Tata Motors, Dr Reddy’s among 153 NSE stocks to hit 52-week highs; 17 touch 52-week lows Domestic indices opened on a flat note on Tuesday. The NSE Nifty 50 rose 15.45 points or 0.08% to 19,687.80 and BSE Sensex gained 48.82 points or 0.07% to 66,433.60. In sectoral indices, Bank Nifty jumped 184.35 points or 0.40% to 46,107.40, Nifty soared 0.56%, Nifty Pharma was up 0.51% while Nifty FMCG fell 0.55% and Nifty IT tumbled 0.22%.Volume Gainers Kiri Industries, Universus Photo Imagings, BPL, 5Paisa Capital, Aarti Surfactants, Alicon Castalloy, JK Paper, Country Condo’s, TCPL Packaging, Kriti Nutrients, Nilkamal, Varroc Engineering are among the volume gainers on the NSE. On the NSE Nifty, 67 stocks hit their upper price band, 33 stocks hit their lower price band and 10 scrips hit both bands. On the NSE Nifty, 153 stocks hit their 52 week highs including Wendt (India), Dr. Reddy’s Laboratories, Linde India, Power Mech Projects, Alkem Laboratories, AstraZeneca Pharma India, Apar Industries, Supreme Industries, Kovai Medical Center and Hospital, Nilkamal, Inox Wind Energy, Krishna Institute of Medical Sciences, Mazagon Dock Shipbuilders, Colgate Palmolive (India), Kaynes Technology India, Grasim Industries, Sarda Energy & Minerals, Endurance Technologies, KDDL, C.E. Info Systems, APL Apollo Tubes, Goodyear India, IndusInd Bank, TVS Motor Company, Venus Pipes & Tubes, Thangamayil Jewellery, Sun Pharmaceutical Industries, Oberoi Realty, RPG Life Sciences, GNA Axles, Premier Explosives, Can Fin Homes, Spandana Sphoorty Financial, Glenmark Pharmaceuticals, Apollo Pipes, M K Proteins, CARE Ratings, Eris Lifesciences, Shakti Pumps (India), Cochin Shipyard, PNB Housing Finance, Action Construction Equipment, AGI Greenpac, Gravita India, KEC International, Aarti Drugs, Tata Motors, S.J.S. Enterprises, D P Wires, Zydus Lifesciences, Nippon India ETF Nifty Infrastructure BeES, Hindware Home Innovation, ION Exchange (India), Kalpataru Projects International, IIFL Finance, Ramkrishna Forgings, VA Tech Wabag. Alternatively, 17 stocks including SRF, UPL, Campus Activewear, Pavna Industries, Ata, Valves, SEL Manufacturing, Lexus Granito (India), Power & Instrumentation (Gujarat) and Fiberweb are at 52 week lows.
If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.