Duty cuts on edible oil, petro products to blame; may not hit overall collection
Edible oil major Adani Wilmar on Wednesday said the company's overall revenue in the July-September quarter will annually grow by low single-digit amid a fall in rates of edible oils. Adani Wilmar markets its edible oils and other food items under the Fortune brand. In a regulatory filing, the company shared a preliminary update on the standalone performance during the quarter ended September. "Multiple macro challenges continued to impact the business in the quarter gone by owing to domestic and global cues, continued geo-political standoff, rising interest rates, slow uptick in the rural demand and delayed withdrawal of monsoon in major parts of India," it said. Adani Wilmar said the company is witnessing some positive signs of recovery, with softening of commodity prices and higher foodgrain production estimates for the last crop year. In edible oil segment, the second quarter essentially absorbed the market shocks of high inflation followed by sharp decline in prices. In view
The government on Thursday directed edible oil makers, packers and importers to mention net quantity in terms of volume and weight on the labels instead of temperature at the time of packing as part of efforts to curb unfair business practices. The entities have been given time till January 15, 2023, to correct the labelling, the consumer affairs ministry said in a statement. Since the weight of edible oil is different at different temperatures, the companies have been asked to pack the commodity without mentioning temperature and to ensure that the quantity declared on the package in volume and mass should be correct, it said. The move comes amid rising consumer complaints against edible oil brands regarding unfair trade practices. Under the Legal Metrology (Packaged Commodities) Rules 2011, it is mandatory to declare the net quantity in terms of standard units of weight or measure apart from other declarations on all pre-packaged commodities in the interest of consumers. As per
Government encourages farmers to diversify crops, but doing away with imported oilseeds and pulses challenging
The Solvent Extractors' Association of India (SEA) said the import of vegetable oils, comprising edible and non-edible oils, in July this year rose 24 per cent to 1,214,353 tonnes.
The govt has directed edible oil suppliers to cut prices by as much as Rs 40 per litre to bring down inflation. Will players like Adani Wilmar and Patanjali Foods bear the brunt? Let us find out
SEA executive director BV Mehta said that several oil companies in India have been resorting to the unfair practice of packing the oil at a higher temperature to reduce the weight
Mantra Spices brand includes turmeric, chilli, cumin and coriander powders, and a range of blended masalas; firm plans to tap 200,000 outlets by this year end, 500,000 in next three years
Edible oil firm Adani Wilmar, which sells its products under Fortune brand, on Monday announced reduction in cooking oil prices by up to Rs 30 per litre amid fall in global prices. The maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon. On February 7, Mother Dairy, which sells edible oils under the Dhara brand, had cut prices of soyabean and rice bran oils by up to Rs 14 per litre. The food ministry had called a meeting on July 6 to discuss edible oil prices and directed edible oil firms to pass on the benefits of fall in global cooking oil prices to consumers. "In continuation to the global price reduction and the government's effort to pass on the benefits of reduced edible oil prices to consumers, Adani Wilmar has further slashed edible oil prices from the last month's reduction effected by the company," a company statement said. Fortune soyabean oil price has been revised to Rs 165 per litre from Rs 195 per litre. The sunflower
Inflationary trends led by edible oil prices had hurt both household and industrial demand for soft and hard oils in Q1
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Decision arrived at today during a meeting between industry players & officials
The food ministry has called a meeting on Wednesday with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices
Plans to enter ten states from four currently, expand capacity 10-fold to 1,000 tonnes a day and make additions to product portfolio
Rice bran prices have jumped to 30,000 rupees to 36,000 rupees per tonne compared with paddy prices of around 19,000 rupees, which is milled for rice extraction
They say some measures have spawned malpractices on the part of exporters, others have been partial to a certain section of traders
Individually, AWL was locked in the 5 per cent lower circuit band at Rs 664.95, while Ruchi Soya Industries, too, was down 5 per cent to Rs 1,045.45 on the BSE
Move follows ban on wheat export to rein in inflation
According to her, the country was facing various hurdles on import of edible oils due to the conflict
However, achieving self-sufficiency in edible oil will remain a distant dream unless drastic policy measures are taken