Europe looks at India for groundnut oil
Year 2008 has dawned on a cheerful note for domestic edible oil industry, with Europe again importing groundnut oil from India.
By TNN |
AHMEDABAD/ NEW DELHI: Year 2008 has dawned on a cheerful note for domestic edible oil industry, with Europe again importing groundnut oil from India. The first beneficiary is Ahmedabad-based Gujarat Ambuja Exports (GAEL), an agro-process company, which celebrated the new year with fresh export orders worth Rs 200 crore for groundnut oil. This is the second time India will be exporting groundnut oil to European destinations, said Kaushik Khona, chief financial officer of the company.
In 2003-04, Indian exported about 110,000 tonnes of groundnut oil of which “our company accounted for 35,000 tonnes,” he added.
The outlook for the current year is also good and “we expect to export at least 25,000 tonnes”. GAEL has seen strong business growth and its market capitalisation has recently crossed Rs 1,000 crore.
Back home, sesame oil prices shot up by Rs 400 per quintal in the wholesale oils and oilseeds market on Wednesday on frantic buying by vanaspati units. Some other edible oils also remained in demand and edged up on emergence of buying by retailers and stockists while ricebran oil prices closed in negative territory due to withdrawal of
support. Non-edible oils maintained last closing levels on small alternate buying and selling spree.
Marketmen said frantic buying by stockists and vanaspati units, largely pushed up sesame oil prices. Poor arrivals also helped in lifting the market sentiment to some extent.
Cottonseed mill delivery moved up by Rs 30 to settle at Rs 5,080 per quintal on better offtake, while crude palm oil ex-Kandla rose by Rs 20 to Rs 4,650 a quintal. On the other, ricebran oils declined by Rs 50 to Rs 4,500 on poor demand.
In 2003-04, Indian exported about 110,000 tonnes of groundnut oil of which “our company accounted for 35,000 tonnes,” he added.
The outlook for the current year is also good and “we expect to export at least 25,000 tonnes”. GAEL has seen strong business growth and its market capitalisation has recently crossed Rs 1,000 crore.
Back home, sesame oil prices shot up by Rs 400 per quintal in the wholesale oils and oilseeds market on Wednesday on frantic buying by vanaspati units. Some other edible oils also remained in demand and edged up on emergence of buying by retailers and stockists while ricebran oil prices closed in negative territory due to withdrawal of
support. Non-edible oils maintained last closing levels on small alternate buying and selling spree.
Marketmen said frantic buying by stockists and vanaspati units, largely pushed up sesame oil prices. Poor arrivals also helped in lifting the market sentiment to some extent.
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In edible oils, sesameseed oils jumped up by Rs 400 to settle at Rs 6,750 a quintal on frantic buying by vanaspati mills. Groundnut mill delivery also climbed up by Rs 200 to conclude at Rs 7,000 per quintal on hectic buying. Soyabean refined mill delivery and palmoline RBD both improved by Rs 50 each to settle at Rs 4,700 and Rs 5,500 a quintal respectively on reduced supply. Cottonseed mill delivery moved up by Rs 30 to settle at Rs 5,080 per quintal on better offtake, while crude palm oil ex-Kandla rose by Rs 20 to Rs 4,650 a quintal. On the other, ricebran oils declined by Rs 50 to Rs 4,500 on poor demand.
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