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Shares of India's shrimp feed exporters, Avanti Feeds Ltd. Waterbase Ltd. and Apex Frozen Foods Ltd. gained up to 12% on Thursday, October 23, as these stocks reacted on rising optimism of a trade deal with the US.
Shares of Avanti Feeds are now trading 6% higher, while those of Apex Frozen Foods are up 9%. Coastal Corporation shares are locked in a 20% circuit today.
India and the US are reportedly nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15% to 16% from 50%.
The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil.
US President Donald Trump said he spoke to Prime Minister Narendra Modi on Tuesday, largely focusing on trade.
Trump said energy was also part of their discussion, and Modi assured him that India would limit its oil purchases from Russia. PM Modi also said the two leaders had talked, but gave no details about what was discussed.
Finalisation of a bilateral trade agreement is likely to be announced at the ASEAN Summit this month, reports said.
The US is a major market for Shrimp exports for these companies.
As of the March quarter last year, Avanti Feeds derived 77% of their overall revenue from the North American Market. Apex Frozen Foods, in its March quarter investor presentation, disclosed that 53% of its overall revenue came from the US.
The US is the single-largest market for Indian seafood exports, accounting for one-third of India's total seafood exports.
As per government data, India exported 1,698,170 tonnes of seafood valued at Rs 62,408.45 crore ($7.45 billion) in 2024-25. With exports to the US valued at $2.71 billion, up from $2.55 billion in 2023-24, the US remained India's top seafood market, followed by China ($1.27 billion), the European Union ($1.12 billion), and Southeast Asia ($974.99 million).
The US tariffs have raised the effective duties on India's seafood exports to the US to 59.71%, including 5.76% countervailing duties and 3.96% anti-dumping duties. According to experts, this sudden increase in total duties, from around 10% to nearly 60%, is making seafood exports to the US unviable.
With agency inputs
Shares of Avanti Feeds are now trading 6% higher, while those of Apex Frozen Foods are up 9%. Coastal Corporation shares are locked in a 20% circuit today.
India and the US are reportedly nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15% to 16% from 50%.
The deal, which hinges on energy and agriculture, may see India gradually scale back its imports of Russian crude oil.
US President Donald Trump said he spoke to Prime Minister Narendra Modi on Tuesday, largely focusing on trade.
Trump said energy was also part of their discussion, and Modi assured him that India would limit its oil purchases from Russia. PM Modi also said the two leaders had talked, but gave no details about what was discussed.
Finalisation of a bilateral trade agreement is likely to be announced at the ASEAN Summit this month, reports said.
The US is a major market for Shrimp exports for these companies.
As of the March quarter last year, Avanti Feeds derived 77% of their overall revenue from the North American Market. Apex Frozen Foods, in its March quarter investor presentation, disclosed that 53% of its overall revenue came from the US.
The US is the single-largest market for Indian seafood exports, accounting for one-third of India's total seafood exports.
As per government data, India exported 1,698,170 tonnes of seafood valued at Rs 62,408.45 crore ($7.45 billion) in 2024-25. With exports to the US valued at $2.71 billion, up from $2.55 billion in 2023-24, the US remained India's top seafood market, followed by China ($1.27 billion), the European Union ($1.12 billion), and Southeast Asia ($974.99 million).
The US tariffs have raised the effective duties on India's seafood exports to the US to 59.71%, including 5.76% countervailing duties and 3.96% anti-dumping duties. According to experts, this sudden increase in total duties, from around 10% to nearly 60%, is making seafood exports to the US unviable.
With agency inputs
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