Bosch, Cummins India, Blue Star among 40 NSE stocks to hit 52-week highs; 38 touch 52-week lows Benchmark indices BSE Sensex and NSE Nifty declined in trade on Thursday. Sensex fell almost 200 points to 60,152 while Nifty 50 gave up 17,700 amid negative global cues. The broader markets traded mixed, with the midcap and smallcap indices gaining the most. Sectorally, Nifty Metal was the top gainer, while Nifty Auto slid 0.85%. Adani Enterprises, Reliance Industries, Adani Ports, HDFC Bank, Cipla are the most active Nifty 50 stocks intraday.Nifty 50 Gainers and Losers On the NSE Nifty index, the top winners are Cipla, Tata Steel, Apollo Hospitals, NTPC, Bharti Airtel, with Cipla up 2%. The biggest laggards are Adani Enterprises, Adani Ports, M&M, Reliance Industries, SBI Life, with Adani Enterprises down 4.59%. 31 stocks hit their lower price band including D B Realty, Spacenet Enterprises, Reliance Capital, Cerebra Integrated Technologies, Suumaya Industries, Fertilizers and Chemicals Travancore. Additionally, 15 scrips hit both bands. On the NSE Nifty, 40 stocks hit their 52 week highs including Bosch, Share Ind Sec, Procter & Gamble Health, Kirloskar Industries, Cummins India, Blue Star, Revathi Equipment, De Nora India, Mahanagar Gas, Kaynes Technology India, H.G. Infra Engineering, Tega Industries, PNB Housing Finance, CCL Products (India), Kirloskar Ferrous Industries, Vardhman Special Steels, Medico Remedies, Zen Technologies, Titagarh Wagons, Petronet LNG, S Chand And Company, Usha Martin, Kamdhenu Ventures , Career Point, Jindal Saw, Ganesh Benzoplast, Power Finance Corporation, TD Power Systems, Geekay Wires, REC among others. Alternatively, 38 stocks including Share Ind Sec, Pfizer, Aditya Birla Sun Life AMC, Aarti Drugs, NINtec Systems, SEL Manufacturing, Piramal Pharma, Shah Alloys , Vineet Laboratories, Equippp Social Impact Technologies, Aarey Drugs & Pharmaceuticals are at 52 week lows. Home First Finance Company India, Gokaldas Exports, Laxmi Cotspin, Raj Rayon Industries, S Chand And Company, Almondz Global Securities, Sequent Scientific, Shilpa Medicare, Adani Power, NINtec Systems are among the volume gainers on the NSE index.
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.