Rice stocks soar on record exports

Kohinoor Foods,LT Foods and KRBL are up 9-10% on BSE.

Shares of rice exporting firms soared up to 10% on the Bombay Stock Exchange (BSE) on reports that the country has reported a record rise in exports during the previous marketing year.

“India's rice exports are estimated at a record 11 million tonnes in the 2012-13 marketing year ended September on bumper production and overseas demand, said the US Department of Agriculture (USDA),” the PTI report suggest

Kohinoor Foods is locked in upper circuit of 10% at Rs 41.35, while LT Foods too jumped 10% at Rs 87.90 and KRBL by nearly 9% at Rs 3.20 on BSE.

Rice exports of India, the world's second largest rice producer, stood at 10.38 million tonnes in 2011-12 marketing year (MY) that runs from October to September.

USDA has also revised upwards the rice export estimates for MY 2013-14 to 10 million tonnes from 9.3 million tones, added report.