Shares of Avanti Feeds rose nearly 10% today amid a rally in the broader markets. Avanti Feeds stock surged 9.87% to Rs 401.45 against the previous close of Rs 365.40 on BSE. Stock of Avanti Feeds has surged after four days of fall. However, the stock also hit a 52-week low of Rs 363.95 in early trade today.
Avanti Feeds stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The small cap stock has lost 28.6% this year and fallen 31.23% in the last one year. Total 2.99 lakh shares of the firm changed hands amounting to a turnover of Rs 11.65 crore. The stock hit a 52-week high of Rs 638 on January 25, 2022.
Abhijeet from Tips2trade said, “Despite decent Q2FY23 results and overall steady fundamentals, like other small & mid cap stocks, Avanti Feeds stock has also seen a sharp downfall since the past few days. The stock is currently oversold and a daily close above Rs 383 can be a good time to buy for targets of Rs 433-475 in the near term. Rs 364 will be a strong support.”
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking said, “The stock has undergone significant price/time correction since November 2017 peak of Rs 980 and are still trading in neutral price region on their momentum readings indicating that possibility of further downside remains. Retracement level of 50% of its entire historical rally had its strong support base at Rs 535 for almost two years in a row, initiating pullback for multiple number of times. Presently, the stock has breached past the said support level. Hence, further weakness towards the next crucial 61.8% retracement level of Rs 287-300 might be the probable target in near term.”
India’s largest shrimp feed maker reported a 14% rise in Q2 profit at Rs 56.62 crore against Rs 24.12 crore in the corresponding quarter of the previous fiscal. Sales climbed 7.84% to Rs 1332 crore in the September 2022 quarter against Rs 1226 crore in Q2 of the last fiscal.
However, on a quarter-on-quarter basis, earnings were not so encouraging. Profit fell 14.55% from Rs 66.26 crore in the June quarter.
Sales too fell 15.75% from Rs 1569.30 crore in the first quarter of the previous fiscal.
Avanti Feeds is an integrated seafood company. Its segments include shrimp feed, processed shrimp, power, and shrimp hatchery. The shrimp feed is manufactured and marketed to the farmers, which is used in aqua culture to grow shrimp. The company provides products to various markets such as Europe, Japan, Korea, China, Russia, Canada, and the Middle East.
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