Following the outbreak, Iran has stopped Indian basmati shipments. This has led to exports already falling 18-20 per cent this fiscal year. Iran and the rest of West Asia account for the largest imports of Indian basmati, and comprise more than 30 per cent of the shipments.
Nearly six months after New Delhi and Beijing signed a protocol to facilitate the export of Indian basmati rice to China, rice exporters are here in an upbeat mood.
That aroma and taste of Basmati will cost you more now. Faced with an increase in crop rates and shortage of supply, the country's major Basmati rice producers have increased the prices of the commodity by an average 10 per cent.
In order to help farmers, the government has increased minimum support price for the last several years. This has made Indian rice uncompetitive for exports.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
Indian Railways to bring on board ready-to-eat food companies
Women of the family rush to become directors of firms to meet Sebi deadline.
Rail travellers will have to wait for a few more days to get branded, ready-to-eat eals on their journeys as Railways and packaged food manufacturers are busy sorting out pricing issues.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
The industry expects Iran to purchase at least 1 million tonnes this financial year
India gets its first basmati billionaire family. The promoter family of KRBL reaps gains from high demand for basmati in India and overseas. The company had a stock of 300,000 tonnes of rice as of September 30.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
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