Godrej Consumer Products Ltd. shares gained 5% in early trading following the central government’s announcement to reduce import duties on crude edible oils. As of 9:22 AM, the shares were trading 5.06% higter at Rs 1,293.70.
Effective from May 30, the government has lowered the basic customs duty on crude palm oil, crude soyoil, and crude sunflower oil from 20% to 10%. Including the Agriculture Infrastructure and Development Cess and the Social Welfare Surcharge, the overall import duty has decreased from 27.5% to 16.5%.
This move aims to boost domestic demand and increase imports of key edible oils such as palm oil, soyoil, and sunflower oil. The reduction in import duty is expected to help lower edible oil prices in the domestic market.
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