Food processing stocks rally as govt doubles allocation
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. 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, ending March 31. Food Processing Minister Harsimrat Kaur Badal said the move will boost farmers' income and generate millions of new jobs
