Avanti Feeds advances after starting production at unit

Avanti Feeds rose 3.57% to Rs 1,881 at 9:34 IST on BSE after the company said that its subsidiary has started commercial production of shrimp processing and export at its new plant in Andhra Pradesh.

The announcement was made after market hours yesterday, 6 September 2017.

Meanwhile, the S&P BSE Sensex was up 104.76 points or 0.33% at 31,766.73. The S&P BSE Mid-Cap index rose 104.94 points or 0.67% at 15,809.94.

On the BSE, 2,946 shares were traded on the counter so far as against the average daily volumes of 21,238 shares in the past one quarter. The stock had hit a high of Rs 1,901.30 and a low of Rs 1,802.50 so far during the day. The stock had hit a record high of Rs 1,974.10 on 14 August 2017 and a 52-week low of Rs 411 on 9 November 2016.

The stock had outperformed the market over the past one month till 6 September 2017, advancing 1.92% compared with the Sensex's 2.05% fall. The stock had also outperformed the market over the past one quarter, gaining 29.97% as against the Sensex's 1.51% rise. The scrip had also outperformed the market over the past one year, advancing 236.08% as against the Sensex's 9.26% rise.

The mid-cap company has equity capital of Rs 9.08 crore. Face value per share is Rs 2.

Avanti Feeds said that Avanti Frozen Foods, a subsidiary of the company, has started commercial production of shrimp processing and export at its new plant in Yerravaram, East Godavari District, Andhra Pradesh, with effect from 31 August 2017.

On a consolidated basis, Avanti Feeds' net profit surged 203.6% to Rs 148.84 crore on 37.8% growth in net sales to Rs 998.17 crore in Q1 June 2017 over Q1 June 2016.

Avanti Feeds is the leading manufacturer of prawn and fish feeds and shrimp processor and exporter from India.

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