Aquaculture stocks Apex Frozen, Avanti Feeds extend previous day’s gains

Aquaculture stocks including Apex Frozen, Avanti Feeds and other stocks from the pack are buzzing and have scaled new 52-week highs on Budget 2024 boost. At the last count, shares of Apex Frozen Foods were up 18.4 pe per cent to Rs 307.6, while it hit a fresh 52-week high of Rs 309.9.

Avanti Feeds, meanwhile, traded higher by 11 per cent at Rs 714.7, while it also marked a fresh 52-week high price of Rs 714.7 per share on the BSE. 

The FM in her budget speech on Tuesday iterated that for shrimp production and export- the government will provide financial aid for Shrimp farming, processing and export will be facilitated through NABARD.

"Financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks will be provided. Financing for shrimp farming, processing and export will be facilitated through NABARD," noted the FM's speech.

Also, on the sidelines, the basic customs duty or BCD has been slashed on shrimp and fish feed to 5 per cent to enhance competitiveness in marine exports.

"India’s seafood exports in the last financial year touched an all-time high of more than ₹ 60,000 crore. Frozen shrimp accounted for about two-thirds of these exports. To enhance their competitiveness, I propose to reduce BCD on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent. I also propose to exempt customs duty on various inputs for manufacture of shrimp and fish feed,"added the FM.

Avanti Feeds and Apex Frozen Foods in the last one-year  have moved up by 77 per cent and 35 per cent, respectively.