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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Emami Limited    531162   INE548C01032

EMAMI LIMITED

(531162)
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End-of-day quote. End-of-day quote MUMBAI STOCK EXCHANGE - 01/28
474.9 INR   -1.59%
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India's palm oil imports set to jump as tax cut lures refiners

11/27/2020 | 02:25am EST
A worker unloads palm oil fruit bunches at a factory in Tanjung Karang

MUMBAI/KUALA LUMPUR (Reuters) - India's imports of palm oil are set to rise by as much as 100,000 tonnes a month from December after the government slashed import tax on the tropical oil, making it cheaper than rival edible oils, industry officials said on Friday.

Higher imports by India, the world's biggest buyer of palm oil, will support benchmark Malaysian palm oil prices that hit their highest level in eight years this month, but could weigh on U.S. soyoil futures.

India on Thursday slashed import tax on crude palm oil (CPO) to 27.5% from 37.5% as it tries to curb rising food prices.

"The cut has made palm oil more competitive as refiners have to pay 7.5% less tax on palm oil imports compared with soyoil and sunflower oil," said Sudhakar Desai, president of the Indian Vegetable Oil Producers' Association (IVPA).

India maintained duty structure on crude soybean oil and crude sunflower oil at 35%.

Palm oil imports are expected to rise by around 100,000 tonnes every month from December, while soyoil imports could moderate from January, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil broker.

"Contracts of soyoil imports have already been signed for December shipments. From January onwards, soyoil imports would go down to make space for palm oil," he said.

After the duty cut, CPO has become $225 per tonne cheaper than soyoil compared with $175 prior to the cut, Bajoria said.

The South Asian country imports palm oil mainly from Indonesia and Malaysia, and other oils such as soy and sunflower oil from Argentina, Brazil, Ukraine and Russia.

"Set against the lower CPO production, lower CPO inventory and weather predicaments end of this year, this (duty cut) may lead to better CPO prices," said Joseph Tek Choon Yee, chief executive officer of Malaysia's IJM Plantations.

India's palm oil imports slumped 23% to 7.2 million tonnes in 2019/20 marketing year ended on Oct. 31, the lowest in nine years, as the coronavirus crisis curtailed demand from hotel and restaurants.

In 2020/21, imports could jump 25% to 9 million tonnes, Desai said.

(Reporting by Rajendra Jadhav and Mei Mei Chu; Editing by Sherry Jacob-Phillips)

By Rajendra Jadhav and Mei Mei Chu


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CPO (CPO) - CMG (ELECTRONIC)/C1 0.00% 871.25 End-of-day quote.2.77%
EMAMI LIMITED -1.59% 474.9 End-of-day quote.11.87%
EURO / ARGENTINE PESO (EUR/ARS) 0.35% 105.8369 Delayed Quote.2.94%
EURO / BRAZILIAN REAL (EUR/BRL) 0.40% 6.5786 Delayed Quote.2.61%
IJM CORPORATION 1.99% 1.54 End-of-day quote.-10.98%
LONDON BRENT OIL 1.33% 56.14 Delayed Quote.8.43%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 1.55% 44.59 End-of-day quote.2.75%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.08% 87.19 Delayed Quote.3.39%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.35% 75.983 Delayed Quote.1.53%
WTI 1.67% 53.17 Delayed Quote.9.49%
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Financials
Sales 2021 28 162 M 385 M 385 M
Net income 2021 4 325 M 59,1 M 59,1 M
Net cash 2021 3 773 M 51,6 M 51,6 M
P/E ratio 2021 45,9x
Yield 2021 1,27%
Capitalization 215 B 2 937 M 2 933 M
EV / Sales 2021 7,48x
EV / Sales 2022 6,65x
Nbr of Employees 3 215
Free-Float 41,9%
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Technical analysis trends EMAMI LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 23
Average target price 489,95 INR
Last Close Price 482,55 INR
Spread / Highest target 28,5%
Spread / Average Target 1,53%
Spread / Lowest Target -18,1%
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Managers and Directors
NameTitle
Sushil Kumar Goenka Managing Director & Executive Director
Radhe Shyam Agarwal Executive Chairman
Mohan Rajabhau Panchabhai Chief Operating Officer-Operations & Purchase
Naresh H. Bhansali CFO & CEO-Finance, Strategy & Business Development
Punita Kalra CEO-Research, Development & Innovation
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