Food processing stocks rally as government to double Budgetary allocation

Avanti Feeds, Godrej Agrovet, Sheetal Cool Products, Foods & Inns, Freshtrop Fruits, Amrit Corp and Sampre Nutritions were up in the range of 5% to 14%.

Shares of companies engaged in food processing business have rallied up to 14% on BSE in intra-day trade after the Finance Minister Arun Jaitely in Budget speech said that the allocation to the Food Processing Ministry is being doubled to boost the sector.

Avanti Feeds has surged 14% to Rs 2,544 on BSE on back of three-fold jump in trading volumes. Godrej Agrovet, Sheetal Cool Products, Foods & Inns, Freshtrop Fruits, Amrit Corp and Sampre Nutritions were up in the range of 5% to 8%. On comparison, the S&P BSE Sensex was up 0.35% at 36,091 at 12:00 PM.

“Allocation to the Food Processing Ministry is being doubled to boost Food Processing; specialised agro-processing and financial institutions to be promoted by government,” the Finance Minister Arun Jaitley said in Budget speech.

The allocation for associated food processing activities doubled to Rs 14 billion. This would support ancillary food processing activities and complement the existing players in the food processing industry.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
AVANTI FEEDS	2411.00	2223.95	8.4
SHEETAL COOL	131.00	121.55	7.8
FOODS & INNS	1380.00	1292.80	6.8
FRESHTROP FRUITS	160.50	151.75	5.8
GODREJ AGROVET	600.30	571.00	5.1
AMRIT CORP	1367.10	1302.00	5.0
SAMPRE NUTRITION	72.50	69.05	5.0
SANWARIA CONSUM.	24.55	23.40	4.9
MANPASAND BEVER.	395.95	377.50	4.9
UMANG DAIRIES	100.75	96.80	4.1
FLEX FOODS	136.00	130.80	4.0
ADF FOODS	279.40	270.45	3.3