Avanti Feeds, Waterbase, Apex Frozen shares extend gains after FM announces plans for shrimp farming

In the interim budget on February 1, 2024, the Finance Minister Nirmala Sitharaman announced five integrated aquaparks.

Shares of Apex Frozen, Avanti Feeds, and Waterbase extended their gains on July 24, after the Finance Minister announced major BCD cuts for inputs for shrimps and fish feed in the Union Budget 2024.

In an attempt to boost exports, the FM said that the government will plan to market shrimp farming and encourage financing through National Bank for Agriculture and Rural Development (NABARD).

As of 1.10 pm, Avanti Feeds surged 15 percent to Rs 742.5, while Apex Frozen Foods hit its 20 percent upper circuit of Rs 312.07 apiece. Waterbase also saw its share fly 19 percent to Rs 101 each.

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Marine product exports touched $6.34 billion in the April 2023-January 2024 period as per Commerce Ministry figures, 7.5 percent short of the exports in the same period a year ago. Therefore, the announcement in the Budget could help boost exports.

In the interim budget on February 1, 2024, the Finance Minister Nirmala Sitharaman announced five integrated aquaparks.

The finance minister also said that the Matsya Sampada Yojna, a central scheme on fisheries, resulted in doubling of aquaculture output. The scheme would help in reaching the export target of Rs 1 lakh crore, she said.

The government announced the first integrated aquapark in 2022 for Tarin in Arunachal Pradesh. A sum of Rs 43.59 crore was set aside for the aquapark to facilitate fishing activities and also serve as a platform for fish farmers and stakeholders.

The Matsya Sampada Yojna aims to bring Blue Revolution through sustainable and responsible development of fisheries sector. It has an estimated investment of Rs 20,050 crores for development of fisheries sector. The scheme is being implemented in all the states and union territories for a period of five years from FY21 to FY25.

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