Indian rice exporters up on likely floor price cut for basmati rice exports

KRBL

26/09/2023 05:25

** Shares of rice exporters such as Kohinoor Foods
 KOFO.NS , KRBL  KRBL.NS , LT Foods  LTOL.NS  and Chaman Lal
Setia  CLSE.NS  surge between 3% and 11%     
    ** Reuters reports India to cut floor price - or minimum
export price - for basmati rice exports to $850 a metric ton
from $1,200 a metric ton  
    ** Move to help millers and traders ship out the rice grade
after they complained about a sharp drop in overseas sales
    ** Last month, India fixed floor price for basmati rice
shipments at $1,200 a metric ton to help New Delhi ensure
non-basmati rice was not exported as basmati rice 
    ** CLSE soars as much as 10.6% to hit a record high; KOFO up
3.3%, LTOL up 6.1%, both scaling two-week highs 
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))