KRBL, LT Foods and Chaman Lal Setia Exports in focus; heres why
As the Department of Commerce has done away with the $950 per tonne minimum export price (MEP) on basmati rice, shares of companies dealing in the commodity are in focus today.
Shares of companies engaged in rice manufacturing and marketing including KRBL, LT Foods and Chaman Lal are in focus in Monday's session as the centre as per communication from the Department of Commerce has done away with the $950 per tonne minimum export price (MEP).
The decisions, including removal of the Minimum Export Price (MEP) on basmati rice came ahead of assembly elections in Maharashtra and Haryana.
Haryana, along with Punjab, is the major producer of basmati rice.
Commerce and Industry Minister Piyush Goyal said the move will help boost exports and increase farmers' income.
"It has been decided to remove the current minimum export price (MEP) of $950 MT for issuing Registration-cum-Allocation Certificates (RCAC) for export of Basmati Rice", the communication said.
The APEDA (Agricultural and Processed Food Products Export Development Authority) has been asked to take immediate action and foresee its implementation for closely monitorring export contracts for any non-realistic prices for basmati exports.
In the previous day's session LT Foods and KRBL ended higher by 1.44 per cent and 0.5 per cent higher respectively, while Chaman Lal Setia Exports ended higher by 1.5 per cent higher.
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