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Ruchi Soya jumps on buzz of hike of import duty on crude and refined edible oil

Ruchi Soya jumps on buzz of hike of import duty on crude and refined edible oil

Capital Market December 26, 2014 Last Updated at 13:01 IST

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Ruchi Soya Industries surged 5.37% to Rs 37.30 at 13:07 IST on BSE on media reports that the government has hiked import duty on both crude and refined edible oil to 15% from 10%.

Meanwhile, the S&P BSE Sensex was down 52.07 points or 0.19% at 27,156.54.

On BSE, so far 1.81 lakh shares were traded in the counter as against average daily volume of 1.13 lakh shares in the past one quarter.

The stock hit a high of Rs 38.40 and a low of Rs 37 so far during the day. The stock had hit a 52-week high of Rs 51.20 on 18 June 2014. The stock had hit a 52-week low of Rs 26.80 on 27 March 2014.

The stock had underperformed the market over the past one month till 24 December 2014, sliding 6.84% compared with Sensex's 4.53% fall. The scrip had also underperformed the market in past one quarter, declining 5.73% as against Sensex's 1.73% rise.

The small-cap company has equity capital of Rs 66.81 crore. Face value per share is Rs 2.

Hike in duty is likely to help local refiners like Ruchi Soya Industries.

Ruchi Soya Industries' net profit surged 102.3% to Rs 5.22 crore on 16% growth in net sales to Rs 6985.22 crore in Q2 September 2014 over Q2 September 2013.

Ruchi Soya is one of India's leading cooking oil and soy food maker and marketer.