The share price of Ruchi Soya has been going through a sell-off phase since last one week. However, stocks hit the lower circuit on Wednesday after the Union government announced waiver of customs duty and agriculture cess on annual imports of 20 lakh metric tonnes each of crude soybean and sunflower oil till March 2024 to cap domestic prices. . According to stock market experts, this announcement has acted as an immediate trigger for the fall in the share prices of Ruchi Soya, but other factors like rising input costs and weak Q4 results also led to sudden tank in Ruchi Soya’s shares. are one of.
to speak on ruchi soya share price Outlook, Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Ruchi Soya’s shares are declining following the central government’s decision to exempt customs duty and agriculture cess on annual imports of crude soybean and sunflower oil till March 2024. This is expected to bring food down. Oil prices in the domestic market and hence Dalal Street stocks have been affected. However, if we look at the quarterly numbers of the stock, it is not on the lines expected by market observers and hence Stock is expected to remain under sell-off for a few more sessions.”
Agreeing with Avinash Gorakshakar’s views, Anuj Gupta, Vice President-Research, IIFL Securities said, “In the last few months, due to high inflation, the input cost of edible oil manufacturers has gone up and hence the prices of edible oil have come down. In view of this, the market expects Ruchi Soya’s quarterly numbers to remain under pressure in the coming quarters as well.”
Anuj Gupta of IIFL Securities said that those whose stock portfolio consists of Ruchi Soya shares can keep the stock with a stop loss. 940 levels. He added that the festive season is expected to begin in the next 2-3 months and the stock may witness a trend reversal once the demand picks up from the start of the festive season.
For the third consecutive session on Wednesday, the share price of Ruchi Soya hit the lower circuit of 5 per cent and closed 1044.10 per share level on NSE. In the last one week, this FMCG stock has lost more than 13 per cent.
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