KRBL, producer of India Gate basmati rice, soars on strong exports news

Shares of KRBL, the owner of the India Gate brand of basmati rice, climbed over 4 percent after the government said exports of the rice variety increased by 25.54 percent in the April-June period of FY23.

At 10:20 am, shares of the rice processing and exporting company were trading at Rs 263.15, a 4.51 percent up from the previous close on the BSE. KRBL is the world's largest basmati rice exporter.

The commerce ministry said on Saturday that for the April-June quarter, the export of basmati rice stood at $1.15 billion as compared to $922 million in the corresponding period a year ago.

The ministry said in a press release that agricultural and processed food product exports grew 31 percent in the quarter to $7.4 billion.

“The initiatives taken by the Agricultural and Processed Food Products Export Development Authority (APEDA) that works under the ministry of commerce and industry have helped the country achieve 31 percent of the total export target in the first quarter of the current fiscal year," the ministry said.

APEDA has set an export target of $23.56 billion for the financial year 2022-23. Fresh fruits, vegetables, and cereals recorded growth during the review period.

“We continue to provide technical and financial assistance to various stakeholders in the agricultural goods value chains for boosting exports of unique products from the country," said APEDA chairman M Angamuthu.