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Govt to double allocation for food processing firms, stocks surge up to 15%

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Nimrat Kaur
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Govt to double allocation for food processing firms, stocks surge up to 15%
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Budget 2018: Food processing stocks rally as govt doubles allocation. Right after the Union Budget was announced by Finance Minister Arun Jaitley, Shares of food processing firms surged by up to 14 per cent today after the Budget proposed doubling the allocation for the sector to Rs 1,400 crore for the next fiscal.

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Avanti Feeds zoomed 14.41 per cent, Sheetal Cool Products - 8.59 per cent, Godrej Agrovet - 6.83 per cent and Freshtrop Fruits - 6.75 per cent on BSE.

Presenting the Union Budget 2018-19, Finance Minister Arun Jaitley doubled the allocation of food processing ministry to Rs 1,400 crore, up from Rs 715 crore in the current fiscal, that is ending March 31.

Food Processing Minister Harsimrat Kaur Badal said the move will boost farmers' income and generate millions of new jobs, and also took to her Twitter account to appreciate the move.

-PTC News

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