The shares of Avanti Feeds went up nearly 10% as a result of a rally in the broader markets. Avanti Feeds' stock was up 9.87% to Rs 401.45 against the previous close of Rs 365.40 on the BSE. The stock of Avanti Feeds has gone up after four days of fall. In early trade, the stock hit a 52 week low of 363.95.
Avanti Feeds' stock is trading lower than the 200 day, 20 day, 50 day, 100 day and 5 day moving averages.
The small cap stock has fallen by 31.23% this year and lost 28.6% this year. The firm's shares changed hands to a total of 2.99 lakh, which is a turnover of Rs 11.65 crore. The stock was at a 52 week high of 638 on January 25, 2022.
Abhijeet from Tips 2 Trade said that Avanti Feeds stock has seen a steep decline since the past few days despite decent Q 2 FY 23 results and overall steady fundamentals. 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. The support of Rs 364 will be strong. India's largest shrimp feed maker reported a 14% increase in Q 2 profit at Rs 56.62 crore against Rs 24.12 crore in the corresponding quarter of the previous fiscal. Sales rose 7.84% to 1332 crore in the September 2022 quarter against 1226 crore in Q 2 of the last fiscal year.
Earnings were not so encouraging on a quarter-on-quarter basis. The June quarter's profit fell 14.55% from Rs 66.26 crore.
In the first quarter of the previous fiscal, sales fell by 15.75% from 1569.30 crore.
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 aquaculture to grow shrimp. The company provides products to Europe, Japan, Korea, China, Russia, Canada, and the Middle East.