India's ADF Foods hits near 5-month high on Q4 profit jump

ADF Foods

08/05/2023 08:41

** Shares of ADF Foods Ltd  AMRN.NS  rise as much as 13.5%
to 861.10 rupees, their highest since Dec. 15
    ** Sharpest intraday pct gain since Dec. 13
    ** Co engaged in canned and frozen food business reports
45.7% jump in March-qtr consol net profit to 163.3 mln rupees
($2 mln) compared with 112.1 mln rupees a year earlier
    ** Rev from ops up 13.8% at 1.23 bln rupees
    ** Board recommends final dividend of 5 rupees per share,
also approves sub-division of one equity share into five equity
shares
    ** Approves acquisition of additional shares in Telluric
Foods (India) unit via conversion of loan and further investment
    ** Stock trading above 50-, 100- and 200-day moving
averages'
    ** RSI above 70, at 72.50, suggesting stock is overbought;
MACD line above signal line since March 31, indicating bullish
momentum
    ** More than 151,750 shares traded by 12:53 p.m. IST, 14.6x
the 30-day avg 
    ** Stock down 2.7% so far this year, up to last close


($1 = 81.7360 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))