BASMATI
Adani Wilmar reports 13 pc volume growth in June quarter
Edible oil major Adani Wilmar announced on Friday that it reported a 13 percent volume growth in the June quarter. This double-digit growth was driven by market-specific strategies aimed at increasing market share, particularly in under-indexed markets. In a business update, the company stated, "In the first quarter of the current fiscal, the company achieved robust volume growth of 13 percent YoY."
As FCI buffer swells, exporters demand lifting of curbs on rice
The retail and wholesale inflation in rice has been in double digits since last year. India, the largest exporter of rice, banned export of broken rice in August 2022 to ensure adequate local supplies. This was followed by a ban on export of non-basmati white rice in July 2023, imposition of a 20% export duty on parboiled rice in August 2023 and restrictions on basmati rice by imposing a minimum export price.
GRM Overseas board okays fundraise of Rs 136.5 crore
The funds raised will also expand India's “10X” brand, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities. These activities may be undertaken directly by the Company or through its subsidiaries or joint ventures.
After electoral setback, Modi may be forced to amend India's food policy
Facing policy challenges after recent election losses, Indian Prime Minister Narendra Modi grapples with controlling food inflation without angering farmers through export curbs and increased imports. With crucial provincial elections looming, Modi must balance economic measures and farmer interests to maintain political stability and address rural discontent.
Govt permits 2,000 tonnes non-basmati white rice exports to Malawi, Zimbabwe
The Indian government has approved the export of 2,000 tonnes of non-basmati white rice to Malawi and Zimbabwe through the National Cooperative Exports Limited, despite a ban on such exports since July 2023 to boost domestic supply. The move aims to meet the food security needs of the two African nations.
FMCG sector: Street might treat it as saviors in some phases & there is more to it than HUL, 13 stocks, with upside potential of up to 42 %
On the day of the election result and the day after that, two days in succession, everyone was talking about FMCG stocks. Explanations about why they are safe heaven stocks, how the focus on rural income and consumption will benefit them. Third day, the broader market recovered and FMCG was probably the only loser. This is not the first time that it has happened. For ages, FMCG stocks have been considered defensive stocks. Whether FMCG stocks should be defensive is a different issue. What is relevant is that there is a probability that going forward, there will be phases, where a narrative about FMCG stocks being defensive will keep coming to the street. Given the fact that their valuations are expensive, there is hardly any growth in business, it would be worthwhile to understand that sector otherwise one might end up buying stocks and make the capital underperform. We look at 28 stocks from every segment, right from food and beverage to cosmetics.
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Basmati rice export prices plummet below government MEP, global buyers stay away
Export price of basmati rice falls below government-fixed minimum export price, impacting global buyers and domestic prices. Concerns arise over MEP changes, basmati trade competitiveness, and price pressure. Monsoon and La Niña forecasts influence basmati production, while India's rainfall patterns and consumption trends play significant roles.
Wheat procurement crosses last year's figure, comfortable to meet demand: Food ministry
Wheat procurement for the 2024-25 Rabi marketing season progresses smoothly, surpassing last year's total with 262.48 lakh tonnes acquired, benefiting 22.31 lakh farmers. Major states contributing include Punjab, Haryana, and Madhya Pradesh. Rice procurement from the previous Kharif season also proceeds well, ensuring ample stock for welfare programs. Monsoon forecasts remain pivotal for agricultural planning.
LT Foods Q4 Results: Net profit rises 14% YoY on strong sales
LT Foods, owner of basmati rice brands 'Daawat' and 'Royal', on Friday posted a 14 per cent jump in consolidated net profit at Rs 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales. The company's profit stood at Rs 131.81 crore a year earlier.
India allows export of non-Basmati white rice to Mauritius
The exports of rice to Mauritius are permitted through National Cooperative Exports Limited, the Directorate General of Foreign Trade said in its notification.
India's export restrictions propel global rice prices: Asian exporters brace for Indonesia tender surge
According to S&P Global Commodity Insights, India, the world's largest rice exporter, implemented export restrictions, including banning broken rice exports and imposing additional duties on non-basmati white rice outflows in August 2022.
India allows 14,000 MT non-basmati white rice exports to Mauritius
In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.
Action plans for banana, mangoes exports among 20 agricultural products in works
“We have identified 20 products. At present, India’s share is low in global exports. We are working on a detailed action for all these products,” said Rajesh Agarwal, additional secretary, department of commerce, adding that the action plan will be discussed with all the stakeholders including states for further action.
Tea and basmati traders halt West Asia exports
Basmati rice is another agri-commodity which Iran imports from India. In FY24, India exported one million kg of basmati rice to Iran, out of its total exports of 4.9 million kg.
Iran-Israel conflict: Exporters of basmati rice, tea worried
Indian basmati rice and tea exporters are anxious about the impact of Iran's attack on Israel. Concerns over outward shipment and rising sunflower oil prices persist amidst the conflict, posing challenges for the industry.
Rice exporters face Rs 2,000 crore tax bill
India imposed a 20% export duty on white rice in September 2022 and subsequently on parboiled rice in August 2023 to control rising domestic prices. There is no ban currently on basmati rice exports but a minimum export price of Rs 1,200/ million tonnes (mt) was prescribed, which was later reduced to Rs 950/ MT.
SC upholds NAFED tender for export of 35,000 tonne non-basmati white rice
Supreme Court approves NAFED's 35,000-tonne rice export to Cote D'Ivoire, dismissing the Rice Exporters Association of India's appeal. Delhi High Court had earlier supported NAFED's tender. No conflict of interest found by the Supreme Court.
Nil duty on exports of Kala namak rice upto 100MT
The Indian government clarified on Wednesday that there will be no duty on exports of Kala Namak rice, a premium brand, with a restriction of 1,000 metric tonnes. Previously, there was a 20% duty on exports of this rice variety. The government permitted exports of Kala Namak rice up to 1,000 metric tonnes through specified customs stations, a change from the previous prohibition.
Govt allows Kala namak rice export from 6 customs stations
The Indian government has permitted the export of Kala Namak rice, a premium non-basmati variety from Uttar Pradesh, up to a total quantity of 1,000 metric tonnes. This marks a significant change as exports of this rice were previously prohibited. The certification authority for Kala Namak rice and its quantity will be the Director of Agriculture Marketing & Foreign Trade in Lucknow.
Non-basmati rice prices down 10% in a month
Bharat rice is being sold in 5 kg and 10 kg packs, at a price of Rs 29 per kg, through the National Agricultural Cooperative Marketing Federation of India Ltd, the National Cooperative Consumers' Federation of India and retail chain Kendriya Bhandar. It is also available in certain pockets of the country on Reliance group’s JioMart platform and will shortly be sold through e-commerce platforms such as Amazon and Flipkart.
India allows export of 30,000 tonnes of non-basmati white rice to Tanzania
The Indian government has permitted exports of 30,000 tonnes of non-basmati white rice to Tanzania and 80,000 tonnes of broken rice to Djibouti and Guinea Bissau. The exports are allowed to meet the food security needs of these countries.
India's rice output to drop for the first time in 8 years, government says
Rice production in the world's largest exporter is being carefully watched after New Delhi banned exports of non-basmati white rice in July, sending global prices surging.
India's basmati rice exports to fall as Pakistan's surge
India's basmati rice exports are expected to decrease in 2024 due to increased competition from Pakistan, which is offering the grain at more competitive prices. In 2023, India's basmati rice exports reached 4.9 million metric tons, just shy of the record high in 2020, leading to record revenue of $5.4 billion. However, Pakistan's increased production and lower prices are impacting India's export prospects
Rice prices fall as rabi crop starts arriving in market
In Kolkata, rice prices have dropped by up to 10% in the past month, attributed to increased market supplies and government measures. Non-basmati rice is 7% cheaper, while basmati prices have fallen by 10%. The arrival of the rabi crop from Telangana, Odisha, and Tamil Nadu has contributed to the decline.
Best rice in India- Here are the Top 10 picks just for you
In this article, we have brought the best of the best rice varieties, each one of them is a product of careful cultivation and aged perfection. These are some healthier options that do not compromise on taste and one of the best brands with an age old promise of quality.
Govt has strictly no plans to put MEP on all agri commodities: Commerce Ministry
The Indian government has denied plans to impose a minimum export price (MEP) on all agricultural products, stating that it has no intention to review all agri products from an export perspective. An inter-ministerial committee has recently decided on basmati rice, but the committee's wider mandate does not mean it will recommend MEPs for each agri product.
Basmati prices cool at home as a restive Red Sea hurts exports
Red Sea Attacks: Leading shipping lines' decision to avoid the Suez Canal route amid Houthi attacks has also impacted sunflower oil imports from Russia and Ukraine. Sunflower oil prices in the local market are likely to go up by 3-4% as international prices have increased by $30 per tonne in the last one week to $940 per tonne, trade insiders said. Basmati exporters said the export market has become sluggish and the shipping cost to places like Jeddah, Yemen, Beirut, and Durban have shot up multiple times in some cases.
Punjab expecting bumper paddy yield despite kharif season marred by floods
Punjab is expecting a bumper output of paddy crop this year, despite floods during the kharif season 2023-24. The state, known as the food bowl of the country, is expecting paddy output to cross 205 lakh metric tonnes, with an average yield going up by more than four quintal per hectare compared to last year.
Many large buyers from Turkey land in India to buy basmati rice; prices surge
“The old contracts that were kept in abeyance because of sub-$1200 price per tonne are being shipped now. New orders are pouring in with large buyers from Turkey visiting India to pick up good volumes of basmati rice,” said Vijay Setia, a basmati exporter and past president of All India Rice Exporters Association (AIREA).
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