Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Malaysia
  4. BURSA MALAYSIA
  5. FGV Holdings
  6. News
  7. Summary
    FGV   MYL5222OO004

FGV HOLDINGS

(FGV)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Indian refiners curtail palm oil imports as lockdowns dent demand

05/06/2021 | 05:24am EDT
A worker arranges palm oil fruit bunches on a truck at a factory in Tanjung Karang

MUMBAI (Reuters) - Indian edible oil refiners are curtailing palm oil imports for May and June as most states have imposed curbs on hotels and restaurants to arrest rising coronavirus infections, denting institutional demand, industry officials said.

Lower imports by India, the world's biggest buyer of the edible oil, could limit a rally in benchmark Malaysian palm oil futures, which hit their highest level since 2008 on Thursday.

"Palm oil demand from hotels, restaurants and other institutional buyers has been falling rapidly due to lockdowns," said Govindbhai Patel, chief of trading firm G.G. Patel & Nikhil Research Co.

Almost all states have closed hotels and restaurants for in-dinning as India reported a record 412,262 new COVID-19 cases on Thursday and a record 3,980 daily death toll, with the second wave of infections swamping the health system and spreading from cities into the vast countryside.

Indians, known for their penchant for calorie-laden curry and deep-fried food, consume about 1.9 million tonnes of edible oil a month, with restaurants mainly using palm oil, which accounts for two-thirds of the country's vegetable oil imports.

As local demand has been faltering, refiners are signing fewer import contracts for palm oil shipments in May and June, said Sandeep Bajoria, chief executive officer of Sunvin Group, a vegetable oil broker.

The country was expected to import 850,000 tonnes of palm oil per month in May and June, but now industry officials estimate imports could come down to around 650,000 tonnes.

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

Imports of soyoil, which is preferred for cooking in households, are likely to remain stable at around 300,000 tonnes per month, said a Mumbai-based dealer with a global trading firm.

"Sharp rise in edible oil prices has also been reducing demand," the dealer said.

(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

By Rajendra Jadhav


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CRUDE PALM OIL 0.00% 877 End-of-day quote.3.63%
EURO / ARGENTINE PESO (EUR/ARS) 0.09% 113.852 Delayed Quote.10.71%
EURO / BRAZILIAN REAL (EUR/BRL) 0.13% 5.8696 Delayed Quote.-6.55%
FGV HOLDINGS -0.77% 1.29 End-of-day quote.0.78%
LONDON BRENT OIL -0.28% 75.31 Delayed Quote.45.84%
SIME DARBY -1.36% 2.17 End-of-day quote.-6.06%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 95.362 Delayed Quote.13.38%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.23% 72.115 Delayed Quote.-1.70%
WILMAR INTERNATIONAL LIMITED -0.44% 4.53 End-of-day quote.-2.58%
WTI -0.31% 73.021 Delayed Quote.51.83%
All news about FGV HOLDINGS
05:59aMalaysian palm giant IOI to assist with U.S. probe over forced labour claims
RE
04:20aMalaysian palm giant IOI to assist with U.S. probe over forced labour claims
RE
01:25aIOI Corp to Contact U.S. Customs on Forced Labor Allegations
DJ
06/23FGVá : Shareholders Approve FGV's Resolutions at 13th Annual General Meeting
PU
06/18FGVá : Malaysia's FGV to pick auditor to assess forced labour accusation
RE
06/18FGVá : Updates its Steps to Address the U.S. Customs and Border Protection (CBP)..
PU
06/08FGVá : Signs Share Sales Agreement with MSM to Acquire MSM Perlis
PU
06/02FGVá : Ensures Sufficient Supply of its Consumer Products during Lockdown
PU
05/28Malaysia's FGV posts Q1 loss, warns pandemic challenges ongoing
RE
05/28FGVá : Records Higher Operating Profit of RM186 Million in 1Q FY2021
PU
More news
Financials
Sales 2021 15 854 M 3 817 M 3 817 M
Net income 2021 199 M 47,9 M 47,9 M
Net Debt 2021 4 599 M 1 107 M 1 107 M
P/E ratio 2021 23,5x
Yield 2021 2,56%
Capitalization 4 706 M 1 131 M 1 133 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,62x
Nbr of Employees 15 660
Free-Float 21,7%
Chart FGV HOLDINGS
Duration : Period :
FGV Holdings Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FGV HOLDINGS
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Last Close Price 1,29 MYR
Average target price 1,36 MYR
Spread / Average Target 5,29%
EPS Revisions
Managers and Directors
Mohamed Hairul Abdul Hamid Group Chief Financial Officer
Dzulkifli Abdul Wahab Chairman
Nesadurai Kalanithi Independent Non Executive Director
Yusli bin Mohamed Yusoff Deputy Chairman
Hoi Lai Ping Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FGV HOLDINGS0.78%1 131
CORTEVA, INC.14.54%32 115
WENS FOODSTUFF GROUP CO., LTD.-23.48%13 739
HEILONGJIANG AGRICULTURE COMPANY LIMITED-20.73%4 192
QL RESOURCES-0.86%3 362
SLC AGRÍCOLA S.A.77.60%1 859