Edible oil company shares trade in red after government announced to discontinue import of crude soybean oil

Patanjali share price: Edible oil stocks Patanjali Foods and Adani Wilmar were in focus on Dalal Street on Thursday, after the government announced its decision to discontinue import of crude soybean oil under the tariff rate quota (TRQ) from April 1. TRQ determines the amount of import allowed in India at a specified or nil duty.

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In afternoon deals, Patanjali Foods shares traded nearly unchanged at Rs 1,179.5 apiece on BSE while the Adani Wilmar stock was down by Rs 8.1 or 1.4 per cent at Rs 572.4 apiece. 

Zee Business Research Analyst Kushal Gupta suggested a 'buy' on Patanjali Foods for a target price of Rs 1,210 apiece and a stop loss at Rs 1,162 in Trader's Diary.  

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Soybean import news 

"Last date for import of crude soybean oil under TRQ has been revised to March 31, 2023. Further, no allocation of TRQs for import of crude soybean oil shall be made for 2023-24," the directorate general of foreign trade (DGFT) said in a public notice on Wednesday.

Earlier, the government had earlier exempted customs duty and agriculture infrastructure development cess on annual import of 20 lakh metric tonnes of crude soybean oil and crude sunflower oil each in a bid to keep domestic rates in check.

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