Kohinoor Foods Share Price: Kohinoor Foods shares are in focus during trading today on Monday. The company’s shares rose more than 20% today and reached an intraday high of Rs 46.82. There is an announcement behind this rise in shares. Actually, the government has removed the minimum export price (MEP) of $ 950 per tonne on Basmati rice, due to which this rise took place.
what is the detail
The government has removed the minimum export price (MEP) of $950 per tonne on Basmati rice. Commerce and Industry Minister Piyush Goyal said on Friday that the move will boost exports and increase farmers’ income. According to a Commerce Department notification, “It has been decided to remove the existing minimum export price (MEP) of $950 per tonne for issuing Registration-cum-Allotment Certificate (RCAC) for export of Basmati rice.” APEDA (Agricultural and Processed Food Products Export Development Authority) has been requested to take immediate steps to implement this decision. The government had reduced the minimum price for export of Basmati rice from $1,200 per tonne to $950 per tonne in early October last year. This was done due to concerns that exports would be affected due to high prices.
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Shares of other companies also rose
Apart from Kohinoor Foods, shares of other rice-related companies also rose. LT Foods rose by 9.72 per cent, KRBL by 7.67 per cent and Chaman Lal Setia Exports by 5.92 per cent.
