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Reacting to the news, shares of Adani Wilmar (AWL) jumped as much as 2.7% to hit an intraday high of ₹592 on the BSE. Similarly, shares of Patanjali Ayurved-owned Ruchi Soya gained 1.3% to ₹1,058 on the BSE. Share price of other edible oil companies like Manorama Industries, Gokul Agro, Marico, Ajanta Soya also rose up to 2% on BSE.
Adani Wilmar and Ruchi Soya are the largest players in the branded oil business, contributing 12% and 6% respectively to India’s total oil consumption of 22 MT. The combined share of the top six players in the branded petroleum products business (Adani Wilmar, Ruchi Soya, Emami, Cargill, Bunge and Marico) is estimated to be around 40% in FY2020.
Last month, Adani Wilmar, Mother Dairy and other edible oil makers cut edible oil prices by up to ₹15 to pass on the benefit to their consumers following the government’s efforts to reduce import duties on the commodity. While Adani Wilmar, the country’s largest edible oil producer, has cut the prices of edible oil by ₹10, Mother Dairy, a Delhi-NCR co-operative selling edible oil under the brand ‘Dhara’, has cut the prices of its cooking oils by ₹ 15 per liter.
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