November 20, 2017 / 9:44 AM / 2 months ago

BUZZ-Indian edible oil refiners gain on import tax raise

** Shares of Ruchi Soya Industries Ltd, Gokul Agro Resources Ltd and Gokul Refoils and Solvent Ltd rise as much as 4.9 - 8 pct

** India raised import tax on edible oils to highest in a decade on Saturday, a move that will increase crushing margin of cos which refine crude oil for edible use

** “We expect this to positively impact our refining operations, especially palm oil refining and we expect the refining margins to increase,” Dinesh Shahra, managing director of Ruchi Soya, said

** Ruchi Soya’s stock gained 15.6 pct this year as of Friday’s close while Gokul Refoils rose 11 pct during the same period

** Over 5.3 mln Ruchi Soya shares traded on Monday while Gokul Refoils shares changed hands more than twice its 30-day average

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