Godrej Consumer Products shares jump 5% after government cuts import duty on crude edible oil by 10%
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.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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