Shares of shrimp products makers in heavy demand after budget allocation

PTI, Jul 23, 2024, 2:13 PM IST

PC: istock

New Delhi: Shares of producers and exporters of seafood products’ firms jumped on Tuesday after Finance Minister Nirmala Sitharaman said the government will provide finance for shrimp farming and marketing.

Presenting the Union Budget for 2024-25, Sitharaman said that the government has reduced the basic customs duty on shrimp to 5 per cent.

The stock of Zeal Aqua soared 9.27 per cent, Kings Infra Ventures surged 8.15 per cent, Coastal Corp climbed 7.55 per cent, Apex Frozen Foods zoomed 7.51 per cent and Waterbase jumped 5.51 per cent on the BSE.

The government will bring a National Cooperation Policy for the overall development of the country, the finance minister said.

She said the Centre will promote digital public infrastructure for agriculture in partnership with states, while the Jan Samarth-based Kisan Credit Card scheme will be introduced in five states.

Also, the government will provide finance for shrimp farming and marketing, she added.

“Finance Minister Nirmala Sitharaman has extended the finance to shrimp production and marketing for the overall development of the industry. Direct beneficiaries to this announcement being Waterbase, Avanti Feeds, Apex Frozen Foods,” T Manish, Research Analyst at SAMCO Securities, said.