Shares of shrimp companies like Apex Frozen Foods, Avanti Feeds, Mukka Proteins, Zeal Aqua, and Waterbase surged up to 20% for the second consecutive day, adding up to the gains of yesterday.

These stocks surged after Finance Minister Nirmala Sitharaman announced financing support for shrimp farming in Budget 2024.

Apex Frozen Foods shares rose over 18%, reaching Rs 307.49. Avanti Feeds and Waterbase saw their shares increase by 12% and 19.5%, respectively. Mukka Proteins gained 8.68% to Rs 54.63, while Zeal Aqua shares hit the 10% upper circuit limit.

Sitharaman announced financial support for setting up nucleus breeding centres for shrimp growth. Shrimp farming, processing and export will be made easier with finance from NABARD.

NABARD financing for shrimp farming aims to help achieve India’s seafood export target of Rs 1 lakh crore in the next two years. This target is up from Rs 60,500 crore in the previous fiscal year, according to Crisil.
Shrimps make up 70% of India’s seafood exports. This financing is expected to improve post-harvest infrastructure and quality checks, boosting aquaculture.

Shares of some shrimp companies have shown mixed performance over time:

• Avanti Feeds: +82% in the past year, +122% in five years.
• Apex Frozen Foods: +38% in the past year, +32% in five years.
• Kings Infra Ventures: +63% in the past year, +708% in five years.
• Waterbase: +21% in the past year.

At 1:15 PM, the shares of Apex Frozen Foods Ltd. were trading 20% higher at Rs 311.75 on BSE.

Discover the next big investment! Unicorn Signals’ IPO screener helps you identify promising initial public offerings. Download Unicorn Signals and get ahead of the curve! Sign Up Now & Find Your Next IPO Gem!