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Avanti Feeds corrects on profit booking

Capital Market 

Avanti Feeds was down 2.54% at Rs 540.25 amid profit booking after a recent rally.

Shares of shrimp feed manufacturer rallied 20.03% in three trading sessions to settle at Rs 554.35 on Friday, 8 November 2019, from its close of Rs 461.85 on 5 November 2019.

The company announced a stellar Q2 result on 19 October 2019. Its consolidated net profit surged 155.8% to Rs 118.70 crore on a 41.1% increase in net sales to Rs 1064.30 crore in Q2 2019 over Q2 2018.

Shares of Avanti Feeds advanced 56.31% in last one month as compared to a 7.03% rise in Nifty 50 index. The stock also hit its 52-week high of Rs 571.2 in intraday trade today.

Avanti Feeds has marked its presence in the field of aquaculture by engaging in manufacturing high-quality feed for shrimps, operating the Vannamei hatchery and processing and exporting shrimps. The company has a strong technical and marketing tie-up with the Thai Union, a Group of Thailand to strengthen its capabilities in the field of aquaculture.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 11 2019. 12:43 IST