KRBL

KRBL Ltd, a major basmati rice producer and owner of the India Gate brand, on Monday said its board has ordered an independent review following the resignation of independent director Anil Kumar Chaudhary, who raised multiple corporate governance concerns. In a filing to stock exchanges, the company said separate meetings of independent directors and the board were convened on Monday to discuss the observations made by Chaudhary in his resignation letter dated September 8. Chaudhary stepped down with immediate effect on September 8, saying he could no longer contribute meaningfully to the board due to what he called a culture where "dissent is suppressed or sidelined." In his resignation letter, the independent director detailed concerns, including inconsistencies in board meeting minutes, information being withheld from directors, unjustified write-offs of export receivables, misuse of CSR funds, arbitrary pay decisions, major changes to company objectives made without proper ...

KRBL shares tanked 12.8 per cent and logged an intra-day low at ₹387.05 per share on BSE, after Anil Kumar Chaudhary, resigned from his post, citing corporate governance issues

KRBL share price jumped 8 per cent in trade after posting Q4. The consolidated net profit for the quarter stood at ₹154.21 crore as compared to ₹114.08 crore, rising 35 per cent year-on-year (Y-o-Y)

Rice stocks rose after the government permitted the export of 100% broken rice, following a surge in inventories that reached a record high in early February-almost nine times the government's target

Shares of LT Foods hit a record high of Rs 446.30, as they rallied 10% and KRBL soared 7% to Rs 324.30, after the government lifted the minimum export price on basmati rice.

The fall in the stock price came after the company reported a weak set of June quarter results.

World's biggest rice exporter imposed various curbs on exports in July last year and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May

Rice export curb: According to reports, the government may consider scrapping a 20 per cent tax on parboiled rice exports

KRBL mainly sells packaged basmati rice domestically and in the export market, with 'India Gate' being its flagship brand

Stocks like BSE, KRBL, Prestige Estates, Sharda Cropchem and Sumitomo Chemical are seen exiting oversold zone and can potentially rally up to 16 per cent in the ensuing pullback, suggest daily charts.

Consolidated net profit was 1.34 billion rupees ($16.1 million) for the quarter ended Dec. 31, compared with 2.05 billion rupees a year earlier

Five resolutions placed by KRBL were rejected, including that of increasing remuneration of the managing director (MD) and chairperson, three joint MDs and one whole-time director

Piramal Enterprises, KRBL, FDC and IndiaMART InterMESH turned ex-date for share buyback on Friday, falling in the range of 2 per cent to 4 per cent on the BSE in intra-day deals.

Analysts expect global and domestic rice demand to remain firm, which they believe, would keep the stock prices piping hot going ahead

Last week, the government imposed 20 per cent export duties on various grades of rice like non-basmati, unmilled, semi-milled or totally milled, and husked brown.

Shares of LT Foods, Kohinoor Foods, KRBL, Chaman Lal Setia Exports, for instance, have declined in the range of 2 per cent to 9 per cent, as against 0.4 per cent gain in the Nifty50 index.

According to the technical analyst from Anand Rathi, KRBL has been trading in a range of Rs 180 to Rs 340 since the last two years.

According to Mehul Kothari of Anand Rathi, traders can buy KRBL near the 260-mark with a stop loss of 250 for upside target of 275 in 1 - 2 weeks.

The Joint Managing Director Anoop Kumar Gupta has been sent to 5 days custody of Enforcement Directorate in the AgustaWestland Money Laundering case

Net profit stood at Rs 100.05 crore during April-June 2018-19, the company said in a regulatory filing