The stock of this edible oil company has zoomed 86% in last four days

Shares of Poona Dal & Oil Industries hit a record high of Rs 103.15 and were locked at the 10% upper circuit on the BSE.

Shares of Poona Dal & Oil Industries hit a record high of Rs 103.15 and were locked at the 10 per cent upper circuit on the BSE in Thursday’s intra-day trade on the back of heavy volumes. In the past four trading days, the stock of the edible oil company has zoomed 86 per cent from a level of Rs 55.60 on Friday, April 22, 2022.

Till 10:35 AM; around 76,000 shares had changed hands and there were pending buy orders for 30,619 shares on the BSE, the exchange data shows. Currently, the stock is classified in the X category on the BSE. X group consists of all those stocks which are only listed on BSE.

The exchange has sought clarification from the company with reference to significant movement in price. This has been done to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded, it said. The reply is awaited.

Poona Dal & Oil Industries is engaged in the business of manufacturing and trading in edible oil and pulses through its two segments viz. oil division and agro division respectively. The company’s edible oil business accounted 78 per cent of the total turnover in financial year 2020-21 (FY21).

There is ever increasing potential in the edible oil business and growing consumption across the population. The company is positive in its outlook for demand for its refined edible oil and other agro based products. The future outlook particularly in the area of food grains is encouraging, the company had said in its FY21 annual report.

Opportunities may arise once the severity of Covid-19 infections go down and normalcy returns to poultry sector in India and abroad. There are positive signs from Bangladesh, a major importer, which presents opportunity during the coming year, the company said.

Meanwhile, according to a report, Indonesia on Wednesday once again widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, among other products.

India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) is palm oil. Of this, 8-8.5 million tonnes of palm oil, almost 45 per cent comes from Indonesia and the remaining from neighboring Malaysia. CLICK HERE FOR FULL REPORT