Avanti Feeds hit a new high of Rs 1,349, up 11%, extending its past two days on BSE, after the company reported a more than doubled consolidated net profit for the quarter ended March 2017 (Q4FY17).
In past three trading days, the stock zoomed 50% from Rs 898 on May 12, against 1.3% rise in the benchmark S&P BSE Sensex.
Avanti Feeds had posted a consolidated net profit at Rs 90 crore in Q4FY17 against profit of Rs 32 crore in the same quarter of last fiscal. It had profit of Rs 46 crore in December 2016 quarter.
Total net income from operations of the company during the quarter under review increased 50% to Rs 704 crore over the previous year quarter.
Avanti Feeds is the leading manufacturer of prawn and fish feeds and shrimp processor and exporter from India.
For the financial year 2016-17 (FY17), the company reported a record profit of Rs 214 crore against Rs 158 crore in FY16.
Since March 31, 2016, the stock has appreciated by 224% from Rs 398 against 21% rise in the benchmark index.
At 1:15 pm; it was up 7% at Rs 1,295 as compared to 0.18% gain in the Sensex. The trading volumes on the counter jumped more than three-fold with a combined 494,471 shares changed hands on the BSE and NSE so far.