KRBL, Kohinoor, Mishtann stocks jump after government amends export ban rules for non-basmati rice
The government said on Tuesday that only those non-basmati export consignments were eligible for exports whose clearance had been done by 9:57:01 pm, July 20, consignment was handed over, a receipt for payment of bills, etc., was given, and the export duty had been paid.
Leading rice export companies are trading higher in early morning deals on Wednesday, a day after the government tightened export rules for non-basmati rice companies. The government's order is an amendment to an earlier order dated July 20, where it banned the exports of non-basmati rice with immediate effect.
The government had said in that order that only those exporters were allowed to export non-basmati rice till October 30 whose consignments had been handed over to customs and billing and duty had been paid.
On Tuesday, the government amended that order, saying only those non-basmati export consignments are eligible for exports whose clearance had been done by 9:57:01 pm, July 20, the consignment was handed over, a receipt for payment of bills, etc., was given, and the export duty had been paid.
ZeeBiz highlights the performance of some of the prominent rice stocks on BSE.
KRBL
The share of KRBL is trading higher by 0.95 per cent at Rs 394.55 in early trading on Wednesday a day after the company submitted the buyback offer letter to the BSE.
The company said in its BSE filing on Tuesday, "Submission of Letter of Offer for the Buyback of up to 65,00,000 fully paid-up equity shares of ₹1/- each ("Equity Shares") of KRBL Limited ("Company") at a price of ₹500/- per Equity Share for a maximum amount of ₹325 crores ("Buyback Size") through the tender offer process pursuant to the SEBI (Buy-Back of Securities) Regulations, 2018, as amended ("Buyback Regulations") (the "Buyback")."
The company's most famous rice brands are India Gate Super Basmati Rice, Indian Farm Parboiled Basmati, NurJahan Parboiled Basmati, and Unity Basmati.
Kohinoor Foods Ltd
The share was rising by 0.73 per cent at Rs 35.89 of the company that sells rice brands under the names of Kohinoor and Charminar.
The company announced its first-quarter results this month, reporting a loss of 111.13 per cent from Rs 9.34 crore to Rs 1.04 crore.
Mishtann Foods
Mishtann Foods was off to a good start on Wednesday, as it jumped 1.73 per cent to Rs 12.35.
It was a change from the lacklustre showing of the share, which has dipped 5.34 per cent in the last five trading sessions.
The headline Nifty 50 index, in the same time, however, has slid 0.53 per cent.
GRM Overseas Ltd
GRM Overseas was also trading higher by 0.98 per cent at Rs 185.60 in early morning deals on Wednesday.
The share has risen 8.98 per cent in the last one month as against a 1.54 per cent slide of the Nifty 50 in the same time.
GRM Overseas is mainly known for its 10X basmati rice brand.
LT Foods
LT Foods also made an upward journey in the morning session on Wednesday, as it was trading higher by 0.57 per cent at Rs 165.40.
The company said on Monday that the government's decision to set the export price of basmati rice at $1200 a tonne had no impact on its exports.
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