Latest news with #Rs650
Express Tribune
24-05-2025
- Business
- Express Tribune
Prices soar ahead of budget announcement
As the federal budget for the fiscal year 2025-26 approaches, the prices of essential food items in the open market have begun to rise sharply. Shoppers and vendors alike are reporting noticeable increases in the cost of basic commodities such as sugar, flour, rice, pulses, cooking oil, and ghee. The supply of these goods has also reportedly decreased, compounding the problem and fuelling further speculation over price hikes. Market sources suggest that traders have begun stockpiling items that are expected to be taxed at higher rates in the new budget. This hoarding is contributing to artificial shortages and pushing prices upward across multiple categories of daily necessities. According to current market trends, the price of live chicken has reached Rs415 per kilogramme, while chicken meat is selling at Rs650 per kilogramme. Eggs, previously priced at Rs270 per dozen, have risen to Rs290. Mutton is being sold at Rs2,400 per kilogramme, and beef at Rs1,400 per kilogramme. Fresh milk is now Rs220 per litre, and yogurt is available for Rs240 per kilogramme. Grains and pulses have also seen substantial increases. Rice is priced at Rs400 per kilogramme, split chickpeas at Rs380, and white chickpeas at Rs390 per kilogramme. Cooking oil and ghee are being sold at Rs510 and Rs500 per packet, respectively. Vegetables and fruits are similarly affected. Potatoes, onions, and tomatoes are now selling at Rs50 to Rs60 per kilogramme. Garlic is priced at Rs200, ginger at Rs600, and lemons have reached Rs800 per kilogramme. Green chilies are available at Rs150 per kilogramme, while a bundle of fresh coriander is being sold for Rs30. Among other vegetables, okra is priced at Rs160 per kilogramme, arvi at Rs200, radish at Rs40, and peas at Rs200 per kilogramme. Seasonal fruits have also experienced an uptick. Apples range between Rs300 to Rs350 per kilogramme, guavas at Rs200 to Rs250, apricots and loquats at Rs200, and mangoes between Rs200 to Rs300 per kilogramme. Watermelons are being sold at Rs50 per kilogramme, while melons and cantaloupes are priced at Rs100. Peaches are fetching Rs200 to Rs300 per kilogramme, cherries at Rs300 per box, and bananas at Rs200 to Rs240 per dozen. Consumers fear that these prices may rise even further once the budget is formally announced, as uncertainty over new tax policies and supply disruptions continue to drive inflation in household goods.
Time of India
22-05-2025
- Business
- Time of India
Min Samant assures infra push, steady power supply in city's industrial corridors
Pune: Maharashtra industries minister Uday Samant on Thursday said the govt is working on to resolve power supply issues, infrastructural challenges and security problems in industrial and technology hubs in the city. Samant, while talking during a meeting with industries representatives on Thursday, directed the power utility to immediately formulate a solution to rectify frequent power related issues during the monsoon. In an elaborated post on social media platform X, Samant directed the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to initiate works of up to Rs1,000 crore in Chakan, Pimpri Chinchwad, Talegaon industrial areas and the IT park in Hinjewadi. The govt has issued work orders worth Rs450 crore to solve the power supply problem by the next year. The tender process for projects of up to Rs650 crore was under way, he wrote. For the Chakan industrial area, he said the work on roads from Nashik Phata to Khed junction and Talegaon-Chakan-Shikrapur would start in Feb on a build-operate-transfer (BOT) basis. The govt has also facilitated the allocation of eight acres of land for a 350-bed super speciality hospital for workers and restrooms for women workers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He directed the Maharashtra Industrial Development Corporation (MIDC) officials to conduct a survey to gauge availability of land for MSMEs as a separate cluster. "The plan is to accommodate 1,000 to 1,200 MSMEs at a single place as a cluster in each MIDC. Industries seeking land in such a cluster will have to follow the process, but they will be allotted the required land by MIDC. A decision will be taken after discussing the matter with the chief minister, deputy chief minister and the guardian minister," Samant said. For improving traffic flow and reduce accident, he said the police department would be issued three cranes in addition to premises for a new police station. He added that the govt will install 350 to 400 CCTV cameras in the Chakan industrial area for improved security, especially for workers returning from late shifts. Samant also issued survey orders for two to three new terminals in Chakan for robust logistics movement. The MIDC approved a road widening project worth Rs 762 crore in Hinjewadi. The work is expected to start in three to four months through the Pune Metropolitan Region Development Authority (PMRDA), Samant said.
Time of India
26-04-2025
- Automotive
- Time of India
Mahindra to buy nearly 59% stake in SML Isuzu for Rs 555 crore at deep discount
Mahindra & Mahindra has agreed to acquire a 58.96% stake in commercial vehicle maker SML Isuzu Ltd for Rs555 crore, or at Rs650 a share, a massive discount to the company's last stock price of Rs1,766.70 on the BSE. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Mahindra will acquire the entire 43.96% held by SML promoter Sumitomo Corporation and another 15% from Isuzu Motors Ltd, a public shareholder, the automaker said on Saturday. It will also make an open for at least a 26% stake at Rs 1,554.60 a share. SML had been looking for a buyer for the last couple of years. The proposed acquisition is a step towards establishing a strong presence in the 3.5-tonne-plus commercial vehicle segment, where M&M has a 3% market share, as compared to a 52% market share in the under 3.5-tonne light commercial vehicle segment, the company said. M&M's Trucks and Buses Division has made meaningful progress over the past few years, it said. This is M&M's second acquisition in the commercial vehicle business and the first major deal by the auto business since Anish Shah took charge as the group managing director and chief executive in 2021. Mahindra bought out the stake of US truck maker Navistar in their India joint venture in February 2013. The acquisition paved the way for the company's entry into the heavy-duty truck segment. 'The acquisition of SML Isuzu marks a significant milestone in Mahindra Group's vision of delivering 5x growth in our emerging businesses. This acquisition is aligned with our capital allocation strategy for investing in high-potential growth areas which have a strong right to win and have demonstrated operational excellence,' said Shah. Mahindra expects the acquisition to double its market share to 6%, with a plan to increase this to 10-12% by FY31 and 20%+ by FY36, the company said. Incorporated in 1983, SML Isuzu has a pan-India presence in the trucks and buses segment, it said. SML has a market share of 16% in the intermediate light commercial vehicle bus segment. It reported operating revenue of Rs2,196 crore and Ebitda of Rs179 crore in FY24. "It has profitable operations, frugal manufacturing and strong engineering capabilities," Mahindra said. In the nine months ended on December 31, 2024, SML's revenue from operations increased to Rs1,627 crore from Rs1,516.33 crore a year earlier. SML offers significant potential to unlock value through synergies in cost, network, brand, manufacturing, talent and product complementarities, Mahindra said. "Our trucks and buses business has developed strengths by tapping into technology, design & innovation, and sourcing from our auto business. Together, this would be a powerful combination,' Mahindra said. This acquisition is a pivotal step toward our ambition to become a full-range, formidable player in commercial vehicles by enhancing market coverage, unlocking operating leverage through platform consolidation, a unified supplier and network base, and better plant utilization. Together, we are well-positioned to scale rapidly and drive profitable growth,' said Rajesh Jejurikar, executive director, Auto and Farm Sector, at the firm. Kotak Investment Banking is acting as the financial advisor to M&M and manager to the open offer. Khaitan & Co acted as legal advisor to M&M.
Business Recorder
23-04-2025
- Business
- Business Recorder
MCB: Back to bonds
The banking results season has kicked off right on cue. MCB Bank reported a 10 percent year-on-year dip in pretax profits for 1QCY25, while staying true to its reputation as a dividend-friendly stock, announcing a Rs9/share first interim payout. Yet, it's the balance sheet that grabs attention—just two quarters apart, but seemingly from two different banking eras, as the industry has decisively returned to its old habit: ditching private credit for government securities. After the ADR sprint of 4QCY24, where banks scrambled to dodge penal taxation, 1QCY25 brought a quick relapse. MCB's ADR tumbled from 54 percent to the 30s, comfortably settling back into familiar territory. It's not that the asset mix was ever skewed in favour of advances—but the speed of investment build-up was striking. From the sharpest quarter-on-quarter rise in ADR last quarter to one of the steepest declines this time—the ephemeral nature of credit growth has rarely been more evident. MCB's investment portfolio surged by Rs650 billion (56 percent) over the previous quarter, pushing the IDR to a record 87 percent. Advances, on the other hand, shrank by Rs282 billion or 27 percent, taking the outstanding book to Rs760 billion—levels last seen at the close of 2022. Unsurprisingly, the ADR collapsed to 36 percent. The retreat in advances is not MCB-specific—it's an industry-wide phenomenon. Total advances for the banking sector dipped 15 percent over December 2024 to settle at Rs15 trillion. Interestingly, NBFIs, which account for just 8 percent of the banking sector's loan book, contributed to a third of the Rs2.4 trillion quarterly decline, thanks to the temporary lending surge in the ADR-fuelled dash last quarter. On the liabilities side, MCB made up for the Rs140 billion deposit outflow seen in 4QCY24, recovering to the same level as end-3QCY24. Deposits grew by 9 percent over December 2024, outpacing the industry's 4 percent growth during the period. The significant shift in the interest rate outlook played a role in the drop in markup income. On the non-markup front, a modest uptick was seen, with fee, dividend, commission, and FX income contributing the bulk. However, administrative expenses rose sharply, outpacing headline inflation and pressuring the cost-to-income ratio, which fell over 8 percentage points year-on-year. With inflation cooling and the external account holding steady, interest rate cut expectations have returned to the chatter. Yet, industrial output remains sluggish, and the farm economy is sending mixed signals, leaving little hope for a significant revival in private sector credit appetite in the near term.
Express Tribune
09-04-2025
- Business
- Express Tribune
Chicken cost skyrockets even after Eid
The rates of chicken have skyrocketed in the open markets of Rawalpindi city even after passing of Eidul Fitr, sending a wave of resentment among buyers. Chicken meat is being sold at Rs950 per kilogramme in the city and Rs1,000 per kg in the surrounding areas. Live chickens is priced at Rs650 per kg in the city and Rs670 in the suburbs. There is no one to question the vendors about these prices. The government's claims about reducing inflation have fallen flat, and the rising prices of chicken in the twin cities of Islamabad and Rawalpindi show no signs of decreasing. A boycott campaign against buying chicken has proven ineffective, failing to achieve any success. The local Poultry Association states that the high demand for chicken in the market isn't being met with sufficient supply. Since the night before Eid, chicken demand has tripled across hotels, motels, barbecue shops, dhaba, and food streets, but the supply has not increased to meet this demand. According to Khurshid Abbasi, the vice president of the Poultry Association, the prices of chicken will not decrease until the supply increases. The cost of chicken feed, medicines, and other essentials has risen by up to 300%, he adds. Citizens Faisal Ali and Bahzad Ali complain that chicken prices have remained out of control since the night before Eid. The market committee sets the official price of chicken at Rs412 per kg but remains silent, while price control magistrates seem completely powerless in controlling the prices. The Chairman of the Price Control Committee, who has set the official price of Rs412 per kg, must ensure that chicken is sold at this price, or else resign, says another citizen Noor Zaman. He adds the entire government structure is based on lies. If the Prime Minister claims inflation is at just 1.5%, the Price Control and Market Committees continue to claim that chicken prices are under control. The price of watermelon is Rs20 per kg in cities, and Rs5 to Rs10 per kg in rural areas. Bur during the Eid holidays, watermelon was sold for Rs120 per kg. Sugar, with a government-set price of Rs164 per kg, is being sold in the market for Rs180 per kg. Due to the massive discrepancy between official and market prices, the Rawalpindi Deputy Commissioner (DC) has stopped setting official prices for ghee, sugar, and flour altogether.
