Rice Stocks Surge On MEP Decision

New Delhi: Rice stocks were in heavy demand on Monday, with Kohinoor Foods surging 20 per cent, after the government said the $950 per tonne minimum export price (MEP) on basmati rice has been removed. Shares of Kohinoor Foods surged 20 per cent, LT Foods jumped 9.72 per cent, KRBL jumped 7.67 per cent, Chaman Lal Setia Exports climbed 5.92 per cent on the BSE. The government on Friday said the $950 per tonne minimum export price on basmati rice has been removed. Commerce and Industry Minister Piyush Goyal said the move will help boost exports and increase farmers’ income. “It has been decided to remove current minimum export price (MEP) of $950 MT for issuing Registration-cum-Allocation Certificates (RCAC) for export of Basmati Rice,” according to a communication from the Department of Commerce.