Kotak Mahindra Mutual Fund's Stake in Avanti Feeds Exceeds 5% Following Recent Share Acquisition

Avanti Feeds Stake Increased by Kotak Mahindra Mutual Fund

Kotak Mahindra Mutual Fund has raised its stake in Avanti Feeds to over 5% following the acquisition of an additional 62,044 shares, or 0.045%, on March 10 via the open market. The fund acquired the equity shares through its equity schemes, as per the regulatory filing on March 12.

The acquisition brings the total ownership of Kotak Mahindra Mutual Fund in Avanti Feeds to 5.02%. However, the company has not disclosed the price at which the fund house acquired these shares. This fresh acquisition comes at a time when the multibagger stock has been witnessing severe volatility amid the broader market sell-off.

Avanti Feeds share price trend has remained under severe pressure over the last one month, losing 12.3% of its value. However, the overall decline was limited as the stock had witnessed a sharp rally earlier in February, rising nearly 80% between February 3 and 13 after the United States and India announced an interim trade deal that reduced tariffs on Indian exports from 50% to 18%.

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The company's financial performance has shown improvement, with a consolidated net profit of ₹163 crore, up from ₹141 crore in the same period last year. Consolidated revenue from operations also rose to ₹1,384 crore, compared with ₹1,366 crore in the year-ago quarter. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased 9.4% to ₹176 crore, up from ₹160.8 crore in the third quarter of the previous fiscal year, while margins expanded 500 basis points year-on-year to 12.7%.