Indian basmati rice makers climb as govt eases export restrictions
“Indian rice companies’ shares rise as government lifts floor price on basmati rice exports
The removal boosts global sales and aids farmers burdened by debt and costs
India, the top rice exporter, sees KRBL (India Gate) up 4.7%, LT Foods (Daawat) up 5.7%
GRM Overseas and Kohinoor Foods gain 2.7% and 9.8%, respectively”
** Shares of Indian rice companies surge on report of government removing floor price for basmati rice exports
** This will help boost overseas sales of the premium grade and aid farmers struggling with debt and higher costs
** India is the world’s largest rice exporter
** ‘India Gate’ basmati rice brand owner KRBL KRBL.NS gains 4.7%, ‘Daawat’ brand owner LT Foods LTOL.NS jumps 5.7%
** GRM Overseas GRMO.NS and Kohinoor Foods KOFO.NS up 2.7% and 9.8%, respectively
** KOFO set to snap three straight sessions of losses, down ~8% YTD, while KRBL down ~15%
** YTD GRMO, LTOL up 39% and ~112%, respectively
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