Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Bengal's State-owned e-Commerce Firm MSTC Plans Reverse Auction of Onions to Aid Nasik Farmers

Mother Dairy would lend support to the endeavour by procuring 20 tonnes of onion a day, the official said.

PTI

Updated:December 19, 2018, 7:10 PM IST
facebookTwitterskypewhatsapp
Bengal's State-owned e-Commerce Firm MSTC Plans Reverse Auction of Onions to Aid Nasik Farmers
Image: Reuters Pictures
Loading...

Kolkata: State-owned MSTC Ltd would start reverse e-auction of onions to aid Nasik farmers who have been reeling under price crash following bumper production, an official said Wednesday.

Mother Dairy would lend support to the endeavour by procuring 20 tonnes of onion a day, the official said.

"We have decided to support the onion farmers of Nasik. We have technology in place to carry out auction of agri commodities. Our officers are already there to execute a plan of offering a market for the farmers," MSTC chairman and managing director B B Singh said Wednesday on the sidelines of an MSME conclave organised by the Confederation of Indian Industry (CII) here.

Reserve auction is a type of auction in which the roles of buyer and seller are reversed and the lowest price discovery is made from a base price.

Onion prices in Maharashtra's Nasik fell below Rs 2 a kg forcing farmers to dump the crop, while the same commodity sells for Rs 25-30 a kg in markets such as Delhi-NCR and Kolkata.

"We will commence reverse e-auction of the crop for Mother Dairy in the next 4-5 days with a floor price of not less than Rs 6-8 a kg which we hope to help better price realisation in the period of crisis," he said.

The input cost for cultivation of a kilogram of onion has been fixed at Rs 8.50 by the Directorate of Onion and Garlic Research (DOGR).

Mother Dairy has assured to procure 20 tonnes of onions daily to sell them through its 150-odd retail outlets in the Delhi-NCR region.

Singh said MSTC is in talks to engage more buyers like Spencers, Reliance Fresh and other organised retailers to create demand for the onions grown in Nasik.

However, MSTC is yet to reeive any positive feedback from private retail chains of the country in the venture, Singh said.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 599.75 7.97
Yes Bank 114.55 11.00
UPL 870.25 -8.42
IndusInd Bank 1,435.60 3.93
ICICI Bank 433.40 3.24
Company Price Change %Gain
Yes Bank 114.55 10.94
Indiabulls Hsg 599.95 8.02
Maruti Suzuki 6,637.20 3.17
Jet Airways 64.00 93.35
Shriram Trans 1,094.55 3.10
Top Gainers
Company Price Change %Gain
Yes Bank 114.55 11.00
Indiabulls Hsg 599.75 7.97
Sun Pharma 390.50 4.08
IndusInd Bank 1,435.60 3.93
Larsen 1,557.10 3.45
Company Price Change %Gain
Yes Bank 114.55 10.94
Sun Pharma 390.60 4.01
IndusInd Bank 1,435.50 3.80
Larsen 1,556.15 3.36
ICICI Bank 433.35 3.20
Top Losers
Company Price Change %Gain
UPL 870.25 -8.42
Wipro 286.95 -2.41
Adani Ports 401.20 -1.59
Britannia 2,834.05 -1.45
Tech Mahindra 725.55 -1.37
Company Price Change %Gain
HUL 1,806.85 -0.26
HDFC Bank 2,425.50 -0.16
ITC 277.15 -0.07
NTPC 134.55 -0.04

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results