Top News Podcast: Indonesia palm oil export ban’s impact on soaps, handwash prices to CCI raids on Amazon sellers, and more

Shares of vegetable oil companies largely traded positive on Thursday shrugging off the impact of Indonesia widening the scope of its export ban on raw materials for cooking oil.

The Street expects these companies to enjoy a higher pricing power in the face of a shortage. However, Indonesia’s ban on palm oil export will have a direct impact on India as the country imports 5-5.5 lakh tonnes of palm oil each month.

While the markets may have priced in the Indonesian ban, consumers are sure to feel the pinch as palm oil prices have soared 80 percent on a year-on-year basis. It was trading at 7000 ringgit per tonne. One Malaysian Ringgit(RM) is equal to Rs 17.56.

In this edition of the Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest palm oil prices, LIC IPO, stock markets, hiring trends, and more.

On the stock market front, Bajaj Auto’s shares declined almost 2 percent after three days of consecutive gains. This is a day after the firm reported a 2 percent fall in consolidated net profit after domestic two-wheeler sales fell amid weak demand and a semiconductor shortage in the fourth quarter ended March 2022.

Persistent Systems shares, on the other hand, rose more than 5 percent. This is a day after the IT firm posted a strong quarterly performance for the January to March 2022 period, beating Street estimates.

Meanwhile, the Competition Commission of India launched raids at two top sellers of Amazon.com Inc over violations of domestic competition laws, according to a report.

Tune in to Top News Podcast for more

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