India's vegetable oil refiners fall as govt allows palm oil imports

Vijay Solvex

01/07/2021 08:30

** Shares of Indian vegetable oil refiners fall between 2%
and 5%, after the country removed restrictions on imports of
refined palm oil and lowered its import tax
    ** Top buyer India on Wednesday allowed imports of the
product for six months  urn:newsml:reuters.com:*:nL2N2OC1TN
    ** Country also late on Tuesday cut the import tax on
refined palm oil to 41.25% from 49.5% for three months to bring
down local edible oil prices 
    ** Domestic soyoil and palm oil prices have more than
doubled in the past year, hitting consumers already stung by
reduced incomes amid the COVID-19 pandemic
    ** India fulfills more than two-thirds of edible oil demand
through imports, and palm oil accounts for more than 60% of the
total imports
    ** Shares of Ruchi Soya  RCSY.NS , Natraj Proteins
 NATR.BO , Kriti Nutrients  KNLT.BO  and Ajanta Soya  AJAS.BO 
fall between 2% to 5%
    ** Shares of Vijay Solvex  VJYS.BO , which makes vanaspathi
ghee, a byproduct of palm oil, rises 5%

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))