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Budget 2022 | Avanti Feeds, Apex Frozen rally 2-3% on duty reduction on shrimp input

Budget 2022 | The government proposed to reduce the duty on shrimp input, Finance Minister Nirmala Sitharaman said in her Budget speech

February 01, 2022 / 01:04 PM IST
 
 
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Avanti Feeds and Apex Frozen shares gained 2-3 percent on February 1 after Finance Minister Nirmala Sitharaman said the government proposed to reduce the duty on shrimp input.

"The government proposed to reduce the duty on shrimp input," Sitharaman said in her shortest Budget speech.

Avanti Feeds share price was up 1.17 percent at Rs 605.10, with a market capitalisation of Rs 8,244.22 crore, while Apex Frozen Foods traded at Rs 328.30, up 3.06 percent with a market capitalisation of Rs 1,025.94 crore on the BSE.

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Established in 1993, Avanti Feeds is one of the largest integrated fisheries companies in India with interests in hatcheries, farms, aqua feed and processing.

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It is into raw shrimps, cooked shrimps, skewers and marinated products, which are sold to Europe, the US, Japan, Korea, China, Australia and the Middle East.

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Apex Frozen Foods is one of the integrated producer and exporters of shelf-stable aquaculture products. It supplies ready-to-cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors spread across the US, the UK and various European countries.

Its output majorly comprises variants of processed Vannamei shrimp (White shrimp) and are sold through brands namely Bay fresh, Bay Harvest and BayPremium.
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