Avanti Feeds gained 2.97% after the US food and drug regulator removed import alert of Avanti Frozen Foods, a subsidiary of the company on shrimp exports to the U.S.
The animal feed producer stated that the USFDA has removed shrimps produced and exported by Avanti Frozen Foods to USA from detention without physical examination under import alert from 21 October 2022.The United States Food and Drug Administration (USFDA) had imposed an alert on 4 March 2021, due to presence of Salmonella in the shrimp produced and exported by Avanti Frozen Foods to USA.
This will enable the company's unit, Avanti Frozen Foods, to accelerate the export of value added shrimp products to the U.S.
Avanti Feeds 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.
The company's consolidated net profit declined 9.1% to Rs 66.26 crore despite of 11.4% rise in net sales to Rs 1,569.30 crore in Q1 FY23 over Q1 FY22.
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