More upside to follow in Avanti Feeds?

More upside to follow in Avanti Feeds?

by 5paisa Research Team Last Updated: Dec 11, 2022 - 09:16 pm 40.8k Views
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In one year, the stock has delivered about 18% returns to its shareholders and has been resilient to market fluctuations.

Avanti Feeds Limited is a manufacturer of prawn and fish feeds, and shrimp processor and exporter. The company's principal products/services are shrimp feed and processed shrimp. It is a midcap company with a market capitalization of Rs 8384 crore. and adheres to top quality standards required in the food processing industry.

The company is quite strong fundamentally as it has reported consistently increasing profits on a YoY basis. In the last five years, the company has reported higher than industry average revenue growth and has also captured a good amount of market share. With such strong performance, the institutions hold nearly 25% of the company’s stake. The promotors hold about 45% of the total stake of the company while the rest is being held by HNIs and the public.

In one year, the stock has delivered about 18% returns to its shareholders and has been resilient to market fluctuations. However, the short period of one month has been quite phenomenal for the company as the stock delivered about a 13% rise in its share value and has outperformed most of its peers.

The stock has been trending strongly in the past two days as it surged over 8% during the time. It rose above its prior swing high, and it trades above all the short and long term moving averages. Moreover, all the key moving averages are upward sloping which suggests a strong uptrend. The difference between the stock price and the 20-day moving average is nearly 10%, which indicates high momentum. Also, the RSI is in super bullish territory. Along with this, the trend indicator ADX is rising, which indicates a strong uptrend in the stock. The bullish nature of the stock is supported by above-average volume which hints towards active market participation.

The stock still trades below its 52-week high by about 18%. Considering such strong bullish nature of the stock, we might soon see action up to the level of Rs 750.

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