LT Foods Managing Director and CEO Ashwani Arora said: "Our ongoing efforts to expand our presence in India and International markets have yielded substantial results, with our total business growing by 13 per cent during H1 FY24 and profit after tax (PAT) grew by 55 per cent".

The government is likely to bring down the floor price (minimum export price (MEP)) for basmati rice, to $950 per metric tonne from $1,200 a metric ton.

The convenience and health segment which is a new addition to its business set-up entails products such as ready-to-eat ‘Daawat Cuppa Rice,’ ‘Daawat Biryani Kits,’ and rice based snacks marketed under the brand name ‘Kari-Kari.’

LT Foods is an FMCG company in the consumer food space. It is a leading player globally in the speciality rice and rice-based foods business. The companys flagship brands include ‘Daawat, one of Indias leading Basmati brands, ‘Royal, which is North Americas top Basmati player and many more.

In a regulatory filing, the company asserted that the price limit does not have any "impact on the exports for LT Foods Ltd as the company mostly export premium and aged rice in our own trusted brands i.e. DAAWAT and Royal, the export price of which is mostly over and above the said minimum export price limit."

The government has announced a 20 percent export duty on parboiled rice as well as additional measures to curb outbound shipments of restricted varieties.

Nature Bio Foods, an organic business arm of LT Foods, has launched a new facility in Uganda. The plant will process soyabean meal and contribute to the expansion of product portfolio which includes sesame seeds, chia seeds, and sorghum. The initial production capacity of the plant is 10,000 tonnes and it aims to increase it to 18,000 tonnes by 2024.

LT Foods, the consumer food company, witnessed a 44% rise in consolidated net profit to INR 137.44 crore ($18.5m) in Q1 FY2022 due to better margins. The total income in the June quarter reached INR 1,778.07 crore, up from INR 1,611.10 crore in the year-ago period, while expenses increased to INR 1,621.91 crore from INR 1,490.52 crore. The Basmati and specialty rice business rose by 24% YoY due to higher brand and marketing investment, leading to market share gain. The health and convenience revenue segment reached INR 41 crore.

We like LT Foods, we believe that stock has got significant legs particularly considering what is happening in Ukraine and Russia. Russia is marginalising Ukrainian grain coming to the market that is going to lead to the other staple which is rice doing very well.

DCM Shriram Industries touched a new 52-week high of Rs. 114. The company operates across diverse segments such as chemicals, sugar, and seeds, contributing significantly to India's agribusiness and industrial landscape.