ADF Foods spurts after Ashish Kacholia picks stake

ADF Foods hit an upper circuit of 5% at Rs 399.75 after well-known micro-cap investor Ashish Ramchandra Kacholia acquired 0.74% stake in ADF Foods via bulk deals on NSE.

On Monday, 14 September 2020, Ashish Ramchandra Kacholia bought 1.48 lakh equity shares or 0.74% stake at Rs 377.99 per share via bulk deals of ADF Foods on National Stock Exchange (NSE).

Promoters held 34.95% in the company as on 30 June 2020. ADF Foods' consolidated net profit fell 5.9% to Rs 8.65 crore on a 12.4% increase in net sales to Rs 73.87 crore in Q1 June 2020 over Q1 June 2019.

ADF Foods is engaged in the business of meal accompliments, can food & ready-to-eat and frozen foods. The firm manufactures and exports food products, such as pickles, chutneys, ready to eat items, paste and sauces, frozen foods and spices.

The stock grew 224.07% from its 52-week low of Rs 123.35 hit on 24 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 64.257. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 348.94 and its 200-day moving average (DMA) placed at 284.03.

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