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Kohinoor Foods rose 20%; LT Foods jumped nearly 7%

16 September 2024

Rice stocks were in heavy demand on Monday as Kohinoor Foods prices surged 20 per cent after the government removed USD 950 per tonne minimum export price (MEP) on basmati rice. At the close of trade, shares of Kohinoor Foods rose 20 percent, LT Foods 6.70 percent, KRBL 5.87 percent and Chaman Lal Setia Exports 1 percent on the BSE.

Intra-day, LT Foods gained 9.72 percent, KRBL 7.67 percent and Chaman Lal Setia Exports 5.92 percent.

The government said on Friday that the minimum export price per tonne of basmati rice has been removed from USD 950.

Commerce and Industry Minister Piyush Goyal said that this move will boost exports and increase farmers’ income.

“It has been decided to remove the existing minimum export price (MEP) of USD 950 MT for issuing registration-cum-allocation certificates (RCAC) for export of basmati rice,” according to a communication from the commerce department.

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