Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Amira Nature Foods (NYSE: ANFI) were looking rotten today, falling as much as 12% after reporting earnings this morning.

So what: The Indian specialty rice maker said adjusted earnings moved up to $0.24 from $0.20 a year ago as revenue increased 10% to $140.2 million. Earnings were in line with estimates, while revenues topped expectations of $133.9 million. The company also guided sales in line with estimates as it sees revenue of $480 to $507 million for fiscal 2014, starting this quarter. Shares of Amira actually opened 4% higher but fell shortly after opening, for reasons that are unclear. On the earnings call, analysts brought up concerns about guidance and international expansion.

Now what: With only six months under its belt as a publicly traded company, Amira shares could have a bright future ahead of them. Unlike most IPOs or some other foodmakers that investors are excited about, shares are unbelievably cheap at a P/E of just 7.5. I'd say that makes Amira worth a closer look, as Basmati rice and other Indian foods are gaining popularity and elsewhere as people turn to healthier diets. You can stay on top of Amira by adding the company to your Watchlist here.

Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.