LT Foods KRBL Basmati Rice

Rice stocks rose after the government permitted the export of 100% broken rice, following a surge in inventories that reached a record high in early February-almost nine times the government's target

Shares of LT Foods hit a record high of Rs 446.30, as they rallied 10% and KRBL soared 7% to Rs 324.30, after the government lifted the minimum export price on basmati rice.

The impact of El Nino on Basmati production is minimal due to the irrigation methods employed, utilizing both canal and groundwater sources

KRBL, GRM Overseas and Chaman Lal Setia, meanwhile, dropped over 3 per cent, 4 per cent and 6 per cent, respectively, to their respective intra-day lows

Analysts expect global and domestic rice demand to remain firm, which they believe, would keep the stock prices piping hot going ahead

In FY17, LT Foods and Kohinoor Foods rallied more than 100%