KRBL hits new high

KRBL is doing very well today and has hit a new 52-week at Rs.63.85 and remains strongly in the green, currently up over 7%.

The stock is doing well on news that basmati rice exports have doubled in volume and tripled in value in the last four years on strong demand from traditional markets in Iran and West Asia. For FY14, basmati shipments scaled a new high at 4.02 million tonnes and exceeded $4.5 billion in terms of value compared with the previous fiscal. Reports state that apart from increased demand, higher prices aided by a decline in rupee boosted basmati shipments to Rs.28,189 crore, a 48% growth over last year. Basmati prices were higher by 50-70% in FY14 due to higher paddy prices.