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KRBL's stock gains 17% in just 2 days

13 Sept 2022 , 02:28 PM

Shares of KRBL rose 11% in Tuesday's intraday trading in large volumes, reaching a three-year high of Rs355.60 on the BSE. The stock rose over the previous high it had reached on October 14, 2021, of Rs337.45. since June 2019, it traded at its greatest level. On December 21, 2017, the stock had previously reached a record high of Rs673.
The stock of the top producer of basmati rice in the world increased 17% during the previous two trading days. The stock price of KRBL has  soared by about 70% in just three months, compared to a 14% increase in the S&P BSE Sensex. KRBL traded 10% higher at Rs353.45, as opposed to the Sensex's 0.67% gain, at 11:50 a.m. As 3.6 million equity shares changed hands on the NSE and BSE collectively, the average trading volumes on the counter increased by double.

One of the biggest Indian exporters of basmati rice is KRBL. India Gate, Unity, and Nur Jahan are three internationally recognized brands that have helped the firm establish itself along the whole value chain of the rice sector. The highest grade Basmati rice is currently associated with KRBL's main brand, "India Gate," both domestically and internationally. In several nations, including India, "India Gate" has become the most popular brand of packed rice over the years.

In comparison to the 0.67 % increase in the Sensex, KRBL traded 10% higher at Rs353.45, at 11:50 am. A total of 3.6 million equity shares were traded on the NSE and BSE, which resulted in a doubling of the counter's typical trading volumes.
Indian Basmati rice is one of the most popular exports from KRBL. In order to establish its position along the full value chain of the rice business, the company is known for three internationally recognized brands: "India Gate," "Unity," and "Nur Jahan." At the moment, the best grade Basmati rice is identified with KRBL's main brand, "India Gate," both domestically and internationally. In several nations, including India, "India Gate" has become the brand of packed rice that consumers choose.

The Directorate General of Commercial Intelligence and Statistics (DGCIS) reported that India saw a 27% increase in non-basmati rice exports to reach $6.12 billion in 2021—22, up from $4.8 billion in 2020—21 and $2.01 billion in 2019—20. India has increased its exports of non-basmati rice by 109 % over 2013—14, from $2.92 billion.
For the third year running, the value of Basmati rice shipments decreased compared to the prior year. India exported $3.53 billion worth of basmati rice in 2021—22, which was the lowest amount since 2019—20. Experts contend that one of the main causes of the fall is the loss of Iran's traditional market as a result of US sanctions.

The majority of the basmati rice that is exported to other countries comes from India. India sells basmati rice to Iran, Saudi Arabia, Iraq, UAE, Kuwait, Iraq, UK, Yemen Republic, USA, Canada, and Oman among other countries.

For feedback and suggestions, write to us at editorial@iifl.com

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