Agri shares trade mixed bag after Nirmala Sitharaman's Interim Budget 2024 speech; this stock hits a 52-week high

Agri Stocks: With agriculture being one of the focus areas for the National Democratic Alliance (NDA) government, finance minister Nirmala Sitharaman made a number of announcements related to the agri sector during her Interim Budget 2024 speech on Thursday (February 1, 2024).

Among some of the major developments in the agri sector, the finance minister estimated the fertiliser subsidy to be Rs 1.64 lakh crore in the Financial Year 2024-25, which would be less than Rs 1.89 lakh crore earmarked for the current financial year (FY23-24)

Sitharaman said that the government and private investments in post-harvest activities would increase. 

Along with that, the use of Nano-DAP, indigenous and non subsidised fertiliser, would also increase, she said.

While the government is focusing on being self-reliant in the field of oilseeds, it would launch comprehensive programmes for dairy development, as per the finance minister.

She emphasised that exports have been doubled under PM Matsya Sampada Yojana, while the government has set a target of Rs 1 lakh crore worth of exports.

She announced that the government would open five integrated aqua parks.

Blue Revolution budget would also be increased from Rs 2025 crore to Rs 2352 crore, she said.

Sitharaman announced that the allocation for Micro Food Processing Enterprise Scheme would be increased from Rs 639 crore to Rs 880 crore.

In the backdrop of so many agriculture-related and other announcement, let's see how agri stocks are performing on BSE today.

Apex Frozen

The stock of the fisheries company was trading up by 3.74 per cent, or Rs 10.20, at Rs 264.00 at 2:30 pm on Thursday.

Avanti Seeds 

Avanti Seeds also rose by 3.57 per cent, or Rs 18.60, at Rs 539.75 in afternoon trades.

Godrej Agrovet 

The stock of the diversified agri business company hit a 52-week high of Rs 581.60 on Thursday. It was trading up by 2.63 per cent, or Rs 14.60, at Rs 569.90 at the time of writing this news.

Patanjali Foods 

Despite many of its counterparts trading in positive territory after the finance minister's speech, the stock of Patanjali Foods slipped by 0.80 per cent, or Rs 12.65, at Rs 1570.15. 

Coromandel International

A maker of Nano-DAP fertiliser, Coromandel International jumped by 1.57 per cent, or Rs 16.45, at Rs 1067.00.

Chambal Fertilisers & Chemicals Ltd

The stock of the company was trading in negative territory as it slid by 1.17 per cent, or Rs 4.30, at Rs 362.30 on Thursday.