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By EquityPandit

BUSINESS

Byju’s Pushes Back Payments for $1 Billion Acquisition

Picture Source: Internet

The edtech company Byju’s has pushed back payment for an approximately $1 billion acquisition in 2021.

Blackstone and other shareholders of Aakash Educational Services were due to be paid partly in cash and partly in Byju’s stock this week. Still, Byju’s sought a two-month extension, said the people, who asked not to be identified as discussing a private matter. Some sellers received partial payment in 2021, the people said.

Blackstone, which owned 38 per cent of Aakash, opted to defer payments due until this year, one of the people said. The acquisition process is “fully on track, and all payments are expected to be completed by the agreed-upon date, i.e. August 2022,” Byju’s said.

The Morning Context reported earlier that the payments had been postponed. Byju’s asked to push back the Aakash deal payments until late August because regulators have yet to clear the acquisition, said one of the people, adding that it had nothing to do with cash shortages.

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ECONOMY

Govt Begins Tur Procurement, Commits to 100% Purchase of Tur, Urad & Masur

Dhruva Kulkarni

Tur (Arhar) dal procurement has gained momentum in key producing states, according to the Ministry of Agriculture.

Procurement has begun in Andhra Pradesh, Gujarat, Karnataka, Maharashtra, and Telangana, with 1.31 LMT procured till 11th March, benefiting 89,219 farmers.

The government has approved the purchase of 13.22 LMT of Tur, 9.40 LMT of Masur, and 1.35 LMT of Urad for 2024-25 under the Price Support Scheme.

Procurement is conducted through the eSamridhi and aSamyukti portals, with NAFED and NCCF ensuring 100% procurement of Tur to stabilise prices and support farmers.

Under the PM-AASHA scheme, the government aims to provide fair prices and maintain a stable supply, committing to 100% procurement of Tur, Urad, and Masur until 2028-29 to enhance self-sufficiency in pulses.

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ECONOMY

Indian Mills Secure Deals to Export 600,000 Metric Tons of Sugar

Dhruva Kulkarni

Indian mills have contracted to export 600,000 metric tons of sugar for the 2024/25 marketing year but are hesitant to sign more deals due to rising local prices, according to industry officials.

India, the world’s second-largest sugar producer, has slowed exports, supporting global prices near a three-year low.

After banning exports last year, the government allowed 1 million tons for export this season, but mills remain cautious as domestic prices rise.

Sugar production is expected to fall to 25.8 million tons, while consumption stays at 29 million tons, driving up demand. So far, 250,000 tons of the 600,000-ton contracts signed since January have been shipped.

Indian sugar prices are $20 per ton higher than London futures, leading buyers to opt for Brazilian sugar at the same cost. However, experts believe mills can still export the full 1 million-ton quota before the September deadline if prices improve.

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ECONOMY

US Seeks Comprehensive Trade Deal with India

Dhruva Kulkarni

The US and India have started talks on a bilateral trade deal under the “Fair and Reciprocal Plan” to correct trade imbalances.

A US Embassy spokesperson stated that no sector is off the table, though reports indicate the US seeks zero duties on most products except agriculture.

According to Reuters, the US has also pushed for zero tariffs on Tesla cars exported to India.

Commerce Secretary Howard Lutnick urged India to focus on a reciprocal trade relationship with the US.

Former Foreign Secretary Kanwal Sibal cautioned that a broad deal could benefit China and suggested a product-based approach.

Mission 500 aims to double bilateral trade to $500 billion by 2030, with the first phase expected by fall 2025.

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ECONOMY

India Hits Record Rice, Wheat, and Maize Production in 2024-25

Dhruva Kulkarni

India has achieved record rice, wheat, and maize production in the 2024-25 Kharif season, according to government estimates.

Total Kharif foodgrain production is estimated at 1,663.91 lakh tonnes, while Rabi foodgrain (excluding summer crops) stands at 1,645.27 lakh tonnes.

  • Rice: 1,206.79 lakh tonnes (Kharif), up 74.20 lakh tonnes from 2023-24, and 157.58 lakh tonnes (Rabi).
  • Wheat: 1,154.30 lakh tonnes, 21.38 lakh tonnes higher than last year.
  • Maize: 248.11 lakh tonnes (Kharif) and 124.38 lakh tonnes (Rabi).
  • Millets: 137.52 lakh tonnes (Kharif) and 30.81 lakh tonnes (Rabi).
  • Nutri/coarse cereals: 385.63 lakh tonnes (Kharif) and 174.65 lakh tonnes (Rabi).
  • Pulses: Tur at 35.11 lakh tonnes, Gram at 115.35 lakh tonnes, and Lentil at 18.17 lakh tonnes.
  • Oilseeds: Groundnut at 104.26 lakh tonnes (Kharif) and 8.87 lakh tonnes (Rabi), Soybean at 151.32 lakh tonnes, and Rapeseed & Mustard at 128.73 lakh tonnes.
  • Cotton: 294.25 lakh bales.
  • Sugarcane: 4,350.79 lakh tonnes.

These estimates will be updated in the Third Advance Estimates to include the summer season.

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ECONOMY

India’s Retail Inflation May Ease to 4.1% in February, But Food Prices Remain a Concern

Dhruva Kulkarni

India’s consumer price inflation (CPI) is projected to ease to 4.1% in February 2025, according to a Bank of Baroda report.

However, food prices may stay high due to global edible oil costs, tariffs, and rising temperatures.

The BoB Essential Commodity Index (BoB ECI) slowed to 2.4% YoY in February, mainly due to lower vegetable prices like tomatoes and potatoes.

Inflation in pulses remained controlled with better supply, while a recent milk price cut further eased overall inflation.

While global asset price volatility has had little impact, metal tariffs could increase prices. Rising temperatures in key agricultural states may disrupt crop supplies, increasing food inflation concerns.

Government measures to stabilise perishable goods prices may help, but global commodity trends and weather conditions remain key risks.

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