Basmati rice stocks rally; LT Foods, KRBL hit 52-week high

LT Foods, KRBL, Kohinoor Foods and Chaman Lal Setia were up 5% to 15% on the BSE

Shares of basmati rice producers rallied by up to 15% on the BSE on back of heavy volumes on expectation of higher realisations despite short-term impact of demonetisation, due to lower production volume and stable global demand.

LT Foods, KRBL, Kohinoor Foods and Chaman Lal Setia Exports were up in the range of 5% to 15% on the Bombay Stock Exchange (BSE), as compared to 0.34% decline in the S&P BSE Sensex at 11:26 pm.

According to rating agency ICRA, there has been a steady growth in the domestic market, although demonitisation should adversely impact the demand in