ADVERTISEMENT
Shares of Shrimp companies registered early morning gains of up to 20% after the government announced financial support for shrimp farming, processing and export.
The government's initiative to promote shrimp farming is expected to boost seafood exports. Financing for shrimp farming, processing and export will be facilitated through NABARD. "Financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks will be provided. Financing for shrimp farming, processing and export will be facilitated through NABARD," the FM says in her Budget 2024 speech in Parliament.
India’s seafood exports in the last financial year touched an all-time high of more than ₹60,000 crore. The FM's announcement of a reduction in basic customs duty (BCD) on certain broodstock, polychaete worms, shrimp and fish feed to 5% and exemption of customs duty on various inputs for the manufacture of shrimp and fish feed is expected to be a plus for the industry. According to the finance minister: "Frozen shrimp accounted for about two-thirds of these exports. To enhance their competitiveness, I propose to reduce BCD on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent. I also propose to exempt customs duty on various inputs for the manufacture of shrimp and fish feed."
August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.
Reacting to the development, shares of major shrimp companies like Apex Frozen, Waterbase, Avanti Feeds and Coastal Corporation are trading higher today. The latest BSE data shows the share of Apex Frozen was up 18.96% at 12.16 PM. They hit its one-year high at ₹311.75 on the BSE after seeing a gap-up opening. As the volume of trade surges to 3.28 lakh at 11.50 AM against the two-week average of 0.59 lakh, the seafood company's m-cap surged to ₹959.22 crore. Aided by the two-day consecutive rally, the share of Apex Frozen has surged 31.78% in the past week.
Similarly, another seafood company Waterbase share has seen an 18% rise today, hitting the day's high at ₹102.18 on the BSE, trading near a one-year high level of ₹105.01. Around 19.54 lakh shares are being traded on the counter at 11.55 AM today against the two-week average of 1.75 lakh, taking the company's m-cap to ₹412.32 crore.
Animal Feed, an animal feed company, saw its share touching a one-year high level of ₹729.30 today after a gap-up opening. Shares are currently trading at ₹728.15 (11.57 AM), up 12.89%, on the BSE, taking the company's m-cap to ₹730.35 crore. Seafood company Coastal Corporation Ltd shares are up 10.23% (11.59 AM) at ₹310.30 on the BSE, taking its m-cap up to ₹415.62 crore. Coastal Corporation shares have surged 13.28% in the past week. Shares of aqua feed company Godrej Agrovet Ltd are also up at ₹858 on the NSE, up 3.34% from yesterday's close.
HDFC Securities, in its analysis of the Budget, says the government’s efforts to improve productivity and reduction in basic customs duty will make Indian marine products more competitive and increase demand for frozen foods, benefiting aquaculture or seafood companies.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.