AWL said TRQ (Tariff Rate Quota) disparity led to pressure on Soyabean oil margins. The decline in edible oil prices continued in Q4 as well leading to high-cost inventory, along with the mark to market (MTM) impact in P&L. The impact was restricted to a large extent by the company’s robust risk management processes, it added.
The edible oil segment’s branded sales volume grew by 4 per cent during the quarter, on the back of good consumer demand due to softened edible oil prices. However, overall oil sales volume was dragged down due to lower demand from the bakery and frying industry.
The company’s wholly owned subsidiary in Bangladesh made a loss of Rs 12 crore in Q4FY23 and Rs 63 crore in FY23, due to price caps by the government on edible oils, local currency-related issues, and unavailability of counter party for forex hedging.
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Meanwhile, Adani Enterprises, the flagship company of the Adani Group, was down 7 per cent to Rs 1,786.10. Adani Power, Adani Green Energy, Adani Total Gas, Ambuja Cements and Adani Ports and Special Economic Zone were trading 3-5 per cent lower. In comparison, the S&P BSE Sensex was down 0.37 per cent at 61,126 at 01:51 pm.
According to a Business Standard report, the Securities and Exchange Board of India (Sebi) may approach the Central government or law-enforcement agencies to be able to get information from foreign jurisdictions in the Adani-Hindenburg case. Sebi is awaiting details on end-beneficiaries of foreign portfolio investors (FPIs) in connection with the charges levelled by the US-based Hindenburg Research against the Adani Group.
The market regulator may refer the matter to ministries because some offshore regulators were not very forthcoming in providing the information sought, citing privacy reasons, said two people in the know, the newspaper reported. CLICK HERE FOR FULL REPORT