Shares of Avanti Feeds and other seafood-related companies zoomed after Finance Minister Nirmala Sitaraman in Budget 2023 announced a sub-scheme to the ongoing fisheries scheme.
To enhance the focus on animal husbandry and fisheries, under the existing scheme the government will invest Rs 6,000 crore to further enable activities for fishermen, fish activities and expand the market.Follow our live blog for the latest Budget 2023 updates
The share price of Avanti Feeds climbed nearly 7 percent to Rs 412 on BSE as at 11.20 am. Apex Frozen Foods also rose nearly 2 percent, while Waterbase was up about 9 percent.
These stocks have not performed well in the recent period. In the last year, Waterbase has fallen 24 percent, Apex Frozen Foods 26 percent and Avanti Foods 31 percent.
Among the reasons behind the underperformance has been the rising cost of raw materials, farmers and executives have said.
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