Shares of Apex Frozen Foods, Avanti Feeds and Waterbase defied broader market trends to shoot up sharply on Wednesday afternoon after Prime Minister Narendra Modi‘s upbeat remarks on India’s seafood market.

What Happened: During his trip to Lakshwadeep Modi highlighted India's effort to increase its share in the global seafood market. As per a press release by the Press Information Bureau, the prime minister highlighted India's effort to increase its share in the global seafood market, leading to benefits for Lakshadweep as local Tuna fish is being exported to Japan. He also underlined the possibilities for exporting quality local fish that can transform the lives of the fishermen.

The remarks seem to have cheered the investors about the future prospects of the industry. All three stocks jumped up sharply as soon as the release came out at around 1:08 pm. All three companies are major exporters of shrimp.

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Modi inaugurated a series of development projects exceeding ₹1,150 crores in Kavaratti, Lakshadweep on Wednesday. The diverse range of development initiatives spans various sectors, encompassing technology, energy, water resources, healthcare, and education.

As part of the ceremony, the prime minister also distributed laptops to students as part of the Laptop Scheme. He also distributed PM Kisan Credit Cards to farmers and fishermen beneficiaries.

Price Action: Waterbase’s share price was up 9.28% to trade at ₹85.74. Avanti Feeds shares were up 4.41% to trade at ₹449.85 and Apex Frozen Foods shares traded 5.71% higher at ₹235.10 on Wednesday afternoon.

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