India's vegetable oil makers surge on Indonesia's palm oil export ban

Vijay Solvex

25/04/2022 07:56

** Shares of Indian vegetable oil refiners rise between 2%
and 20% after top producer Indonesia's surprise palm oil export
ban forced buyers to seek alternatives
    ** Indonesia on Friday announced plans to ban exports of the
most widely used vegetable oil, in a shock move that could
further inflame surging global food inflation  urn:newsml:reuters.com:*:nL2N2WK0MX
    ** India is among world's top buyers of palm oil, and
Indonesia supplies nearly half of India's total palm oil imports
    ** Indonesia's move will lift prices of all major edible
oils, including palm oil, soyoil, sunflower oil and rapeseed
oil, industry watchers predict  urn:newsml:reuters.com:*:nL2N2WN01O
    ** Shares of edible oil makers Ruchi Soya  RCSY.NS , Natraj
Proteins  NATR.BO , Kriti Nutrients  KNLT.BO , Ajanta Soya
 AJAS.BO , Adani Wilmar  ADAW.NS , Gokul Agro  GOKG.NS , BCL
Industries  BCLN.NS , and Agro Tech Foods  AGRO.NS  surge 2%-20%
    ** Vijay Solvex  VJYS.BO , which makes vanaspathi ghee, a
byproduct of palm oil, rises 5%
    ** Vegetable oil prices have already risen more than 50% in
the past six months
    ** Halting of shipments of the cooking oil and its raw
material, widely used in products ranging from cakes to
cosmetics, could raise costs for packaged food producers
globally

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))