Avanti Feeds' consolidated net profit rose 14.33% to Rs 115.99 crore on 12.62% drop in revenue from operations to Rs 955.40 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) rose 1.20% to Rs 147.01 crore in Q1 June 2020 over Q1 June 2019. Total tax expense for the quarter slumped 29.22% year-on-year to Rs 31.01 crore. The Q1 result was declared during market hours today, 27 August 2020.
On the technical front, the stock's RSI (relative strength index) stood at 78.431. 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 479.30 and its 200-day moving average (DMA) placed at 487.03.
Avanti Feeds is a manufacturer of prawn and fish feeds, and shrimp processor and exporter. The company's principal products/services are shrimp feed and processed shrimp.
Shares of Avanti Feeds fell 1.03% to Rs 553.05 on BSE. The stock traded in the range of Rs 543 to Rs 587.35 in intraday.
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