Business

India halved the basic import tax on crude edible oils to 10% on May 31, 2025, to bring down food prices and help the local refining industry. File
| Photo Credit: The Hindu

India’s palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil’s discount to rival soyoil and sunflower oil prompted refiners to increase purchases, according to five dealers.

Higher palm oil and soyoil imports by India, the world’s biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures.

Palm oil imports in May surged 87% month-on-month to 600,000 metric tons, the highest since November 2024, according to estimates from dealers.

India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors’ Association of India, which is set to publish its May import data by mid-June.

Palm oil imports fell sharply from January to April due to its premium over soyoil, which led to lower stock levels in India, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.

“Since palm oil started selling at a discount last month, Indian buyers have gone back to palm oil,” Mr. Patel said.

India’s vegetable oil stocks fell to 1.35 million tons as of May 1, the lowest since July 2020, according to SEA data.

Soyoil imports in May rose 10% month-on-month to 398,000 tons, the highest since January, dealers said. Sunflower oil imports, meanwhile, edged higher by 2% to 184,000 metric tons.

Higher imports of palm oil and soyoil lifted India’s total edible oil imports in May by 37% from a month ago to 1.18 million tons, the highest since December, according to dealers’ estimates.

Palm oil imports are likely to rise further to 750,000 tons in June and 850,000 tons in July, Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.

The recent correction in palm oil prices and reduction in import duty is likely to boost consumption in India, Mr. Bajoria said.

India halved the basic import tax on crude edible oils to 10% on Friday to bring down food prices and help the local refining industry.

India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Nepal’s edible oil imports were 132,000 tons in May, up from 87,000 tons in April, GGN Research estimated.

India’s palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil’s discount to rival soyoil and sunflower oil prompted refiners to increase purchases, according to five dealers.

Higher palm oil and soyoil imports by India, the world’s biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures.

Palm oil imports in May surged 87% month-on-month to 600,000 metric tons, the highest since November 2024, according to estimates from dealers.

India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors’ Association of India, which is set to publish its May import data by mid-June.

Palm oil imports fell sharply from January to April due to its premium over soyoil, which led to lower stock levels in India, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.

“Since palm oil started selling at a discount last month, Indian buyers have gone back to palm oil,” Mr. Patel said.

India’s vegetable oil stocks fell to 1.35 million tons as of May 1, the lowest since July 2020, according to SEA data.

Soyoil imports in May rose 10% month-on-month to 398,000 tons, the highest since January, dealers said. Sunflower oil imports, meanwhile, edged higher by 2% to 184,000 metric tons.

Higher imports of palm oil and soyoil lifted India’s total edible oil imports in May by 37% from a month ago to 1.18 million tons, the highest since December, according to dealers’ estimates.

Palm oil imports are likely to rise further to 750,000 tons in June and 850,000 tons in July, Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.

The recent correction in palm oil prices and reduction in import duty is likely to boost consumption in India, Mr. Bajoria said.

India halved the basic import tax on crude edible oils to 10% on Friday to bring down food prices and help the local refining industry.

India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Nepal’s edible oil imports were 132,000 tons in May, up from 87,000 tons in April, GGN Research estimated.

Nandan Nilekani
| Photo Credit:

Multiple trends were colliding, in the global markets, and that led Infosys to reexamine the fundamentals of its businesses, said Nandan M. Nilekani, Chairman, Infosys.

“As we contemplate the developments of the last few months, we know we are in an era of uncertainty that we have never seen before. Multiple trends are colliding and leading us to reexamine the fundamentals of our businesses,” he wrote to shareholders in the company’s annual report FY’25.

He said, “As geopolitics becomes front and centre in our lives, we are having to take cognizance of the world not as one single global market but as fragmented blocs and countries. This means making strategic choices and even navigating between these blocs.”

According to Mr. Nilekani, COVID brought into focus the critical and pressing need to de-risk the supply chain and build viable alternatives. “It was no longer enough to deliver just-in-time; we had to also factor in for just-in-case,” he told shareholders.

He further said, now tariffs were further driving home the point that the company has to diversify its sourcing. “Tariffs will be differentiated across products and countries and will likely keep changing. Bilateral and regional rules of trade will dominate. Supply chains will continue to shift as tariffs become another form of arbitrage,” he pointed out.

Uncertainty with AI

On AI, he wrote, its advent with all its possibilities and potential created another arc of uncertainty. As enterprises looked at applying AI to every aspect of the business, some long standing challenges would become imperative and self-evident to firms. For example, the need to modernise legacy systems, and the need to create data architecture so that all the firm’s data would become consumable by AI, in a holistic manner, could no longer be put off, he elaborated.

“Firms will need to have an AI foundry for rapid innovation and an AI factory to scale successful innovations across the enterprise. While embracing AI will bring a goldmine of opportunities, it will not be entirely without some foreseeable risks,” he further wrote. Mr. Nilekani also stated that regulatory variances across regions would need to be incorporated into one’s strategy. “The early learnings from enterprise AI adoption gives us a glimpse of these potential challenges that lie on the path ahead,” he said.

Moving on changes in Earth’s climate system, he cautioned, climatic change and the associated energy transition added to the crucible of uncertainties. So much of the future depended on innovation and the form of energy that would fuel us forward – solar, wind, batteries, pumped hydro, green hydrogen, nuclear, carbon capture and storage, etc, he added.

“Global climate deals will set the pace of change. The only thing certain is that electricity will play a much bigger role in the days ahead. And the pace of its rollout will be contingent on building new transmission lines, setting up charging stations, and acquiring more transformers.”

However, he added, this transformation would naturally be constrained by regulatory cholesterol. The price of various commodities will rise, and fall based on the speed of transition. And many assets could well be stranded.

There was not a sector that remained unscathed as rapid business and technological disruption forced businesses to adapt and advance, he said, adding every business vertical was facing challenges of various kinds. Car makers were dealing with the transition from ICE engines to batteries. Pharma companies were looking at accelerating the pace of drug discovery with AI.

Logistics companies were dealing with the complete reordering of global supply chains. Financial service companies were considering the tokenization of their assets. Energy companies were assessing the long-term demand for their products. Utilities were facing a distributed future. Manufacturing companies are navigating the advent of robots and 3D printing. Service companies were dealing with AI agents performing their tasks, Mr. Nilekani wrote.

South Korean auto major Hyundai Motor Company has fully exited Ola Electric Mobility, selling its entire 2.47% stake for Rs 552 crore through an open market transaction on Tuesday.As per bulk deal data on the National Stock Exchange (NSE), Hyundai sold over 10.88 crore shares of Bengaluru-based Ola Electric at an average price of Rs 50.70 per share, valuing the deal at Rs 551.96 crore.In a separate transaction, Kia Corporation — part of the Hyundai-Kia Automotive Group — also divested more than 2.71 crore shares, equivalent to a 0.62% stake in the electric vehicle maker. The shares were sold at Rs 50.55 apiece, bringing the total transaction value to Rs 137.35 crore, PTI reported.Meanwhile, Citigroup Global Markets Mauritius emerged as a buyer, picking up over 8.61 crore shares, representing a 1.95% stake in Ola Electric, for Rs 435.47 crore. The shares were acquired at an average price of Rs 50.55 each.Details regarding other buyers were not disclosed in NSE data.Following the transactions, Ola Electric’s stock fell 7.58% to close at Rs 49.61 per share on the NSE.The stake sale comes shortly after Ola Electric reported a consolidated net loss of Rs 870 crore for the quarter ended March 31, 2025, widening from Rs 416 crore a year earlier. The company has announced plans to achieve profitability in the current fiscal.Operational revenue for Q4 dropped to Rs 611 crore from Rs 1,598 crore in the same quarter last year. For the full FY25, Ola Electric reported a net loss of Rs 2,276 crore versus Rs 1,584 crore in FY24. Annual revenue also dipped to Rs 4,514 crore from Rs 5,010 crore a year earlier.

Lauritz Knudsen Electrical and Automation (formerly known as L&T Switchgear), an Indian electrical and automation sector, has introduced a smart home platform – enConnect, designed to transform homes into what it called “intelligent, seamlessly connected living spaces.”

This innovative solution would homeowners to manage every aspect of their home effortlessly, enhancing convenience, comfort, and security, the company said.

The enConnect platform would integrate lighting, appliances and curtains allowing homeowners to control their living spaces through touch, a mobile app, or voice commands. 

Built with robust cybersecurity measures and energy-efficient technology, it would ensure “a secure, intuitive, and future-ready home automation experience,” the company said.

“The demand for simple, intuitive, and user-friendly smart home solutions is rapidly increasing in India,” said Naresh Kumar, COO, Lauritz Knudsen Electrical and Automation. 

“With enConnect, we are addressing this market need by offering a sophisticated yet accessible home automation platform. Our goal is to make modern, connected living a reality for all homeowners, ensuring seamless integration, enhanced security, and energy efficiency,” he added.

“We envision a future where technology seamlessly integrates into daily life, enhancing comfort and simplifying routines. With this launch, we are not just introducing a product—we are redefining modern living. This platform offers homeowners effortless control, advanced cybersecurity, and a truly seamless user experience,” he further said.

Apollo Micro Systems Ltd., which is into aerospace, defence, and homeland security sectors, said it had raised ₹741.50 crore through preferential allotment of equity shares and convertible warrants.

“This capital infusion demonstrates robust investor confidence and includes meaningful participation from the promoter group, LIC Mutual Fund and Non-executive director, Aditya Kumar Halwasiya,” Apollo Micro Systems said in a filing. 

As part of the preferential issue the promoter group has subscribed to 1,68,01,200 convertible equity warrants at an issue price of ₹114 each. 

These warrants were allotted equally between Baddam Kanishka Reddy and Baddam Chanakya Reddy.

Aditya Kumar Halwasiya, Non-Executive Director, has also made a substantial investment, being allotted 15,00,000 equity shares and an additional 15,00,000 convertible equity warrants.

LIC Mutual Fund participated with an allotment of 26,31,578 equity shares.

The preferential issue involved 2,70,42,894 equity shares allotted at ₹114 each, aggregated to ₹308.28 crore.

3,80,67,058 convertible equity warrants issued at the same price, with 25% upfront subscription, aggregated to ₹108.49 crore in initial proceeds. 

An additional ₹325.50 crore, as 75% balance proceeds of the convertible equity warrants is to come into the company within 6 months, the company said.

“The capital raised will be deployed towards growth initiatives, working capital requirements, and strengthening the company’s innovation capabilities in high-tech and mission-critical solutions,” the company said.