture and Rural Development (NABARD) has approved an allocation of Rs 230 crore (£25 million) for rural infrastructure projects in the north-eastern state of Mizoram, Asian News International reported. KVSSLV Prasada Rao, General Manager, Mizoram regional office, on Monday handed over a letter from the Chairman NABARD informing allocation of Rs 230 crore under RIDF XXVIII for sanctioning of rural infrastructure projects in Mizoram, state chief minister Zoramthanga informed “Mizoram thank NABARD for its continued support,” he said in a tweet. NABARD is an apex regulatory body for regulation of regional rural banks and apex cooperative banks in India.
The India government has no plans as of now to impose any restrictions on exports of rice and there are adequate buffer stocks to meet the domestic requirements, PTI reported citing an official source. There were some discussions on imposing curbs on rice exports but no decision has been taken yet. The government is unlikely to put in any place restrictions, the source said. India, the world’s second largest rice producer after China, commands 40 per cent share in the global trade. The country exported 21.2 million tonnes of rice in 2021-22 fiscal year, of which 3.94 million tonnes were basmati rice. It exported non-basmati rice worth $6.11 billion (£5.24 billion) in the same period, as per official data.
After a sharp sell-off in Indian stocks the previous session, they managed to recover some of the losses on Tuesday morning due to broad-based resilience in the financial market fundamentals in India. At 9.46 am local time. Sensex traded at 58,460.11 points, up 487.49 points or 0.84 per cent, whereas Nifty traded at 17,467.85 points, up 154.95 or 0.89 per cent. Among Nifty 50 companies, 47 were in the green and the rest 3 in the red, National Stock Exchange data showed.
The Reserve Bank of India (RBI) is working on a fraud registry that would help it alienate repeat offenders from the banking system, Moneycontrol reported. “The fraud registry will capture information like IP (internet protocol) addresses and phone numbers repeatedly used to commit frauds,” executive director Anil Kumar Sharma said on Monday (29). “A mechanism for these details would be created so that banks can report these details to us. That will help us prevent these fraudsters using the banking infrastructure for perpetrating fraud after fraud after fraud,” he added.
Tata Steel on Tuesday said it has invested around Rs 54 crore (£6 million) in its wholly-owned arm Tata Steel Mining Ltd (TSML) through acquisition of additional shares on preferential basis, PTI reported. The funds will be used by TSML to meet capital expenditure requirements, a regulatory filing said. Tata Steel acquired on preferential basis 2,81,98,433 equity shares of Rs 10 (£0.11) each at a premium of Rs 9.15 (£0.099) per share of TSML. Before acquisition, Tata Steel held 82,19,17,021 shares in TSML which accounted for 100 per cent. While post acquisition, the steel giant holds 85,01,15,454 shares in its arm which is again 100 per cent.
