New Delhi. Ruchi Soya Shares, a subsidiary of Patanjali, performed well today i.e. on 13 September 2021. On the National Stock Exchange (NSE), the stock of Ruchi Soya closed at Rs 1,068 with a gain of 2.26 per cent today. During the day’s trading, it registered a rise of more than 3 percent. Actually, the Central Government has announced reduction of import duty on Palm Oil, Soya Oil and Sunflower Oil. Due to this, the stocks of Ruchi Soya rose on Monday. Ruchi Soya, one of the country’s largest edible oil companies, was bought by Patanjali in 2019 for about Rs 4,350 crore.
How far can Ruchi Soya’s stock go?
Ruchi Soya is working on a plan to start plantations for the production of palm oil in the northeastern states including Assam, Tripura. Ruchi Soya recently got permission from capital markets regulator SEBI for a follow-on public offer (FPO) of Rs 4,300 crore. Experts say that this stock has been sluggish after the big rally. It is in the range of Rs 1,000-1,150 on the weekly charts. If it is successful in breaking this range, then it can go towards the level of Rs 1,350-1,400. Patanjali had bought this company in the Insolvency and Bankruptcy Code (IBC) process. The company’s Nutrella brand is the most popular.
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On whom the import duty has been reduced by how much
The central government has reduced the base import duty on crude palm oil from 10 percent to 2.5 percent. Apart from this, it has come down from 7.5 per cent to 2.5 per cent on soy oil and sunflower oil. Base import duty on refined grades of palm oil, soya oil and sunflower oil has been reduced from 37.5 per cent to 32.5 per cent. Explain that more than two-thirds of the demand for edible oil in the country is met through imports. Palm oil is imported from Indonesia and Malaysia and soya and sunflower oil from Argentina, Ukraine, Brazil and Russia.
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