Avanti Feeds extends rally on expansion plans

The stock rallied nearly 6% to Rs 2,200, extending its previous week's 24% rally on the NSE.

Shares of Avanti Feeds have rallied nearly 6% to Rs 2,200, extending their previous week’s 24% rally on the NSE, after the company’s board approved plans to expand its shrimp feed production capacity by setting up a new shrimp feed plant in West Godavari district, Andhra Pradesh.

Avanti Feeds, a manufacturer of prawn and fish feed and a shrimp processor and exporter, also approved the transfer of existing shrimp processing facilities of the company at Ravulapalem, East Godavari District, Andhra Pradesh to Avanti Frozen Foods, a subsidiary of Avanti Feeds to facilitate bringing the shrimp processing facilities under one roof.

Further, the board also approved implementation of a new shrimp processing facility at East Godavari District in Andhra Pradesh by Avanti Frozen Foods.

The stock opened at Rs 2,137 and touched a record high of Rs 2,204 on the NSE. A combined 27,600 shares changed hands on the counter on the NSE and BSE till 1339 hours.