The shares of shrimp feed companies Avanti Feeds Ltd. and Apex Frozen Foods Ltd. fell to one-month low on Thursday after US President Donald Trump announced reciprocal tariffs on nearly 60 countries, including India.
The US has announced reciprocal tariff of 27% with exemptions for certain sectors like Pharma.
Avanti Feeds in the quarter ended December derived 69% of its overall revenue from the North American market, down from 82% during the same quarter last year, according to its investor presentation.
On the other hand, Apex Frozen Foods' 52% of overall revenue in the third quarter of the previous fiscal came from the United States.
Avanti Feeds Share Price
The shares of Avanti Feeds fell as much as 19.16% to Rs 720.05 apiece, the lowest level since Feb. 4. The stock pared losses to trade 18.75% lower at Rs 723.75 apiece, as of 12:26 p.m. This compares to a 0.28% decline in the NSE Nifty 50 Index.
It has risen 40.83% in the last 12 months and 7.85% year-to-date. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 35.
Out of two analysts tracking the company, one maintains a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 30.5%.
Apex Frozen Foods Share Price Fall
The shares of Apex Frozen Foods fell as much as 7.86% to Rs 199.11 apiece, the lowest level since Feb. 3. The stock pared losses to trade 6.26% lower at Rs 202.56 apiece, as of 12:22 p.m. This compares to a 0.25% decline in the NSE Nifty 50 Index.
It has fallen 3.70% in the last 12 months and 22.83% year-to-date. Total traded volume so far in the day stood at 9 times its 30-day average. The relative strength index was at 38.
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