Kaveri Seed hits new 52-week high, other agri-stocks rally as productivity and resilience in agriculture a priority area

Agri stocks including Kaveri Seed, Agri-Tech and Mangalam Seeds among others received a push after Finance Minister Nirmala Sitharaman put forth nine priorities for this year and coming years, and among it productivity and resilience in agriculture took the top spot.

Among the stocks from the agri-pack, Kaveri Seed hit a new 52-week high of Rs 1,077.6, while others like Agri-Tech, and Managalam Seeds rallied up to 17 per cent.

These stocks got a push after the FM said that new 109 high-yielding as well as climate resilient varieties of 32 field and cultivation crops will be released for farmers in the ongoing fiscal year.

The Finance Minister said that the Centre will carry out a detailed review of the agricultural research infra for increasing productivity and developing climate-resilient varieties. She added that domain experts will administer such exercises for ensuring its relevance as well as its effectiveness.

For the sector, the FM has approved a capital allocation totalling to Rs 1.52 trillion for agriculture and allied sectors.

Meanwhile, as the FM announced financial support for shrimp farming, stocks including Avanti Feeds, Apex Frozen and Waterbase gained up to 6 per cent at the last count.