India: The World’s Top Rice Shipper
India, the world’s top rice shipper, may relax restrictions on exports of some varieties to avoid a glut in the country before the new crop arrives in the market in October, according to people familiar with the matter. The government is considering allowing white rice shipments with a fixed duty, said the people, who asked not to be identified as the talks are confidential. The authorities may also scrap a 20% tax on parboiled rice exports and impose a fixed levy instead to discourage under-
Shares of Chaman Lal Setia Exports, KRBL, and LT Foods surged by as much as 13% in early trading on Tuesday following reports indicating that India, the world’s leading rice exporter, plans to ease restrictions on rice exports. In response to these developments, LT Foods saw its shares soar by 14.5% in early trading, reaching a new 52-week high of ₹296 each, while KRBL experienced a 13% spike to ₹348.70. Similarly, shares of Chaman Lal Setia Exports rose nearly 9% to ₹223 apiece during the se