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Agri-related stocks soar up to 10 pc on Budget announcement

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Nimrat Kaur
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Agri-related stocks soar up to 10 pc on Budget announcement
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Shares of agriculture-related stocks surged up to 10 percent today after Finance Minister Arun Jaitley said that Budget 2018-19 will focus on strengthening the agricultural and rural economy. NACL Industries stock zoomed 9.64 per cent, PI Industries 6.49 per cent, Shakti Pumps India 5.89 per cent, Action Construction Equipment 5.66 per cent and Monsanto India 4.84 per cent on BSE. Among others, shares of Aries Agro gained 4.99 percent, Dhanuka Agritech 3.89 percent, Kaveri Seed Company 3.4 percent and UPL 2.61 percent. In a major bonanza to farmers, Finance Minister Arun Jaitley today announced fixing support price of Kharif crops, like paddy, at least 50 percent higher than the cost of production, while raising farm credit target for the next fiscal by 10 percent to Rs 11 lakh crore. Presenting the Union Budget 2018-19, Jaitley reiterated the government's commitment to the welfare of farmers stating that the emphasis is to generate higher income for farmers. Prime Minister Narendra Modi has given a clarion call to double the farmers' income by 2022, he added. Jaitley said the government has decided to fix the minimum support price (MSP) of coming to Kharif (summer-sown) crops, which include maize, soybean and pulses, at least one-and-half times the cost of production. He said the MSPs of most of the rabi (winter sowed) crops have already been raised. PTI-
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