Shares of Adani Wilmar (AWL) and Ruchi Soya Industries shed 5 per cent on the BSE in Wednesday’s trade as investors booked profit at these counters, a day after the government exempted customs duty and agri cess on importing 2 million tonnes of soybean and sunflower oil per year.
The effective duty on crude palm oil, crude soybean, and sunflower till now was 5.50 per cent, which will come down to almost zero after Tuesday’s reduction for the two oils up to a fixed quantity.
Individually, AWL was locked in the 5 per cent lower circuit band at Rs 664.95, while Ruchi Soya Industries, too, was down 5 per cent to Rs 1,045.45 on the BSE,
However, both these stocks have had a strong run-up in the past three months with Adani Wilmar
zooming 82 per cent, and Ruchi Soya
rallying 34 per cent, as compared to 3 per cent decline in the benchmark index.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard,