Aquaculture stocks soar after govt slashes customs duty on shrimp feed

Aquaculture companies garnered interest in Wednesday's trade after the government proposed to slash customs duty on shrimp feed to promote exports. Shares of Avanti Feeds, Coastal Corporation, and Waterbase soared up to 20 per cent in trade, as against a 2.05 per cent climb in the S&P BSE Sensex.

In the Union Budget 2023-24, the government announced a reduction in customs duty on key inputs for producing shrimp food, which would gradually generate marine exports. According to the India's Ministry of Commerce and Industry, India's exports of prawns and shrimps feed jumped 132 per cent to Rs 18,311 lakh in