Apex Frozen, Avanti Feeds, other shrimp stocks rise up to 10% on India-EU trade deal optimism

Shares rise in trade.

Shares of Indian seafood exporters rose on Tuesday on optimism around the India-European Union trade deal, which is expected to lower tariffs on marine products over a phased period.

According to the agreement, the European Union will cut tariffs on 99.5 percent of goods traded between the two sides over seven years, with duties on Indian marine products set to be reduced to zero.

Apex Frozen Foods jumped 18.85 percent to an intraday high of Rs 312.75 per share. The stock later pared gains to settle at Rs 290.25, up 10.3 percent on the day.

Avanti Feeds ended nearly 3 percent higher at Rs 776 per share, gaining 2.77 percent. During the session, the stock touched an intraday high of Rs 786.40, up 4.15 percent, after opening with a gap-up gain of about 2 percent.

Shares of Coastal Corporation also advanced, settling at Rs 41.94 per share, up 2.95 percent.

Indian seafood exporters have faced pressure from higher tariffs imposed by the United States since last year. The US remains the largest market for India’s shrimp farmers and exporters.

On a year-to-date basis, Avanti Feeds is down about 8 percent, Apex Frozen Foods is up 6.7 percent, while Coastal Corporation has declined 7.7 percent.

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