Shares of basmati rice exporters have rallied about 10 percent each after Indian government, in a bid to boost exports of rice, has scrapped the minimum export price (MEP) on basmati rice. Now, producers of aromatic rice can sell it in the overseas market without any restriction.
Kohinoor Foods is currently trading at Rs. 31.80, up by 3.70 points or 13.17% from its previous closing of Rs. 28.10 on the BSE. The scrip opened at Rs. 29.00 and has touched a high and low of Rs. 32.80 and Rs. 29.00 respectively. So far 78299 shares were traded on the counter.
LT Foods is currently trading at Rs. 43.25, up by 3.30 points or 8.26% from its previous closing of Rs. 39.95 on the BSE. The scrip opened at Rs. 41.45 and has touched a high and low of Rs. 44.25 and Rs. 41.25 respectively. So far 46260 shares were traded on the counter.
KRBL is currently trading at Rs. 22.50, up by 1.85 points or 8.96% from its previous closing of Rs. 20.65 on the BSE. The scrip opened at Rs. 22.00 and has touched a high and low of Rs. 24.50 and Rs. 21.40 respectively. So far 656195 shares were traded on the counter.
Earlier this year, the government had lowered MEP on basmati rice to $700 a tonne from $900 a tonne to make it more competitive in the global market.
India is the world’s biggest producer of basmati rice and exports more than half of its basmati rice output of around 4.6 million tonnes annually, mainly to the Middle East and Europe. In addition, the common rice variety had already got approval to sell overseas without any restriction.
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