.jpg "Food Corporation Of India's E-Auction A Success: 9.2 LMT Wheat Sold In 2 Days.")
Estimated reading time: 2 minutes
The Food Corporation of India (FCI) conducted an e-auction of 22.0 LMT out of 25 LMT Wheat stock on 1st and 2nd February 2023 in order to address the rising price of wheat and atta in the country. The recommendation was made by the Committee of Ministers. In the first week of the e-auction, more than 1150 bidders participated and a quantity of 9.2 LMT was sold. The sale will continue throughout the country every Wednesday till the 2nd week of March 2023.
The first week of the e-auction showed a high demand for quantities ranging from 100 to 499 MT followed by 500-1000 MT and then 50-100 MT, indicating that small and medium flour millers and traders actively participated in the auction. Only 27 bids were received for the maximum quantity of 3000 MT. The weighted average rate of Rs. 2474/Qtl was realized by FCI, generating a total of Rs. 2290Cr.
The government allocated 3 LMT of wheat to PSUs/cooperatives/Federations such as Kendriya Bhandar, NCCF, and NAFED for sale without e-auction at a concessional rate of Rs 2350/Qtls to convert wheat to atta and offer it to the public at a Maximum Retail Price of Rs. 29.50 per Kg. NCCF was allocated 50000 MT of wheat across 07 states, 1 LMT to NAFED, and 1 LMT to Kendriya Bhandar. Both Kendriya Bhandar and NAFED have launched or are set to launch the scheme for selling atta at a lower price.
The e-auction has already had an impact on the market, causing a fall in wheat prices by more than 10% in the past week. The prices are expected to continue to fall further as the wheat sold in the e-auction is lifted and atta is made available in the market.
Latest Stories
Prime Minister Narendra Modi conveyed deep sorrow over the untimely demise of Iranian President Dr. Seyed Ebrahim Raisi, emphasizing his significant role in enhancing the relationship between India and Iran. PM Modi extended…
Click here to Read more.jpg "Kiara Advani's Accent at Cannes Sparks Controversy, Fans Urge Indian Pride 2")
At the 77th edition of the Cannes Film Festival, Indian celebrities continue to make their mark, from Bollywood actress Aishwarya Rai to businesswoman Namita Thapar. The latest addition to this illustrious group is…
Click here to Read more
Shahid Kapoor Casts his Vote: As voting commenced for the fifth phase of the ongoing Lok Sabha elections 2024 across 49 parliamentary constituencies, Bollywood star Shahid Kapoor exercised his democratic right at a…
Click here to Read more.jpg "Watch Alia Bhatt and Akansha Ranjan Kapoor's Funny Take on 'Dekhha Tenu' 4")
The song 'Dekhha Tenu' from the movie 'Mr & Mrs Mahi' is taking social media by storm. Adding to the excitement, Bollywood actresses Alia Bhatt and Akansha Ranjan Kapoor recently shared a humorous…
Click here to Read more
Assam Chief Minister Himanta Biswa Sarma unveiled a monumental drug haul worth ₹105 crore, signaling a significant victory in the fight against narcotics trafficking. In a commendable operation, the Cachar police executed a…
Click here to Read more
As the fifth phase of the seven-phase Lok Sabha elections kicked off on Monday, May 20, Anil Ambani, the chairman and managing director of Reliance Group, emerged early in the morning to fulfill…
Click here to Read more
Jamie Lever, daughter of veteran Bollywood actor Johnny Lever, has carved a niche for herself with her spot-on mimicry and hilarious reels on Instagram. Known for her impeccable imitations of various Bollywood celebrities,…
Click here to Read more
Chief Minister Mamata Banerjee of West Bengal fondly reflects on her 13-year journey since taking oath for the first time. On this significant anniversary, she extends heartfelt gratitude to the people of Bangla…
Click here to Read more
Indian External Affairs Minister Dr. S. Jaishankar conveyed profound sadness upon learning of the untimely demise of Iran's President Dr. Ebrahim Raisi and Foreign Minister H. Amirabdollahian in a tragic helicopter crash. Reflecting…
Click here to Read more.jpg "PM Modi Seeks Blessings of Mahaprabhu Jagannath in Puri 10")
Prime Minister Narendra Modi embarked on a spiritual journey to Puri, where he sought the divine blessings of Mahaprabhu Jagannath. Offering prayers at the revered temple, PM Modi expressed his reverence for the…
Click here to Read more
As the fifth phase of the Lok Sabha elections unfolds, Minister Nitin Gadkari underscores the importance of citizen participation in shaping the nation's destiny. With 49 Lok Sabha seats up for grabs, including…
Click here to Read more.jpg "Lok Sabha Elections 2024: Amitabh Bachchan's Fun Appeal to Mumbai Voters 12")
The country is currently immersed in the ongoing Lok Sabha Elections 2024, and today, May 20, is the day when the people of Mumbai can exercise their vote to support the political party…
Click here to Read more
Anil Kapoor, one of Bollywood's most acclaimed stars, is not only celebrated for his illustrious career but also cherished for his roles as a doting father and a loving husband. Recently, Anil and…
Click here to Read more
Uttarakhand Chief Minister Pushkar Singh Dhami has called on citizens to make voting their top priority in the fifth phase of the ongoing elections. Emphasizing the importance of each vote, CM Dhami stated,…
Click here to Read more.jpg "Lok Sabha Election: PM Modi Urges Record Turnout in Phase 5 15")
Prime Minister Narendra Modi made a heartfelt appeal to the citizens of India as the nation embarks on the fifth phase of the Lok Sabha elections. With 49 seats up for grabs across…
Click here to Read more
Yesterday, the Southwest Monsoon progressed into parts of the Maldives, the Comorin area, the South Bay of Bengal, the Nicobar Islands, and the South Andaman Sea. The Northern Limit of Monsoon currently passes…
Click here to Read more
Yoga and Meditation for Family: In today's fast-paced world, finding time to connect as a family and unwind together is more important than ever. Amidst the hustle and bustle of daily life, yoga…
Click here to Read more
Aries (March 21 - April 19): Your energy levels are high today, Aries. Use this vitality to tackle any challenges head-on. Focus on your goals and don't be afraid to take the lead…
Click here to Read more
Mindful Shopping Tips: In a world inundated with consumerism, adopting mindful shopping habits is essential for those seeking to make more ethical and sustainable choices. This article offers practical tips for conscious consumers,…
Click here to Read more
In a recent development, the Karnataka Police made headlines as they apprehended a man from Goa, identified as BhikuMhatre on social media platforms, in connection with an alleged defamatory post targeting the Congress…
Click here to Read more
As the mercury continues its upward climb, residents across several states in northern and western India are bracing themselves for the scorching heatwave forecasted by the India Meteorological Department (IMD). With IMD's latest…
Click here to Read more.jpg "Elon Musk Meets Sri Lankan President Ranil Wickremesinghe in Bali 22")
During the 10th World Water Forum High-Level Meeting in Bali, Indonesia, Sri Lankan President Ranil Wickremesinghe met with billionaire businessman Elon Musk to discuss the implementation of Starlink in Sri Lanka. The President's…
Click here to Read more
Anil Kapoor and Sunita Kapoor, one of Bollywood's classiest couples, are celebrating their fortieth wedding anniversary today. The beloved couple has been showered with love and best wishes from family and friends, including…
Click here to Read more
The Indian Meteorological Department (IMD) has issued a significant heatwave warning for multiple regions across India, effective on May 19, 2024. According to the IMD, "Heatwave to severe heatwave conditions are very likely…
Click here to Read more
Sobhita Dhulipala, the Bollywood sensation, continues to dazzle on the international stage at the 77th Cannes Film Festival. Following her eye-catching debut in a vibrant Namrata Joshipura jumpsuit, Dhulipala unveiled her second look,…
Click here to Read more
The Ministry of Ports, Shipping and Waterways (MoPSW) celebrated the International Day for Women in Maritime in New Delhi, highlighting the crucial contributions of women seafarers. This year's theme, "Safe Horizons: Women in…
Click here to Read moreAssam Chief Minister Himanta Biswa Sarma recently spotlighted a significant financial achievement for the state: a 159% growth in mutual fund investments over the past five years. The total investment soared from ₹11,298…
Click here to Read more
Chief Minister of Goa, Dr. Pramod Sawant, celebrates the cultural tapestry of the state, acknowledging its diverse heritage in spite of its small size and population. Dr. Pramod Sawant expressed pride in Goa's…
Click here to Read more
Salman Khan, the iconic Bollywood superstar, continues to capture the hearts of fans worldwide with his endearing personality and humble gestures. Recently, a heartwarming video of Salman Khan playing with a little fan…
Click here to Read more
Chief Minister of Manipur, N. Biren Singh, has taken a proactive stance towards environmental conservation by participating in a community social service event ahead of World Environment Day. Singh commended the initiative undertaken…
Click here to Read more
Shweta Tiwari, the beloved actress, continues to captivate audiences with her charm and talent, solidifying her status as a fan favorite over the years. With a massive following on Instagram, she shares her…
Click here to Read more
The Election Commission's determined stance against money power and inducements in the ongoing Lok Sabha elections has yielded remarkable results, with agencies seizing an unprecedented amount totaling Rs 8889 crores. Vigilance against inducements,…
Click here to Read more
Punjabi sensation Sunanda Sharma made heads turn as she graced the red carpet at the prestigious 77th Cannes Film Festival in 2024. Renowned for chartbusters like "Mummy Nu Pasand" and "Chandigarh ka Chhokra,"…
Click here to Read more
Actress and Member of Parliament, Hema Malini, recently took to the campaign trail in Odisha, extending her support to party candidates ahead of the upcoming elections Phase. In her campaign efforts, Hema Malini…
Click here to Read more
Rajkummar Rao's latest release, "Srikanth," is gaining momentum as it enters its second week. The film's business has seen a significant acceleration, particularly on its second Saturday. Urban centers remain key contributors, with…
Click here to Read more.jpg "President Murmu Honors Former President Neelam Sanjiva Reddy 36")
President Droupadi Murmu of India reverently laid floral tributes in honor of the esteemed former President Neelam Sanjiva Reddy on his birth anniversary at Rashtrapati Bhavan. Neelam Sanjiva Reddy, a towering figure in…
Click here to Read more
Amidst the glitz and glamour of the Cannes Film Festival 2024, Kiara Advani made a notable appearance at the Red Sea Film Festival's Women in Cinema Gala, proudly representing India on the global…
Click here to Read moreUttarakhand Chief Minister Pushkar Singh Dhami commemorated the death anniversary of the esteemed litterateur Hazari Prasad Dwivedi with a humble tribute, acknowledging Dwivedi's profound impact on Hindi literature. Hazari Prasad Dwivedi, a literary…
Click here to Read more
Chief Minister Pema Khandu of Arunachal Pradesh commemorated the death anniversary of Jamsetji Tata with a poignant tribute, honoring the legacy of the iconic industrialist. In his statement, Khandu hailed Tata as a…
Click here to Read more
Akshay Kumar, Arshad Warsi, and Huma Qureshi are gearing up to enthrall audiences once again with the highly anticipated third installment of their hit movie franchise, "Jolly LLB." Recently, social media was abuzz…
Click here to Read more
The 77th Cannes Film Festival is in full swing in Cannes, France, drawing celebrities and cinema aficionados from around the globe. Among them is Aishwarya Rai Bachchan, a familiar face at the prestigious…
Click here to Read more
Los Angeles: In a concerning incident in Los Angeles, a man's apparent mental health episode led to a harrowing encounter with traffic. Witnesses reported seeing the man dart across traffic before colliding with…
Click here to Read more
.jpg&description=Food+Corporation+Of+India%E2%80%99s+E-Auction+A+Success%3A+9.2+LMT+Wheat+Sold+In+2+Days.){kind=link}