Shares of Avanti Feeds and Apex Frozen Foods gained on Tuesday’s session after Finance Minister Nirmala Sitharaman announced support for shrimp processing in the budget speech.
What Happened: “For shrimp production and exports- Financial support for setting up a network of nucleus breeding centres for shrimp brood stocks will be provided. Financing for shrimp farming, processing and exports will be provided through NABARD (National Bank For Agriculture And Rural Development)”, Nirmala Sitharaman said in her budget speech.
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Additionally, the finance minister also allotted ₹1.52 lakh crore for agriculture & allied sectors. The government will provide new 109 high yielding & climate resilient varieties of 32 field and horticulture crops to farmers for cultivation.
The Andhra Pradesh-based Avanti Feeds manufactures and sells shrimp feeds. It also exports processed shrimp. Apex Frozen Foods is engaged in production and exporting of shelf-quality aquaculture products. The company is also one of the leading producers and exporters of processed shrimp.
Price Action: Shares of Avanti Feeds rose 7.41% to ₹662.05.
Shares of Apex Frozen Foods gained 6.13% to ₹266.64.
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