Rice exporters rally over 9% amid likely easing of curbs
Rice exporters saw a significant surge in their shares on Tuesday, with Kohinoor Foods leading at 9.6%, followed by Chaman Lal Setia Exports rising 8.8%, KRBL gaining 7.1%, and LT Foods advancing 5.96%. Analysts attribute this increase to news that the government is contemplating easing export restrictions on certain rice varieties ahead of the new crop season in October. However, sustainability of these gains hinges on potential support from the upcoming Union Budget on July 23, Bloomberg reported.
Shares of rice exporters surged over 9% on Tuesday, on news a report that the government is considering relaxing restrictions on exports of some product varieties.
Kohinoor Foods jumped 9.6%, Chaman Lal Setia Exports rose 8.8%, KRBL gained 7.1% and LT Foods advanced 5.96%. Analysts said the upsides could be short-lived unless the sector receives an impetus in the Union Budget on July 23.
According to Bloomberg, the government is considering relaxing restrictions on exports for some varieties of rice before the new crop arrives in October.
