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Agriculture stocks surge as Govt hikes paddy MSP by Rs 65/qtl for 2019-20

Agriculture stocks were trading higher as the Centre hiked the minimum support price (MSP) for paddy marginally by Rs 65/quintal to Rs 1,815 for the 2019-20 crop year, while rates for oilseeds, pulses and other cereals were raised substantially.

Agro Tech Foods is currently trading at Rs. 538.00, up by 36.25 points or 7.22% from its previous closing of Rs. 501.75 on the BSE. The scrip opened at Rs. 538.00 and has touched a high and low of Rs. 538.00 and Rs. 538.00 respectively.

KSE is currently trading at Rs. 1230.00, up by 10.00 points or 0.82% from its previous closing of Rs. 1220.00 on the BSE. The scrip opened at Rs. 1220.00 and has touched a high and low of Rs. 1248.60 and Rs. 1220.00 respectively.

Anik Industries is currently trading at Rs. 12.05, up by 0.51 points or 4.42% from its previous closing of Rs. 11.54 on the BSE. The scrip opened at Rs. 12.00 and has touched a high and low of Rs. 12.05 and Rs. 12.00 respectively.

The decision, taken by the Cabinet headed by Prime Minister Narendra Modi, will help farmers take a call on which kharif (summer) crop to grow at a time when there has been 33 per cent deficiency in southwest monsoon rains in June, although the Met Department has projected good rains for July and August.

Paddy is the main kharif crop, the sowing of which begins with the onset of southwest monsoons. Due to delayed rains, the total area sown to kharif crops was down at 146.61 lakh hectares till last week as against last year’s 162.07 lakh hectare, as per government data.