This stock surged 14% after a favourable announcement in Budget 2018

Shares of Avanti Feeds rallied over 14 per cent on Thursday after Finance Minister Arun Jaitley announced that the government will double allocation towards food processing companies.

Avanti Feeds is the leading manufacturer of prawn and fish Feeds and shrimp processor and exporter from India.

Stocks of Freshtrop Fruits and Apex Frozen also rallied up to 6 per cent on the BSE.    

"The food processing sector is growing at 8 per cent. Allocation for food processing will be doubled from Rs 700 crore to Rs 1400 crore, he said.  

"Allocation is being doubled to boost food processing; specialized agro-processing and financial institutions will also be promoted by the government, Jaitley added. 

Avanti Feeds is scehduled to report its December quarter results on February 9, 2018. 

In the Sepetmber quarter, the company's consolidated net profit jumped to Rs 1163.42 million from Rs 392.49 million in Q2FY17, an increase of 196.42 per cent.