India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% \"cess\" - a separate tax - on the imports, Sitharaman said in her federal budget speech

India imported 618,468 tonnes of palm oil in November, down from 672,363 in the same month last year, the Solvent Extractors' Association of India said in a statement

The bank, however, said it expects the winter wave to hit global oil demand by at least 3 million barrels per day, partially offset by heating, restocking and demand in emerging markets

Higher imports by India, the world's biggest buyer of palm oil, will support benchmark Malaysian palm oil prices that hit their highest level in eight years this month, but could weigh on U.S. soyoil futures

The Indian Army on Wednesday successfully test fired a BrahMos missile in the Bay of Bengal. The cruise missile hit the target with a pinpoint precision at a 300 km away island. The BrahMos missile is considered as the best in its class in the world, flying at Mach 2.8. The Indian Air Force now include both land and air-launched versions of the missile. Watch this video to know more.Also Read: India slashes import tax on crude palm oil from 37.5% to 27.5%

India is the world's biggest importer of palm oil. It imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia

Nepal's crude palm imports had plunged to less than 7,000 tonnes per month by mid June from around 21,000 tonnes earlier in 2020, according to government data

India spends around $10 billion every year on edible oil imports as the country's reliance on overseas purchases have jumped to 70% from 44% in 2001/02

Palm oil accounts for nearly two-thirds of India's total imports of edible oil, mainly sourced from Indonesia and Malaysia

Patanjali has to deposit the fine amount, along with 18% GST to consumer welfare funds of the central government as well as funds of state governments, according to an order passed by the NAA

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Meanwhile, customs duty on newsprint and lightweight coated paper was halved to 5 per cent. The government had imposed a customs duty of 10 per cent on these two items in the last Budget

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The import duty cut has been done within the framework of ASEAN agreement and the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA), according to Finance Ministry notification

The lowest price of Rs 38 per kg of the bulb was reported from Gwalior in Madhya Pradesh, the Consumer Affairs Ministry data showed

India is the world's biggest edible oil importer and relies on Malaysia and Indonesia for palm oil supplies.

Market breadth was positive with 1612 stocks closing higher against 1041 ending lower on the BSE. 164 stocks were unchanged. M&M (3.56%), Coal India (3.02%), Dr Reddy's (2.52%) top Sensex gainers.

Bulk of India's palm oil imports come mostly from Indonesia and Malaysia, whereas soyoil is mostly imported from Argentina and Brazil.

The Indian Rupee depreciated by 1.37 percent in the last fortnight owing to buying of greenback by banks and importers that kept the Indian Rupee pressurized. Moreover, weak trading in the Asian markets governed the trend of the Indian markets and its currency.

Expect base metal prices to trade lower as investors are keeping an eye on US rate decision. However, favorable Chinese industrial production along with supply cuts will restrict sharp fall.