The rise in the shares of Baba Ramdev’s company has come after the reduction in import duty on palm oil. Investors have benefited immensely from the jump in shares and their wealth has increased by more than Rs 1,000 crore.
The shares of Baba Ramdev’s Ruchi Soya registered a rise. During trading on Monday, the stock of Ruchi Soya, which was acquired by Patanjali, climbed more than 3 percent on the BSE. The rise in the shares of Baba Ramdev’s company has come after the reduction in import duty on palm oil. Investors have benefited a lot due to the rise in the shares of Ruchi Soya and their wealth has increased by more than Rs 1,000 crore.
Due to the high prices of edible oils, the government has once again reduced the import duty to soften the prices and provide relief to the consumers. Import duty on CPO, Palmolein, Sunflower, Soyabean degum and Soyabean refined edible oils has been reduced by up to 5.5 per cent. In the past too, import duty was reduced but still the rising prices did not come under control. This reduction in import duty has been done only till the end of September.
Shares rose more than 3 percent
Ruchi Soya is one of the largest manufacturers of edible oil in India. Shares of Ruchi Soya jumped 3.58 per cent to Rs 1081.90 on Monday due to reduction in import duty on palm oil.
Amidst the fall in the stock market, investors have made big gains in Ruchi Soya. The wealth of the investors of Ruchi Soya has increased by more than Rs 1,000 crore. On Friday, the stock closed at Rs 1044.50 on BSE. The company’s market cap at this price was Rs 30,900.59 crore. Today, the company’s market cap increased by Rs 1,106.41 crore to Rs 32,007 crore due to a sharp rise in the stock.
Baba’s focus on palm oil business increased
Last month, the central government approved the National Edible Oil-Palm Oil Mission (NMEO-OP) to become self-reliant in palm oil. After getting the approval of this mission, Baba Ramdev has planned to start palm oil plantations in Assam, Tripura and other northeastern states.
Ruchi Soya to bring FPO of 4300 crores
SEBI has approved the FPO of Ruchi Soya. The company plans to raise Rs 4,300 crore through FPO. Patanjali Ayurved had bought the bankrupt company Ruchi Soya in 2019 for Rs 4,350 crore. Adani Group was also involved in the race to buy this company but later decided to back down.
In an interview recently, Baba Ramdev said that Patanjali’s IPO may come next year. He said, before Ruchi Soya, we did not think of launching Patanjali’s IPO. But now the fear is gone and it will be listed in the market next year.
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