Commodity export to Maldives without duty: Anil Singhvi EXPLAINS how Eggs, Sugar, Rice companies will benefit from BIG MOVE by Modi government

As the government allows multiple commodities to be exported to the Maldives without any duty and condition for three years, Zee Business Managing Editor Anil Singhvi in a big breaking explains how the companies related to eggs, sugar, and rice will be most benefitted by this move of government.

India in a bilateral agreement with the Maldives has agreed to export 40 crore Eggs, 63000 mt Sugar, Potato, Rice, Pulses, River Sand to island country, an official notification of government states.

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In this regard, the shares of SKM Eggs and Venkys have surged on the back of this news. SKM Egg is an integrated quality manufacturer and supplier of egg products in the international markets, while Venkys deals in poultry products, including processed foods. 

On the back of this news, SKM Egg shares jumped over 10 per cent to Rs 96 per share, while Venkys shares grew almost 5 per cent to Rs 3628.25 per share on the BSE intraday trade on Tuesday.

#BreakingNews | मालदीव को द्विपक्षीय समझौते के तहत अगले 3 साल तक जरूरी कमोडिटीज भेजी जाएंगी, नोटिफिकेशन जारी

- बिना किसी शर्त के एक्सपोर्ट होगा#Maldives @AnilSinghvi_ pic.twitter.com/54bawVKgg5

— Zee Business (@ZeeBusiness) July 13, 2021

Choice Broking Executive Director and the market analyst Sumeet Bagadia suggests that SKM Egg should be bought and hold, as it has been breaking its last three-four day’s high and quite soon the stock would enter into a three-digit figure. 

He points out, the counter would reach an immediate target of Rs 99-100 per share on a short-term basis if it sustains above Rs 100 levels then it will extend further with a stop loss of Rs 86-87 apiece,

Similarly, Himanshu Gupta, a market analyst, recommends to Buy Venkys shares as the stock has been showing consolidation at Rs 3400-3450 per share after a brief run-up, and there has been an upside move in the counter. 

He mentions, Rs 3750-3800 per share should be the short term target in next few days, while the scrip is moving today’s its new high, so Rs 4500-4600 per share should positional target.