Dairy sector to see 11-12 pc revenue growth in FY23 aided by value-added products: Report
India’s organised dairy sector is likely to achieve 11-12 per cent revenue growth this financial year, the second straight year of double-digit growth, mainly driven by healthy demand for value-added products (VAP), according to a report. Revenue growth of the organised dairy sector this financial year will be a notch below the last fiscal’s 13 per cent growth, according to the report by Crisil NSE 4.21 % Ratings.
This revenue growth will be driven by a healthy demand for VAP (28 per cent of overall sales), even as sales of liquid milk stays steady and the full-year benefit of retail price hikes implemented last fiscal is realised, it noted.
Within VAP, strong recovery is expected in the demand for ice cream, curd and flavoured milk, the report stated.
Export of 1 million tonne wheat likely to get green signal
India is likely to clear exports of 1 million tonnes of wheat, in the first phase after it restricted shipments of the food grain, said trade sources.
The government on May 13 banned exports of wheat amid accelerating inflation, but exempted shipments under contracts where letters of credit (LCs) had already been opened. The clearance for the shipment is expected under this exemption, they said.
At least half the quantity is likely to go to Bangladesh, largely by rail and road. The decision is expected to be announced after commerce minister Piyush Goyal returns from Davos, where he is attending the World Economic Forum, the sources said.
Adani Ent to acquire 50% stake in General Aeronautics
Adani Defence Systems and Technologies, a wholly-owned subsidiary of Adani Enterprises NSE -0.77 % on Friday signed a definitive agreement to acquire a 50% stake in Bengaluru-based commercial drone maker General Aeronautics for cash consideration.
“The partnership between General Aeronautics and Adani Defence & Aerospace fuses our military and civilian objectives by integrating… Adani Group’s military UAV capabilities with the capabilities of General Aeronautics thereby providing us with a platform with far reaching possibilities,” Ashish Rajvanshi, CEO of Adani Defence & Aerospace, said in a statement.
The company will be leveraging its military drone and AI/ML capabilities and work with General Aeronautics to provide solutions for the domestic agricultural sector.
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