Avanti Feeds, Apex Frozen shares rally up to 9% as India looks to double seafood exports

Shares of Avanti Feeds Ltd and Apex Frozen Foods Ltd rallied up to 9 per cent in Thursday's trade after the Finance Minister Nirmala Sitharaman in her Budget speech said sea food exports doubled since 2014 and that the PM Matsya Yojana would step up for inland and aquaculture.  Shares of Avanti Feeds surged 9.39 per cent to hit a high of Rs 570.10 on BSE. Shares of Apex Frozen Foods climbed 7.52 per cent to hit a high of Rs 272.90.

"It was our government which set up a separate Department for Fisheries realising the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production. Seafood export since 2013-14 has also doubled," Sitharaman said.

Sitharama said the implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to enhance aquaculture productivity from existing 3 to 5 tons per hectare, double exports to Rs 1 lakh crore and generate 55 lakh employment opportunities in near future, adding that five integrated aquaparks will be set up.

For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched, the FM said.

Sitharaman did not announce any changes in tax slabs and proposed to retain same tax rates for direct and indirect tax rates including import duties. Sitharaman noted that several structural reforms, pro-people programs, were undertaken, were formulated and implemented by her government promptly and that conditions were created for more opportunity for employment and entrepreneurship. She said her government helped 25 crore people to come out of multi-dimensional poverty in the last 10 years. Sitharaman said India would spend 11.1 per cent  more in infrastructure.

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