Budget 2024: Shrimp Stocks Gain On Financing Plans
The financing for shrimp farming through Nabard will help India move towards its seafood exports target of Rs 1 lakh crore over the next two fiscals, says Crisil.
Shares of major players in the shrimp industry were trading in the green on Tuesday as Finance Minister Nirmala Sitharaman announced plans for shrimp farming while presenting the Union Budget 2024-25 at the Lok Sabha.
Sitharaman announced the Union government's support to the shrimp-farming industry for financing and marketing via the National Bank for Agriculture and Rural Development.
Stocks of Zeal Aqua Ltd. led the sector with a 6.13% rise, followed by Avanti Feeds Ltd. and Coastal Corp. with an advance of 4.58% and 2.91% respectively at 11:40 a.m.
Shares of Avanti Feeds surged as much as 8.7% during the day to a one-month high of Rs 670 apiece on the NSE. Coastal Corp.'s stock jumped 8.25% intraday to a three-month high of Rs 298.99 per share.
The financing for shrimp farming through Nabard will help India move towards its seafood exports target of Rs 1 lakh crore over the next two fiscals from Rs 60,500 crore last fiscal, according to Crisil.
Shrimps account for 70% of seafood exports and their financing should benefit post-harvest infrastructure and quality check measures, thereby boosting aquaculture, it said.
