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The Economic Times

Kohinoor Foods surges 20%; LT Foods jumps nearly 7%

Rice stocks were in heavy demand on Monday, with Kohinoor Foods surging 20 per cent, after the government said the USD 950 per tonne minimum export price (MEP) on basmati rice has been removed.

CNBC TV18

Explained — Why stocks like KRBL, LT Foods gained up to 10% on Monday

Under the restrictions set earlier, Basmati Rice could only be exported above a set floor price, which was the MEP. The government, last year, had revised the MEP to $950 per tonne from $1,200 per tonne earlier.

Business Standard

PM Modi lauds change in agri export policy, says will boost farmers income

Prime Minister Narendra Modi on Saturday lauded recent changes in agricultural export policies, stating that easing export norms on basmati rice and onions, and increasing import duties on some edible oils will boost farmers' incomes and create rural jobs. On Friday, the government scrapped a USD 950 per tonne minimum export price (MEP) for basmati rice and removed a USD 550 per tonne MEP on onions, according to government statements. The government on Saturday raised import duty on crude palm oil to 20 per cent and on refined sunflower oil to 32.5 per cent, aiming to support domestic oilseed farmers and processors. In a post on X, Modi said the government is leaving no stone unturned to support farmers who work tirelessly for the country's food security. "Whether it is reducing the export duty on onions or increasing the import duty on edible oils, many such decisions are going to greatly benefit our food producers. While these will increase their income, employment opportunities

Business Standard

Onion prices rise in Lasalgaon wholesale market after scrapping of MEP

Onion prices rose at the Lasalgaon Agriculture Produce Market Committee (APMC) in the district on Saturday following the Union government's decision to scrap the minimum export price (MEP) and halve the export duty, sources said. The Lasalgaon APMC is one of the biggest onion wholesale markets in the country. The prices of the kitchen staple in the APMC rose by average Rs 433 per quintal, sources said. "The removal of MEP is certainly a good decision. The market has increased a bit. We think there should be no export ban. The imposition and removal of such things affects the market. Now MEP has been removed, but farmers' onion produce is running out," said Balasaheb Kshirsagar, Lasalgaon APMC chairman. "There is no clarification yet about whether export charges have been reduced by 20 per cent or 40 per cent," he told PTI. As many as 425 vehicles or 5,182 quintals of onion arrived at the market on Saturday. The prices ranged from Rs 3,700 to Rs 4,951 per quintal and Rs 4,700 per

Business Standard

Govt's focus on increasing exports to ensure fair price to farmers: HM Shah

The Narendra Modi government is increasing exports to ensure fair price to the farmers for their crops so that they can get maximum price for their crops, Union Home Minister Amit Shah said on Saturday. Shah also said that keeping the interests of farmers paramount, the government has taken three important decisions, including removing the minimum export price (MEP) of onions and Basmati rice. "The Modi government has decided to remove the minimum export price (MEP) on onions and reduce the export duty from 40 per cent to 20 per cent. This will increase onion exports, which will increase the income of the onion producing farmers," he wrote on 'X' in Hindi. The home minister said the government has also decided to abolish the MEP on Basmati rice which will enable the farmers producing Basmati rice to earn more profits by exporting it. "Also, the Modi government has decided to increase the import duty on crude palm, soya and sunflower oils from 12.5 per cent to 32.5 per cent and the

Business Standard

Govt removes minimum export price on onion; aims to benefit Indian farmers

The government on Friday scrapped a minimum price threshold that it had set previously for exports of onion as it looked to pass on the benefit of international glut to Indian farmers. The government had previously fixed a USD 550 per tonne as the minimum export price (MEP), which essentially meant farmers could not sell their produce overseas at lower than this rate. A DGFT notification issued on Friday removed the MEP with immediate effect. The move comes ahead of assembly elections in Maharashtra, a key onion producing state. The move would help promote exports of the commodity. "The Minimum Export Price (MEP) condition on Export of onions is removed with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.

Business Standard

IIM-A PGPX highest salary offer falls to 6-year low at Rs 54.8 lakh

The highest-ever maximum earning potential (MEP) offered was Rs 1.08 crore in 2023. From 2018 to 2022, the average MEP was Rs 70.56 lakh

Business Line

SSEGL secures ₹62.53 crore MEP contract for Vinfast’s Tamil Nadu factory

Sathlokhar Synergys E&C Global Limited’s shares rise 3.8% to ₹518.95 on NSE

Mint

GRM Overseas share price: Why is FMCG stock skyrocketing today?

GRM Overseas share price: Experts believe that the exports association writing GoI to reduce MEP on Basmati Rice export is the reason for the sudden rise in FMNCG stock price