Some of India's biggest shrimp farmers have enjoyed a significant bump in share value this week after the Indian government introduced several beneficial measures for the sector in its annual Union Budget, reports Times of India.
Indian finance minister Nirmala Sitharaman said the government has reduced the basic customs duty on shrimp to 5%, as well as a reduction to the same rate for certain broodstock, polychaete worms, and fish feed.
Customs duty exemptions have also been proposed for "various inputs," in the manufacture of shrimp and fish feed, Siltharaman announced, while additional financing will also be provided for shrimp farmers, processors and exporters.
In response, several major seafood companies listed on the Bombay Stock Exchange all saw significant share price hikes.
According to Bloomberg, share values at Apex Frozen Foods, Avanti Feeds and The Waterbase have all jumped by roughly 20% each since the announcement.
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