New Delhi: There was a high demand for rice stocks on Monday, leading to a 20 pc surge in Kohinoor Foods, following the government's announcement that the minimum export price (MEP) of USD 950 per tonne on basmati rice has been eliminated. Kohinoor Foods' shares increased by 20 per cent, LT Foods rose by 9.72 per cent, KRBL went up by 7.67 per cent, and Chaman Lal Setia Exports saw a 5.92 per cent increase on the BSE.
On Friday, the government announced the removal of the minimum export price of USD 950 per tonne on basmati rice. Minister of Commerce and Industry, Piyush Goyal, stated that the decision will enhance exports and raise farmers' earnings. According to a notice from the Department of Commerce, the decision has been made to eliminate the existing minimum export price (MEP) of USD 950 per metric ton for the issuance of Registration-cum-Allocation Certificates (RCAC) for Basmati Rice exports.
The APEDA was asked to promptly carry out the decision. Nevertheless, APEDA will closely oversee export agreements to ensure that basmati exports are not sold at unrealistically low prices. In 2022-23, India exported basmati rice totaling USD 4.8 billion in terms of value and 45.6 lakh tonnes in terms of quantity
FIRST Business Portal addressing the potential of business capability of North East Region.
