Shrimp farming stocks Avanti Feeds, Kings Infra surge 5-6% on hopes of export growth
Shares of shrimp farming and aquaculture companies Avanti Feeds and Kings Infra Ventures are sharply higher between 5-6% on December 16 on volumes that are significantly higher than the one-month average, on anticipation of greater global market share by Indian exporters going forward.
In a recent development that may influence India's sea food exports to US and EU, Venezuelan Interior and Justice Minister Diosdado Cabello said they are conducting raids on the owner of Venezuela’s largest shrimp-farming company Grupo Lamar, in connection with a plot involving a coup. Shrimp magnate and owner of Grupo Lamar Jose Enrique Rincon is among the accused in the plot.
Moneycontrol is yet to independently verify this development. Shrimps are one of Venezuela's biggest exports, with Grupo Lamar sending 80 percent of its produce to Europe.
Earlier this year, Ecuador, another shrimp producer, had reportedly been over-supplying to the US, a major seafood-consuming economy. the US Department of Commerce in October had decided to reduce duties on shrimp imports from the country, but S&P Global reported citing market sources that price negotiations remain difficult.
Also, the latest forecast of return of La Nina conditions by America's National Oceanic and Atmospheric Administration (NOAA) going into early 2025 may mean Ecuador's shrimp growth rate may slow down.
"The global market for shrimp continues to be volatile and global industry expected to face a mixed outlook and I mean growing competition market shifts. However, the forecast continues to be promising, it projected higher volumes of consumption..," C Ramachandra Rao, Joint Managing Director and CFO, Avanti Feeds said during the September quarter earnings call.
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