Indian rice exporters fall on fears govt curbs may weigh on shipments

KRBL

28/08/2023 08:06

(Adds details on government's curbs)
    ** Shares of Indian rice exporters LT Foods  LTOL.NS , KRBL
 KRBL.NS  and Chaman Lal Setia Exports  CLSE.NS  fall between 4%
and 8%
    ** Indian govt imposes $1,200 per ton minimum export price
(MEP) on basmati rice shipments, effectively making possible
only exports of premium grade 
        ** Govt also slaps 20% duty on parboiled rice exports,
turning Indian rice expensive 
    
        ** Curbs could prompt some buyers to switch to Pakistan,
Thailand, Vietnam - traders
  
    ** LT Foods down as much as 5%; shares briefly reverse
course during session to trade 0.4% up after co says MEP won't
hurt its exports
    ** KRBL down as much as 4.1%; on track to fall for second
straight session, if trend holds
    ** Chaman Lal Setia falls as much as 7.5%  


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))