logo
Stalin hikes Paddy procurement price to Rs 2,500 per quintal

Stalin hikes Paddy procurement price to Rs 2,500 per quintal

Chennai, Jun 12 (UNI) Soon after releasing waters from the Mettur dam on
the scheduled date of June 12, Thursday, for irrigation and enable farmers
in Cauvery delta region to take up Kuruvai crop cultivation, Tamil Nadu Chief
Minister M K Stalin brought more cheers to them by hiking the procurement
price of paddy to Rs 2,500 per quintal.
Speaking at an official function in Salem soon after opening the sluice gates
of the Stanley Reservoir for irrigating more than 17.15 lakh acre of farm lands,
began his address with an announcement that the farmers would henceforth
get Rs 2,500 per quintal as procurement price for paddy.
Mr Stalin said the procurement price for ordinary variety of paddy has been
raised to Rs 131 and for fine variety to Rs 156.
Thanks to this hike, the farmers would get procurement price of Rs 2,500 for
ordinary variety and Rs 2,545 for fine variety.
This will benefit more than 10 lakh farmers, he added.
Stating that the Cauvery waters was the lifeline for delta districts to be known
as the rice bowl of Tamil Nadu, the Chief Minister said, by storing the cauvery
water to irrigate 16 districts, the Mettur dam was opened on the scheduled
date for the last four years including today, much to the delight of farmers to
enable them to take up Kuruvai crop cultivation.
"With such immense happiness, I have come to Salem to attend this function
after opening the dam for irrigation", he said, and announced that by adding
more happiness to farmers, they would now get an enhanced procurement
price of Rs 2,500 for paddy per quintal.
During the function, Mr Stalin inaugurated 225 completed projects and laid
foundation stone for 509 new ones at a total cost of Rs 1,649.18 crore, and
distributed welfare schemes to 1,01,203 beneficiaries to the tune of
Rs 204 crores.
UNI GV 1445

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Rs 159.59 cr sanctioned for ROBs
Rs 159.59 cr sanctioned for ROBs

Hans India

time14 minutes ago

  • Hans India

Rs 159.59 cr sanctioned for ROBs

Guntur: Union Minister of State for Rural Development Dr Pemmasani Chandrasekhar said the Union Ministry of Railways has sanctioned Rs 159.59 crore for the construction of Syamala Nagar and Sanjeevaiah Nagar ROBs. He made it clear that the Centre will bear full expenditure for the construction. In a statement, he said so far, the Union Ministry of Railways sanctioned ROBs at Sankar Vilas Centre, Gaddipadu, Pedaoalakaluru, Nandivulugu and Mangalagiri at a cost of Rs 572.47 crore. He said he met railway general manager Ajay Jain and thanked him for sanctioning Rs 572.47 crore for ROBs.

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion

Time of India

time37 minutes ago

  • Time of India

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion

A fund managed by US-based Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart by over a fifth to $6.1 billion at the end of April 30, according to a monthly portfolio holdings update by the financial services major. This marks a 21% increase of the company's fair value in Fidelity's books compared to the $5 billion valuation at which it acquired the shares in June 2024 during a secondary transaction that also saw Singapore's Temasek join Lenskart's roster of blue-chip investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Crossover funds such as Fidelity, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. To be sure, the fair value of a company is ascertained on the basis of a number of factors, including financials shared with investors, market conditions and the performance of comparable peers. Since inception in 2010, Lenskart has closed nearly $2 billion in funding, including secondary deals. It is due to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore. Live Events As reported by ET, the eyewear retailer is considering a $1 billion public offering at a potential $10 billion valuation, double that of its last funding round as reported by ET. Earlier this month, Lenskart converted into a public company by changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. Lenskart had closed a $200 million secondary round last June at a $5 billion valuation, with investments from Singapore's sovereign fund Temasek and Fidelity. Separately, in July 2024, Lenskart founders Peyush Bansal , Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost $20 million in the company. Previously, in March 2023, Lenskart had raised $600 million from Abu Dhabi Investment Authority and ChrysCapital. Of this, $450 million was a secondary share sale, which allowed existing investors such as SoftBank and Chiratae Ventures to partially sell their stake in the company. This round had valued Lenskart at $4.5 billion. Lenskart bagged the top honour at The Economic Times Startup Awards 2024 . It was named the Startup of the Year by an elite jury for its success in building a fast-growing, large-scale omnichannel consumer retail venture while creating an entirely new category. In FY24, Lenskart's net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore. The Gurugram- based company produces about 25 million frames and 30–40 million lenses annually. It operates over 2,500 stores across India and Southeast Asia in addition to a strong online presence. The company has yet to file financial statements for fiscal year 2025 with the Registrar of Companies.

Tribal villagers happy for sanctioning road
Tribal villagers happy for sanctioning road

Hans India

time43 minutes ago

  • Hans India

Tribal villagers happy for sanctioning road

Paderu (ASR district): Tribal residents of Kalyanagummi village in Gumma Panchayat, Alluri Sitarama Raju (ASR) district, expressed heartfelt gratitude to district Collector AS Dinesh Kumar for approving the long-pending road construction between Kalyanagummi and Neredlapudi village in Devarapalli mandal. The approval was granted during a special district-level past committee meeting chaired by the Collector on Friday, bringing cheer to the residents, who had long struggled with poor connectivity. In a touching gesture, villagers stood in a line with folded hands, offering their thanks to the Collector and Tribal Welfare Engineering Officer Venu Gopal Rao for addressing their decades-old plea. Until now, the villagers of Kalyanagummi had to take a lengthy and inconvenient route via Damaku in Devarapalli mandal of Vizianagaram district to reach nearby Gummu village. Recognising their plight, former ITDA PO Abhishek had sanctioned Rs One crore in July 2024 for gravel road construction. However, due to pending forest department clearances, the project had not commenced. Following protests from the villagers over the delay, the Collector convened an urgent meeting with the forest and other concerned departments to resolve the issue. With the necessary permissions now granted, construction is expected to begin soon. CPM district committee member K Govind Rao and tribal rights leader Rajarao also thanked the officials for understanding the difficulties faced by the tribal population and for taking timely action to approve the project.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store