Rice Stocks Surge 12%

30 Sep 2024 , 12:47 PM

Rice firms such as KRBL and Kohinoor Foods, among others, saw their shares rise up to 15% in today’s early trading session after the Centre relaxed the prohibition on non-basmati white rice exports on Friday with immediate effect.

At 12:42 p.m., shares of Kohinoor Foods surged 15.63% to a day high of Rs51.48, while Chaman Lal Setia Exports rose 4% to a new all-time high of Rs 315.00. Meanwhile, LT Foods’ shares rose 2.26% to Rs 404.20.

“The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or glazed) is amended from prohibited to free, subject to MEP of $490 per tonne with immediate effect and until further orders,” the DGFT stated in a notification.

The government has barred the export of non-basmati white rice since July 20, 2023, but has stated that exports will be permitted based on authorisation provided to other nations to meet their food security needs, as well as requests from other countries.

It has exported rice to Nepal, Mauritius, Namibia, and other African countries.

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