Avanti Feeds turns ex-stock split; stock surges 19%

The stock rallied 19% to Rs 619 on the BSE in early morning trade on Tuesday as the stock of shrimp exporter turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

Shares of Avanti Feeds have rallied 19% to Rs 619 per share on the BSE in early morning trade on Tuesday in an otherwise subdued market. The stock of shrimp exporter has turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

The company has fixed June 27, 2018 as the record date for the purpose of ascertaining the eligibility of the members for sub-division of equity shares from face value of Rs 2 each to Re 1 each and issue of bonus equity shares of Re 1 each in the ratio of 1:2, i.e. one equity share of Re 1 each for every two equity shares of Re 1 each (i.e. after sub-Division of shares).

The board of directors of Avanti Feeds at their meeting held on May 9, 2019 had approved the bonus issue and sub division of equity shares. Since then the stock had underperformed the market by falling 35% as compared to 0.43% rise in the S&P BSE Sensex till Monday.

Thus far in the current calendar year 2018, the stock tanked 38% against 4% rise in the benchmark index till yesterday. During the previous calendar year 2017, shares of Avanti Feeds zoomed 416% as compared to 28% rise in the Sensex.

At 09:39 am; the stock was trading 16% higher at Rs 606 on the BSE. On comparison, the Sensex was trading flat at 35,490, up 0.06%. A combined 1.17 million shares changed hands on the counter on the BSE and NSE so far.