Basmati rice stocks rally; KRBL up 8% on fund buying

Kohinoor Foods, KRBL and LT Foods were up 8% to 15% on BSE in intra-day trade.

Shares of basmati rice producers rallied by up to 15% on the BSE on back of heavy volumes in otherwise subdued market after the Pabrai Investment Fund bought nearly three percentage point stake in KRBL through open market purchases.

Kohinoor Foods (up 15% at Rs 79.85), KRBL (8% at Rs 647) and LT Foods (8% at Rs 99.65) have rallied more than 7% on the BSE. On comparison, the S&P BSE Sensex was trading 0.1% higher at 34,336 at 10:20 am.

On Monday, February 12, 2018, The Pabrai Investment Fund II LP and The Pabrai Investment Fund IV