FG floats agricultural commodity trade centre

The national has taken some steps towards digitalizing the country’s agricultural goods market, that stakeholders believe had been at infancy stage for many years, by the establishing the agricultural market info centre.

This new initiative was unveiled in Nigerian capital recently by the Ministry of Agriculture and Rural Development throughout a capability building coaching workshop for workers members UN agency can handle the centre nationwide.

Addressing participants at the workshop, the Permanent Secretary of the ministry, Dr. Bukar Hassan, aforementioned that the resolve of presidency to pursue smartly exportation of agricultural commodities was the force behind the institution of the centres.

He explained that the country’s agricultural market setting was lacking a reliable and digitalized information base, creating it tough for investors associated exporters of agriculture commodities to create an educated selection.

Hassan explicit that there was got to promote investment, production, processing, selling and exportation of agricultural turn out through a harmonized info sharing system, that he aforementioned would boost the economic recovery programme of this administration.

“It has become imperative to market agricultural market info to help investment production, processing, selling and exportation of agricultural turn out  of the country,” he said.

“It is thus, apparent that investors, marketers and exporters of agricultural export turn out from the country would undoubtedly would like a additional reliable single purpose of contact to facilitate tailored agricultural market info support services and top quality market information for educated investment higher cognitive process across the agricultural worth chains.”

Participants drawn from the thirty six states of the federation, and therefore the FCT were sceptred with laptops and alternative operating tools for the operations of the data centres.

In his remarks, the Director Agric-business and Market Development, Alhaji Musibau Azeez, explained that the target of the capability building workshop was to supply necessary skills for the officers UN agency would be concerned within the operations of the centres.

Azeez, UN agency was painted by Engr. Daniel Udo, conjointly noted that coaching and empowering the officers became necessary as a result of they'd would like a digitalized platform to gather, collate, analyses, transmit and propagate relevant agricultural info associated with agricultural commodities costs.

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BigBasket inches closer to unicorn tag after raising $300 mn from Alibaba, others

Super Market Grocery provides Pvt Ltd, that owns the Big Basket complete, has raised $300 million (around Rs 1,921 crore) during a recent funding spherical semiconductor diode by Chinese e-tailer Alibaba, the web grocer’s chief military officer told VCCircle.

CEO Hari Menon, WHO is additionally Big Basket’s co-founder, aforesaid that Alibaba contributed around seventy fifth(around $225 million or Rs 1,440 crore) of the full funding whereas existing investors Abraaj, International Finance Corporation (the investment arm of the globe Bank), and Sands Capital accounted for the remainder.

Menon aforesaid the money was raised through a combination of primary and secondary transactions.
Morgan Stanley suggested Big Basket for the group action.

“Now that our backend is geared up and prepared, the funds can primarily be used for growth and consolidation, as we tend to don't seem to be increasing into any longer cities,” Menon aforesaid.

He didn't offer any details regarding valuation. However, a supply near the corporate told VCCircle that Big Basket’s valuation is approaching imaginary being standing – a startup valued at $1 billion – post this funding spherical.

“The company currently commands a valuation of around $950 million,” the preceding person aforesaid.

Just last December, the Competition Commission of Republic of India had cleared Alibaba Group’s acquisition of a stake within the on-line merchandiser.

The development comes when months of speculation, triggered by many media reports, that explicit that Big Basket was set to lift between $200 million and $300 million from Alibaba and Paytm Mall combined similarly as from existing investors.

However, Paytm Mall didn't participate within the latest funding spherical.

In September last year, news web site The Ken had reportable that Big Basket had secured $280 million during a Series E spherical from existing investors Sands Capital and Dubai-based Abraaj cluster, besides new investors Paytm Mall and Alibaba cluster.

However, in December last year, The Economic Times, citing individuals within the apprehend WHO didn't want to be known, had reportable that Alibaba was set to place in $300 million for a 35-40% stake in Big Basket, translating into a post-money valuation of $850 million.

Big Basket, that is presently the country’s prime grocery e-tailer, operates in twenty seven cities continuance Rs 200 large integer in terms of monthly run-rate.

“We hope to bring this range to Rs 300 large integer by August-September this year and hit a Rs 500 large integer monthly run rate by March 2019,” Menon aforesaid.

Bangalore and Hyderabad have broken even already whereas Madras, Ahmedabad and Calcutta area unit expected to interrupt even within the next two-three months, he added.

While market Grocery provides is that the wholesale product provider, Innovative Retail ideas runs the consumer-facing arm of the BigBasket property below licence from market Grocery.

In 2016-17, income of Innovative Retail stood at Rs 1,090.49 crore, up from Rs 527.46 crore. Gross expenses rose four-fold to Rs 1,282.36 crore, up from Rs 630.97 large integer within the previous twelvemonth.

Alibaba’s investment also will provide BigBasket the much-needed posture to fight Amazon.

The Seattle-based e-tailing big recently got regulative approval to line up a retail unit within the country to sell personal food labels.

Amazon has committed $500 million over future two-three years towards this food retail unit. Amazon conjointly offers on-line delivery of groceries and daily necessities through its app Amazon currently and its on-line market service Amazon buttery.

However, BigBasket may also face another formidable contender in Flipkart, that declared its second innings within the section through a soft launch of its grocery delivery service Supermart in November last year.

On Wednesday, media reports had explicit that US-based offline and on-line merchant Walmart Stores INC. was in advanced stages of talks to shop for a big minority stake in Flipkart.

Walmart may develop the maximum amount as 15-20% stake during a deal that may happen by the top of March. once the deal materializes, Flipkart may see Associate in Nursing investment north of $1 billion.

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Economic Survey 2018 hints at stock market bubble

Chief economic adviser (CEA) Arvind Subramanian has hinted at a bubble quite scenario within the stock exchange and concerned heightened vigilance.

Speaking to media once presenting the Economic Survey Report, the CEA aforesaid, "We have seen round the world that once quality costs go up significantly, they forever tend to return back so we've got to be watchful. the upper the costs go, i believe our vigilance ought to increase correspondingly."

The economic survey report re-iterates this concern. The report notes that markets expect rise, triggering the run-up available costs. However, it warns of the risks that the economy faces and so, asks for sweat caution.

Explaining the run-up available costs, the survey report says that expectations of earnings growth are a lot of higher in Bharat.

"Indeed, it had been such expectations that lie at the origin of the stock exchange boom. In early 2016-17, signs emerged that the long slide within the company profits/GDP magnitude relation may finally be coming back to an finish.

Investors reacted to the present news with liveliness, bidding up share costs in anticipation of a recovery they hoped lay simply ahead. consequently, the magnitude relation of costs to current earnings rose sharply."

The CEA any explained that attributable to steps taken by government against illicit wealth over the past few years-exemplified by demonetization-has in result obligatory a tax on bound activities, specifically the holding of money, property, or gold. "This has resulted in reallocation of portfolio towards equities, pushing the stock exchange."

The report additionally points to anomaly between the United States of America and also the Indian stock markets, that have traversed an equivalent path despite contrastive macro-economic things within the 2 countries.

It points out the stock exchange surge in Bharat has coincided with a slowing in economic process, whereas United States of America growth has accelerated, India's current company earnings/GDP magnitude relation has been slippy since the world monetary Crisis, falling to merely 3.5 per cent whereas profits within the United States of America have remained a healthy 9 per cent value.

It additionally says that over the amount of the stock exchange boom, whereas the United States of America real rates have averaged -1.0 per cent, in Bharat the important rates are 2.2 per cent.

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Stellaris Venture Partners brings in Cisco Investments as Limited Partner

Early-stage working capital firm Stellaris Venture Partners aforementioned the investment arm of world technology large Cisco Systems opposition. has are available in as a restricted Partner (LP) for its initial fund.

The technical school large endowed through unit Cisco Investments, Stellaris aforementioned in a very statement. It didn't disclose the number Cisco endowed.

“Cisco is committed to India’s next part of digital transformation through strategic investments within the country’s innovation scheme,” aforementioned Sameer Garde, president, Cisco Bharat and South Asian Association for Regional Cooperation (SAARC), within the statement.

Stellaris, based by former prime executives at working capital firm Helion Venture Partners, is wanting to lift $100 million (Rs 636 crore) for the fund.

It had marked the primary shut at $50 million in Gregorian calendar month last year.

Cisco joins another technical school large, Infosys Ltd, in backing Stellaris. India’s second-largest software package services company had aforementioned in November 2016 that it endowed Rs 31.6 large integer within the Stellaris fund.

The VC firm’s alternative LPs, or investors, embody monetary establishments, company homes, entrepreneurs and family offices within the us, Europe and Asia.

In might last year, International Finance Corporation (IFC) had conjointly projected to speculate $10 million within the VC firm’s debut fund.

Alok Goyal, partner at Stellaris, aforementioned the VC firm can look to faucet into deep technology experience and world market reach of Cisco for the advantage of its portfolio firms.

Stellaris invests in seed and Series A rounds in technology startups. Its investment areas includes native language on-line services, technology-led monetary inclusion, provide chain networks, vertical machine-learning applications and world software-as-a-service businesses.

Its investments embody mobile business-to-business marketplace Wydr and on-line doctor consultation platform Mfine.

Stellaris was started by Goyal, Ritesh Banglani and Rahul Chowdhri when they quit Helion. till Dec 2015, the trio were managing a dozen corporations beneath Helion’s portfolio together with Housing.com, Lifecell, Dentys, TrulyMadly, Whatfix, BigBasket, Shopclues and Toppr.

Over the past year, excluding Stellaris a clutch of massive and tiny VC corporations together with IDG Ventures, Endiya Partners and fireplace Ventures conjointly declared milestones in their individual fundraising efforts.

Earlier this month, pi Ventures marked the second shut of its debut fund whereas 3one4 Capital hit the ultimate shut of its second fund.

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Amber Enterprises raises $28 mn from ADIA, Goldman, other anchor investors

White-goods maker Amber Enterprises Asian nation Ltd has raised Rs 178.71 large integer ($28 million) by merchandising shares to a bunch of anchor investors, as well as the sovereign wealth funds of United Arab Emirates's capital and Kuwait, before its initial public giving.

Amber Enterprises assigned a pair of.08 million shares to fifteen institutional investors at the higher finish of the Rs 855-859 value band, in step with a stock-exchange filing.

US investment banking major syndicalist Sachs and Black Rock, the world’s largest plus management firm, conjointly came in as anchor investors.

Abu Dhabi Investment Authority (ADIA) bought shares price Rs 16.91 large integer whereas Kuwait Investment Authority, syndicalist and BlackRock every bought shares price Rs 11.55 crore.

Indian plus managers and life assurance companies like ICICI prudent AMC, ICICI prudent life assurance Co, HDFC investment company, HDFC commonplace life assurance Co, Reliance Capital, SBI investment company, Hindu deity Birla Sun Life Trustee and Axis investment company conjointly bought shares.

Anchor investors, WHO settle for a one-month lock-in for a size able allocation of shares, provide support to a public giving.

Their participation highlights the interest among institutional patrons, and sets a benchmark for the capitalist community at massive.

Amber, that is backed by Asia-focussed personal equity firm ADV Partners, is seeking a valuation of Rs a pair of,701.25 large integer ($425 million) from the general public giving that opens nowadays and closes on Fri.

At the higher finish of the worth band, the corporate can issue nearly five.53 million contemporary shares whereas promoters Jasbir and Dalgit Singh can sell one.45 million shares.

VCCircle rumored that ADV Partners is sitting on astounding gains from its one-year-old bet in Amber Enterprises.

The total issue size is currently Rs 600 large integer, larger than the Rs 555 large integer Amber had projected at the time of filing its draft prospectus with the Securities and Exchange Board of Asian nation (SEBI) in September. It received regulative approval for the IPO on five December.

Amber can use Rs 345 large integer of net issue to repay loans. The balance quantity from the Rs 450-crore contemporary issue are going to be used for general company functions, when meeting offer-related expenses.

Edelweiss monetary Services, IDFC Bank, SBI Capital Markets and BNP Paribas square measure the merchandiser bankers managing the IPO.

The company makes air-conditioners, microwave ovens, parts for refrigerators and alternative client sturdymerchandise for purchasers like Videocon, John Deere, Swaraj Mazda, Godrej, Whirpool, Blue Star, Philips and Voltas.

Besides, the cluster runs Amber Aviation, that operates craft charters and provides industrial pilot coaching. Amber’s promoters conjointly entered the off-grid solar energy generation sector in 2015 in partnership with Si Valley-based Twin Creeks Technologies.

Amber serves eight of the ten prime space air-conditioner brands in Asian nation and counts Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool as its key customers. It claims a market share of 55.4% during this class by volume for the year terminated March 2017.

The company was based in 1994 with one plant in geographic region. It currently has ten producing units across seven locations, of that six square measure operational. the corporate was originated by Kartar Singh and is currently managed by his sons Jasbir and Daljit.

In 2012, Fairwinds personal Equity (then Anil Ambani-led Reliance Equity Advisors Asian nation Ltd) endowed $12.6 million in Amber.

Fairwinds had non-heritable a thirty fourth equity stake in Amber for Rs a hundred and ten large integer in 2tranches, in 2012 and 2013. In Jan 2017, Fairwinds’ entire stake of thirty fourth was non-heritable by ADV Partners.

In 2011, Amber had raised Rs thirty large integer from IFCI Venture Capital’s inexperienced Asian nation Venture Fund via mandatory convertible debentures.

That deal gave Amber’s promoter cluster purchase rights to the extent of hour of the stake non-heritable by IFCI capital at Associate in Nursing annualized come back of two hundredth.

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Oil on the boil; crude prices may hit Rs 3,470 on MCX

WTI costs surged last week as elementary and government factors turned favorablewww.goldcruderesearch.com for costs. The dispute between Al-Iraq and Kurdistan and queries over the Asian nation nuclear deal could add a government risk premium to costs.


On the basic facet, the IEA and world organization monthly reports were auxiliary as demand forecasts stay higher and as world organization compliance improved. United States rig count and inventories fell once more last week, that extra to the top in oil costs. From a brief term perspective, worth action could stay stormy however the medium term outlook for WTI remains positive.


Oil costs witnessed stormy action for a couple of days once WTI listed around $50 however a trend looks to developing. The uptrend that started last week could continue because the backcloth remains auxiliary. Geo-political developments associated with the oil market are absent within the last number of years however appear to be coming once more.

Over the weekend, Al-Iraq stirred in forces to require back oilfields in metropolis that were controlled by ISIS earlier and were presently  fait of Kurdish military. The vote in Kurdistan has strained relations between Iraqis and Kurds and therefore the current conflict might probably hamper oil exports of around 0.55 mbpd happening through Kurdistan.


US-Iran relationship is additionally back to focus when Donald Trump refused to certify the nuclear deal last week. The deal goes back to the US Congress and will be entirely derailed if harder conditions are unilaterally obligatory on Asian nation. The sanctions on Asian nation might even be back if the US Congress takes a troublesome line. this is often probably to stay a geo-political risk premium engineered into costs within the short term as long as this uncertainty persists.
On the basic facet, the oil market has seen a ..

The world organization monthly report showed that total world organization output accumulated to 3 2.75 mbpd in Sept, up by 88,500 bpd compared to July however was a pair of.5% lower y/y. Socialist People's Libyan Arab Jamahiriya wired an additional 50,000 bpd because the Sharara field reopened when a pipeline blockade whereas Nigerian output rose by 50,000 bpd and remains close to 1.8 mbpd.

Saudi remains the largest contributor to the provision cuts whereas Iraq’s compliance remains low. Iraqi production rose by 40,000 bpd because of higher exports from the autonomous Kurdish region. Overall world organization compliance to output cuts was at 86 last month.


US output on the opposite hand is back close to its pre-hurricane levels of 9.48 mbpd and remains elevated in y/y comparisons. the expansion in production but looks to own plateaued if the rig count is a sign. United States oil rig count fell by five last week and was down by vi in Q3 compared to sharp will increase within the half of this year. the expansion in United States production has been the largest impediment to grease costs this year and any holdup on it front might offer an honest elevate to costs within the medium.

US liquid stocks stand close to 134 million barrels, down 14.6% y/y and therefore the lowest since June 2015. Gas stocks fell by 4 wheel drive last month and currently stand close to 221 million barrels, the bottom in 2 years. In Europe, ARA crude stocks are all the way down to lowest since Gregorian calendar month 2105.

On the total, fundamentals are turning auxiliary for oil costs as offer has began to flatten at a time once demand remains sturdy. Considering the higher than factors, the medium term outlook for oil costs remains positive however stormy action can't be dominated go into the close to term. Geo-political developments can closely watched on for any triggers.


In terms of worth action, MCX fossil fuel reversed sharply from 1-month lows close to Rs.3220 level last week to re-test immediate resistance around Rs.3360 before closing at Rs.3310- still higher by regarding a pair of.2% for the amount. wanting ahead, the recent upward bias appearance property with sturdy supports at Rs.3220-3160 zone and shopping for on dips is that the advisable strategy. Sustained breach higher than Rs.3360 might extend the rally towards Rs.3420-3470 levels.

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Forex kitty at record high of $381.95 billion

The country's forex reserves increased by USD 799 million, mainly on account of rise in foreign currency assets (FCAs), to touch a record high of USD 381.955 billion in the week to June 16, RBI said.

In the previous week, the reserves had declined marginally by USD 11.5 million to USD 381.156 billion.

FCAs, a major component of overall reserves, rose by USD 802.4 million to USD 358.084 billion in the reporting week, the central bank said.

Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves remained unchanged at USD 20.095 billion.

The special drawing rights with the International Monetary Fund dipped by USD 1.3 million to USD 1.469 billion.

The country's reserve position with the IMF, too, declined by USD 2.1 million to USD 2.305 billion.

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