Shares of Avanti Feeds soared to a fresh high

Shares of Avanti Feeds, a supplier of shrimp feed and prawns, soared to a fresh high after the company reported a stellar set of earnings thanks to a surge in exports.

Avanti Feeds said its first quarter profit jumped 78 percent to 45.7 crore rupees compared with 25.6 crore rupees in the same quarter a year ago. Sales at the shrimp major rose 26 percent to 603 crore rupees during April-June compared with 479.8 crore rupees in the year ago period. Profit was boosted mainly by the shrimp feeds business which surged 35 percent to 535 crore rupees.

Avanti Feeds leapt 441 rupees, or 17.3 percent, to 2,990 rupees on the National Stock Exchange, where 45,965 shares were traded by 10:20 am compared with the 5-day average of 14,600. Avanti Feeds figured in the top volume buzzers list on the NSE.

Avanti Feeds' market capitalisation has gained 148 percent to 2,304 crore rupees over one year.

Image credit: Indiatimes