The new norms set by European Commission bring down the maximum residue limit (MRL) level for Tricyclazole (a fungicide) in Basmati rice to 0.01 mg per kg from next year. The norms are applicable on all rice-exporting countries.
Speaking to CNBC-TV18, Ashwani Kumar Arora, CEO, MD & CFO of LT Foods said shipment to China might start in the next quarter.
Even if the company does not receive any big order from the government, it will close at minimum growth of 10 percent, says Anil Mittal, CMD of the company.
In an interview with CNBC-TV18, Satnam Arora, MD of Kohinoor Foods, which reported a mixed set of quarterly earnings, discussed the numbers and shared his outlook on the business going forward.
The short rain prediction by the Indian Meteorological Department (IMD) is not going to affect Kohinoor adversely as farmers in Punjab UP and Haryana were competent enough to face a situation like that of short rains or drought, Satnam Arora, Managing Director, Kohinoor Foods told CNBC-TV18.
Rice of India profile power players pushing the Indian rice industry forward. Karan Chanana, Chairman of Amira Group has transformed his family‘s 100 years old rice business into a global food company that is taking the taste and aroma of Indian basmati to plates across the world.
Satnam Arora, managing director, Kohinoor Foods says he is seeing an uptick in Basmati and long grain rice exports to Thailand.
The company‘s revenues for the December quarter rose 41 percent year-on-year to Rs 704 crore, operating margins improved to 15.5 percent from 14 percent, and net profit surged two-and-a-half times to Rs 71 crore.
Soaring basmati prices dont auger well for us because we may not be able pass high price to key export markets like Iran, says Gurnam Arora, Joint MD, Kohinoor Foods.
In an interview to CNBC-TV18, Gurnam Arora, Joint MD, Kohinoor Foods is confident that the company will see15-20 percent higher crops on back of good monsoon.
India's most widely grown rice variety Swarna could help to "keep diabetes at bay" by maintain a healthy diet, says a leading rice research organisation.
India will soon start exporting rice to China as the two countries have resolved the quality and other regulatory issues.
Anil Mittal, chairman and managing director of KRBL told CNBC-TV18, the company is already in contact with many importers in China, but it expects revenues from exports to China to start flowing gradually.
The rice company has seen some buying interest today on the back of the some positive news that China has allowed imports on Indian basmati rice, reports CNBC-TV18.
China has finally allowed imports of basmati rice from India, which comes as a big boost to exporters who would now get access to a huge market of 1.3 billion people for their about 4.5 million tonnes of aromatic rice.
Due to the minimum export price (MEP) determined by the government, Gurnam Arora, joint managing director of Kohinoor Foods Ltd tells CNBC-TV18 that the industry is taking a hit of almost 30% on exports.
Satnam Arora, managing director, Kohinoor Foods in an interview to CNBC-TV18 said, its joint venture (JV) with McCormick is a win-win situation for the organisation.
It is learnt that the farm ministry proposes 16% rise in rice buying price. Anil Mittal, CMD, KRBL in an interview with CNBC-TV18, said that the 16% price hike will effect inflation because the rice prices in the inflation factor is already quite high.
Kohinoor Foods has reported a net loss of Rs 11.9 crore for the quarter ended December 2010 as against a profit of Rs 5.1 crore in the same quarter the previous year. In an interview with CNBC-TV18, Satnam Arora, MD, Kohinoor Foods gave his perspective on the quarter gone by and the road ahead.