Avanti Feeds shares rise 10%; snap four-day losing streak

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Shares of Avanti Feeds rose nearly 10% today amid a rally in the broader markets. The stock of Avanti Feeds gained 9.87% to Rs 401.45 against previous close of Rs 365.40 on BSE. Avanti Feeds stock has bounced back after four days of decline. However, the stock also hit a 52-week low of Rs 363.95 in early trade today.

Avanti Feeds stock is trading below 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The small cap stock has declined 28.6% this year and 31.23% in last one year. A total of 2.99 lakh shares of the firm changed hands with a turnover of Rs 11.65 crore. The stock hit a 52-week high of Rs 638 on January 25, 2022.

Abhijeet of Tips2trade said, “Despite good Q2FY23 results and overall stable fundamentals, Avanti Feeds stock, like other small and mid cap stocks, has seen a sharp correction over the past few days. Stock Current Is oversold and has a daily close above Rs 383. May be a good time to buy for a target of Rs 433-475 in the near term. Rs 364 will act as a strong support.’

India’s largest shrimp feed maker reported a 14% growth in Q2 profit at Rs 56.62 crore as against Rs 24.12 crore in the corresponding quarter of the previous fiscal. Sales grew by 7.84% to Rs 1332 crore in the September 2022 quarter from Rs 1226 crore in the second quarter of the previous fiscal.

However, on a quarter-to-quarter basis, the earnings were not so encouraging. Profit fell 14.55% to Rs 66.26 crore in the June quarter.

Sales also fell by 15.75% from Rs 1569.30 crore in the first quarter of the previous fiscal.

Avanti Feeds is an integrated seafood company. Its segments include shrimp feed, processed shrimp, power and shrimp hatchery. Shrimp feed is manufactured and marketed to farmers, which is used to raise shrimp in aquaculture. The company provides products to various markets such as Europe, Japan, Korea, China, Russia, Canada and the Middle East.

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