Indian rice shippers rallied after the head of Iran’s grain buyer said its rice import ban ended.

The import ban was lifted as of November, Ali Ghanbari, chief executive officer of Iran’s Government Trading Corp., said in an interview in Dubai. The government imposed the ban to protect domestic farmers during their harvest, he said.

KRBL Ltd. climbed as much as 11.5 percent, Kohinoor Foods surged as much as 20.5 percent and LT Foods increased as much as

19.5 percent in Mumbai trading.

Iran will probably issue new import licenses in December or January, according to R. Sundaresan, executive director of the All India Rice Exporters Association.

By Bloomberg Business