The decision to extend a subsidy to the seafood exporters of upto Rs 1 crore will definitely benefit the industry and reflect on the stocks as well.
HLL, the most prominent of the firms facing a ban on seafood exports owing to alleged antibiotic resudes, today ended the day at Rs 168.70, down 2.28 per cent, after touching an intra day high of Rs 172 on Bombay Stock Exchange (BSE). It traded volumes of 7,65,339 shares on BSE. In the last three months, the stock has fallen 8.89 per cent.
Seafood exports is not one its major components and the ban on exports did not affect the stock in a big way, say analysts. But now that the government has extended a subsidy for mandatory installation of quick testing kits for antibiotics, this is expected to give a much required boost to exports of seafood.
HLL
