Budget 2024: Shares of shrimp products makers in heavy demand after Budget allocation

Presenting the Union Budget for 2024-25, Sitharaman said that the government has reduced the basic customs duty on shrimp to 5%

As per the Union Budget announced by the finance minister, the government will provide finance for shrimp farming and marketing. Image used for representative purpose only | Photo Credit: K.R. Deepak

Shares of producers and exporters of seafood products' firms jumped on July 23 after Finance Minister Nirmamala Sitharaman said the government will provide finance for shrimp farming and marketing.

Presenting the Union Budget for 2024-25, Sitharaman said that the government has reduced the basic customs duty on shrimp to 5%.

The stock of Zeal Aqua soared 9.27%, Kings Infra Ventures surged 8.15%, Coastal Corp climbed 7.55%, Apex Frozen Foods zoomed 7.51% and Waterbase jumped 5.51% on the BSE.

The government will bring a National Cooperation Policy for the overall development of the country, the finance minister said.

She said the Centre will promote digital public infrastructure for agriculture in partnership with states, while the Jan Samarth-based Kisan Credit Card scheme will be introduced in five states.

Also, the government will provide finance for shrimp farming and marketing, she added.

"Finance Minister Nirmala Sitharaman has extended the finance to shrimp production and marketing for the overall development of the industry. Direct beneficiaries to this announcement being Waterbase, Avanti Feeds, Apex Frozen Foods," T Manish, Research Analyst at SAMCO Securities, said.