Shares of Indian rice companies surge on report of government removing floor price for basmati rice exports

This will help boost overseas sales of the premium grade and aid farmers struggling with debt and higher costs

India is the world’s largest rice exporter

‘India Gate’ basmati rice brand owner KRBL KRBL.NS gains 4.7%, ‘Daawat’ brand owner LT Foods LTOL.NS jumps 5.7%

GRM Overseas GRMO.NS and Kohinoor Foods KOFO.NS up 2.7% and 9.8%, respectively

KOFO set to snap three straight sessions of losses, down ~8% YTD, while KRBL down ~15%

YTD GRMO, LTOL up 39% and ~112%, respectively

Reporting by Manvi Pant in Bengaluru

Published Date: September 16, 2024