Rice stocks rally up to 15% after Indian Government removes minimum export price
Shares of rice companies surged up to 15% on the BSE following the government’s removal of the $950/tonne minimum export price (MEP) for basmati rice. Kohinoor Foods saw a 15% jump to ₹44.85, KRBL rose 6.6% to ₹324.30, and Chaman Lal Setia Exports increased by 6% to ₹244.10. Adani Wilmar also gained 4%, reaching ₹375.85. This move is expected to boost global demand and stabilize wholesale basmati rice prices, which are anticipated to rise from ₹55 to ₹65 per kg.
Shares of rice companies like KRBL, LT Foods, and Kohinoor Foods surged up to 15% on BSE after the government removed the $950/tonne minimum export price for basmati rice, boosting global demand.
iStock Shares of rice stocks like KRBL, LT Foods, Kohinoor Foods, and others rallied up to 15% on BSE today after the government removed the minimum export price (MEP) of $950 per tonne for basmati rice on Friday.Kohinoor Foods shares skyrocketed by 15% to a day’s high of Rs 44.85, while KRBL surged 6.6% to Rs 324.30. Chaman Lal Setia Exports’ shares went up by 6% to Rs 244.10.
Meanwhile, Adani Wilmar shares rose 4% to Rs 375.85.With the export price removed by the government, ET reported that exporters have started receiving enquiries from buyers worldwide for lifting basmati rice from India. Basmati rice exporters noted that the government’s decision would help stabilize the price of basmati rice, which has been falling due to fewer global orders. Wholesale prices of basmati rice are expected to increase from Rs 55 per kg to Rs 65 per kg initially and stabilize at this level.
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