Nomura Singapore-Backed FMCG Stock Unveils Food Security Measures

Mishtann Foods Limited (BSE: 539594), one of India's leading FMCG companies with a primary focus on various types of rice, is taking proactive measures to address the current surge in rice prices across Asia. As importers rush to stockpile rice due to fears of crop damage from the onset of El Niño, Mishtann Foods is committed to ensuring the availability of premium rice products while emphasizing food security and sustainable agricultural practices. Earlier, as per disclosure data available on BSE, Mr. Hiteshkumar Patel, Director & Promoter of the company, purchased 482299 shares through market purchase on 23 June 2023.

According to recent data from the Thai Rice Exporters Association, the benchmark grade of Thai white rice, 5% broken, has experienced a significant surge of approximately 15% over the past four months, reaching $535 per ton, the highest level since early March 2021. The World Meteorological Organization has confirmed the development of El Niño conditions in the tropical Pacific after a seven-year gap, posing a serious threat of drought to Southeast Asia. This alarming situation coincides with record-breaking global temperatures, further intensifying concerns about the urgency of climate change.

"Amidst the challenges posed by El Niño and the escalating concerns of climate change, Mishtann Foods remains steadfast in its commitment to provide superior rice products to our customers," said Mr. Hiteshkumar Patel, MD & Chairperson, Mishtann Foods Ltd. "We recognize the importance of ensuring food security, both locally and globally, and our efforts are focused on sustainable agricultural practices to mitigate the impact of changing weather patterns. We are dedicated to not only meeting the rising demand for rice but also contributing to the long-term well-being of our environment."

As an FMCG company deeply rooted in India, Mishtann Foods has been a frontrunner in the rice industry, consistently delivering excellence through its diverse range of rice varieties. The company's rigorous quality control measures, innovative farming techniques, and sustainable supply chain have positioned it as a trusted and responsible choice for consumers worldwide.

In the face of rising rice prices and climate-related challenges, Mishtann continues to prioritize food security, support local farmers, and foster sustainable agricultural practices. By ensuring a stable supply of high-quality rice, the company aims to alleviate concerns surrounding food availability and contribute to a more resilient and sustainable future.

Mishtann Foods Limited (BSE: 539594) is India's leading FMCG company with a primary focus on various types of Basmati rice. As per the data available on stock exchanges, Nomura Singapore has increased its stake to 1,28,25,854 Mishtann Foods shares, or 1.28 per cent of the company's total fully paid-up equity capital.