Apex Frozen Foods Shares Surge Over 6% After India-UK FTA Gives Major Boosts Marine Exports

Shares of animal aquaculture company Apex Frozen Food Ltd. surged over 6% on Friday, as marine exports are expected to benefit from the India-UK FTA, which includes zero-duty access for 99% of marine exports.

India and the United Kingdom have signed the landmark Free Trade Agreement on Thursday. Officially called the Comprehensive Economic and Trade Agreement, the deal is aimed at deepening economic ties and boosting bilateral trade. The deal was signed in London in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.

Shrimp, tuna, fishmeal, and feeds—currently taxed between 4.2–8.5%—will become completely duty-free, as per the agreement.

Shares of Apex Frozen rose as much as 6.61% to Rs 260 apiece. They pared gains to trade 5.08% higher at Rs 256.27 apiece, as of 11:20 a.m. This compares to a 0.72% decline in the NSE Nifty 50.

The stock has fallen 12.10% in the last 12 months and 5.92% year-to-date. Total traded volume so far in the day stood at 0.06 times its 30-day average. The relative strength index was at 42.69.