MUMBAI (Reuters) -India's palm oil imports could drop by nearly a fifth as now cheaper soyoil takes more market share, following Indonesia's curbs on palm oil exports and New Delhi allowing duty-free imports of soyoil, dealers said.
The rupee's free fall comes at a time when FMCG and paint companies have been battling higher raw material costs for over a year, and have been forced to go for multiple rounds of price hikes
CLOSING BELL: Dr Reddy's Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each
The lifting of the ban came after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged
The growth was in line with the prediction made by Indonesia's Minister of Finance Sri Mulyani Indrawati that the country's economy would grow on average 5 per cent year-on-year
Sudhanshu Pandey, Secretary, DFPD said that due to higher market prices, a large quantity of wheat was being bought by traders at a higher rate than MSP, which was good for the farmers
Analysts and companies have warned that demand could slow as the Ukraine war and Indonesia's ban on palm oil exports result in higher global food prices
Sri Mulyani Indrawati said that with demand exceeding supplies, the ban announced is "among the harshest moves" the government could take after previous measures failed to stabilize domestic prices
Loss of shipments from Ukraine, the world's top supplier of sunflower oil, and drought in the world's top soybean oil exporter Argentina had already sparked a sharp rise in global vegetable oil prices
