India Lifts Wheat Export Ban After Four-Year Restriction

India has lifted its four-year ban on wheat exports, allowing companies to ship wheat and related products out of the country. The move comes after the Directorate General of Foreign Trade revised the export policy for wheat and specified wheat products from 'Prohibited' to 'Free' with immediate effect.

The change covers a range of products including durum wheat, wheat or meslin flour (atta), maida, semolina, wholemeal atta, and resultant atta. This effectively removes the export restrictions that had been in place since May 2022 when India restricted wheat exports amid concerns over domestic supplies and rising food prices.

Rice exporters were among the biggest gainers, with shares of LT Foods rising by as much as 13% to hit a fresh 52-week high. Other rice-related stocks also advanced, including KRBL which gained up to 9% in intraday trade.