Rice stocks surge after govt announces removal of ban on export of non-basmati rice

Shares of four rice exporters advanced 1% to 15% today after the government has exempted non-basmati white rice from export duty, while reducing the levy on parboiled rice to 10%.

The government has imposed a minimum export price (MEP) of $490 per tonne on the non-basmati white rice category.

The ban on non-basmati white rice was imposed in July 2023 with an aim to boost domestic supply.

Following this announcement, shares of Kohinoor Foods (up 15.59%), Chaman Lal Setia (up 3.89%), KRBL (up 1.28%) and LT Foods (up 1%), edged higher.

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