Budget Boost: Avanti Feeds and Apex Frozen Foods Shares Surge as India Targets Seafood Export Growth

by Fishery News

In today’s trading session, shares of Avanti Feeds Ltd and Apex Frozen Foods Ltd witnessed a significant rally, climbing up to 9% as India aims to double its seafood exports. Avanti Feeds saw a surge of 9.39% to reach a high of Rs 570.10 on the BSE, while Apex Frozen Foods witnessed a 7.52% increase, reaching a high of Rs 272.90.

The bullish sentiment follows Finance Minister Nirmala Sitharaman’s announcement during the Budget speech, where she highlighted the substantial growth in seafood exports since 2014. Sitharaman emphasized the government’s commitment to further boosting the sector through initiatives like the PM Matsya Yojana, aimed at enhancing inland and aquaculture practices.

The implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) is set to accelerate, with goals to increase aquaculture productivity, double seafood exports to Rs 1 lakh crore, and generate 55 lakh employment opportunities in the near future. Additionally, plans for the establishment of five integrated aquaparks were outlined to further bolster the industry.

To promote climate-resilient activities and advance the blue economy, Sitharaman announced the launch of schemes for restoration, adaptation measures, coastal aquaculture, and mariculture. However, no changes in tax slabs were proposed, with the retention of existing tax rates for both direct and indirect taxes, including import duties.

Sitharaman also highlighted the government’s focus on structural reforms and pro-people programs, which have facilitated significant improvements in employment and entrepreneurship opportunities. Notably, efforts to uplift 25 crore people from multi-dimensional poverty over the past decade were acknowledged.

As part of the Budget allocation, India is set to increase infrastructure spending by 11.1%, indicating a continued commitment to fostering economic growth and development initiatives. With these ambitious plans in place, investors have shown confidence in the prospects of companies operating within the seafood industry, leading to a surge in their stock prices.

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