On September 25, the Indian government announced that it had approved the export of 75,000 tonnes of non-basmati white rice to the UAE through NCEL. Although non-basmati white rice exports were prohibited on July 20 to increase domestic supply, exports are still permitted based on government permission given to other nations in order to meet their needs for food security and upon request.
Also, according to some sources India will lower the export floor price for basmati rice in the upcoming days in response to millers’ and traders’ complaints about a sharp decline in demand for the pricey, aromatic grain abroad. India will reduce the price of basmati rice to USD 850 per metric ton from USD 1,200 per ton in order to assist traders and millers in exporting the grade of rice. Here are three stocks that have risen significantly following these news:
KRBL Ltd:
KRBL rose 6% within the first hour of markets opening and currently trades at Rs. 417.00, up from Rs. 402.30 at closing on Monday.
The company has a market cap of Rs. 9,815 crore and its stock trades 11% away from its 52 week high; 0.1% and 9.7% above respectively from its 20 day and 200 day moving averages respectively. The company is included in the S&P BSE 500 Index.
Chaman Lal Setia Exports Ltd:
Chaman Lal Setia Exports rose 11.8% within the first hour of markets opening and currently trades at Rs. 240.70, up from Rs. 229.40 at closing on Monday.
The company has a market cap of Rs. 1,245 crore and its stock trades 5.6% away from its 52 week high; 13.7% and 40.4% above respectively from its 20 day and 200 day moving averages respectively. The company is included in the S&P BSE Smallcap Index.
LT Foods Ltd:
LT Foods rose 5.2% within the first hour of markets opening and currently trades at Rs. 168.65, up from Rs. Rs. 163.35 at closing on Monday.
The company has a market cap of Rs. 5,848 crore and its stock trades 12.7% away from its 52 week high; 0.6% and 32.3% above respectively from its 20 day and 200 day moving averages respectively. The company is included in the S&P BSE Smallcap Index.
Written by Sandeep R
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