Basmati Rice Stocks Surge After MEP Removal

Rice stocks saw a significant rise on Monday, particularly Kohinoor Foods, which surged 20%, following the removal of the USD 950 per tonne minimum export price on basmati rice by the government. The move is expected to boost exports and increase farmers' income.

Rice stocks were in high demand on Monday, with Kohinoor Foods experiencing a 20% surge, following the government's removal of the USD 950 per tonne minimum export price (MEP) on basmati rice.

By the end of the trading day, Kohinoor Foods shares had risen by 20%, LT Foods increased by 6.70%, KRBL climbed 5.87%, and Chaman Lal Setia Exports went up 1% on the BSE.

During intra-day trading, LT Foods surged by 9.72%, KRBL soared 7.67%, and Chaman Lal Setia Exports rallied 5.92%.

Commerce and Industry Minister Piyush Goyal stated that the removal of the MEP would help boost exports and enhance farmers' income. The Agricultural and Processed Food Products Export Development Authority (APEDA) was instructed to implement this decision immediately while closely monitoring export contracts to prevent non-realistic pricing.

(With inputs from agencies.)