Avanti Feeds Enters Pet Care Market
Avanti Feeds, a company engaged in shrimp feed production, recently announced the incorporation of its subsidiary, Avanti Pet Care Private Limited. The new subsidiary aims to expand Avanti Feeds' operations into the manufacturing and trading of pet food and pet care products.
According to a regulatory filing by Avanti Feeds, the subsidiary will focus on producing and trading pet foods, pet healthcare products (such as medicines, shampoo, soaps, creams, and grooming products), and other pet care items, including pet equipment associated with pet care. The company stated that this new venture is similar to its existing shrimp feed business.
The newly incorporated subsidiary is expected to complete its project implementation within two years.
Following this announcement, investors have shown optimism about Avanti Feeds' expansion into the pet care segment, recognizing the potential for revenue growth. As a result, the company's stock reached a high of ₹417 during the day and eventually traded at ₹408, reflecting an increase of over one percent compared to the previous day's closing price.
Although concerns about weakness in shrimp production persist for FY24, analysts have expressed a positive outlook on the stock.
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