Kohinoor Foods up 10%, Russia lifts ban on import of rice

Rice stocks are on fire Tuesday as Russia lifted its eight-month-old ban on import of rice, peanuts from India.

This move will make these companies consider the prospect of exporting rice to Russia at a time when India is looking at boosting exports. The Russian Federation had imposed the ban due to the presence of khapra beetles pest in rice and aflatoxin contamination of peanuts.

"Russia has cancelled the temporary restriction on import of rice, rice cereals and peanuts from India. Exporters can resume export of these products effective from September 1," a senior government official told the news agency.

Russia decided to remove restrictions after its officials visited processing units in India in June. The delegation was convinced about the safety measures that were put in place here while processing these food items, the official said.

India, the world's second-biggest producer of rice, had shipped 61,000 tonnes of rice and 3,700 tonnes of peanuts in the last financial year, earning USD 31 million from the export of the two food items.

Kohinoor Foods is locked at 10 percent upper circuit at 14:43 hours IST. There were pending buy orders of 25,540 shares, with no sellers available.

LT Foods rose 0.92 percent to Rs 71 while KRBL declined 0.8 percent to Rs 24.20.

(With inputs from PTI)