Fertiliser and fisheries stocks surge following Union Budget announcements

NEW DELHI: Finance minister Nirmala Sitharaman on Saturday s announced that the government will introduce an enabling framework to support the sustainable growth of the fisheries sector in Exclusive Economic Zones (EEZ) and high seas.

Following the announcement, fisheries-linked stocks saw an uptick, with Coastal Corp rising 4% and Apex Frozen gaining 5.2%, according to Reuters.

Fertilizer and fisheries-related sectors also witnessed positive movement on early budget announcements aimed at boosting the economy.

In her eight consecutive Union Budget, FM Sitharaman emphasised unlocking the potential of India's marine sector, announcing a framework for the sustainable development of fisheries, with a special focus on the Andaman and Lakshadweep regions.

"India ranks second largest globally in fish production and aquaculture. Seafood exports are valued at 60,000 crore rupees. To unlock the untapped potential of the marine sector, our government will bring in an enabling framework for the sustainable harnessing of fisheries from Ithe ndian inclusive economic zone and high seas with a special focus on the Andaman and Nicobar and Lakshadweep islands," she said.

She also announced a national initiative focused on cotton cultivation, stating that, "For the benefit of lakhs of cotton-growing farmers, I am pleased to announce a mission for cotton productivity. This five-year mission will felicitate significant improvements in productivity and sustainability of cotton farming and promote extra-long stable cotton varieties. The best of science and technology support will be provided to farmers."