Shares of Adani Wilmar gained nearly 5% in trade today amid a rally in the broader market in line with positive global cues. Adani Wilmar stock climbed 4.98 per cent to Rs 693.90 against the previous close of Rs 661 on BSE. The stock has gained for the second consecutive session. Adani Wilmar shares also touched an intraday low of Rs 667.90 on BSE. A total of 1.47 lakh shares of the firm changed hands amounting to a turnover of Rs 10.07 crore on BSE. Market cap of the firm rose to Rs 89,287 crore on BSE.┬а
The share hit a high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock has lost 21 per cent from the yearly high.
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Currently, Adani Wilmar stock is trading 214 per cent higher than its market listing price. The stock made a muted market debut on February 8. Adani Wilmar stock listed at Rs 221, a 3.91 per cent discount to its IPO issue price on BSE. The issue price of the IPO stood at Rs 230. The firm offered its shares in a price band of Rs 218-Rs 230.
On October 12, Adani Wilmar said the company’s overall revenue in the July-September quarter will annually grow by low single-digit amid a fall in rates of edible oils.
“Multiple macro challenges continued to impact the business in the quarter gone by owing to domestic and global cues, continued geo-political standoff, rising interest rates, slow uptick in the rural demand and delayed withdrawal of monsoon in major parts of India,” it said.
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Adani Wilmar said the company was witnessing some positive signs of recovery, with softening of commodity prices and higher foodgrain production estimates for the last crop year.
The edible oil major reported a 10 per cent rise in consolidated net profit at Rs 193.59 crore for the quarter ended June on higher sales. Net profit stood at Rs 175.70 crore in the year-ago period. Total income climbed to Rs 14,783.92 crore in the first quarter from Rs 11,369.41 crore in the corresponding period of the previous year.
Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the manufacturing of edible oil, wheat flour, rice, pulses, and sugar. The company also owns the popular brand Fortune.┬а
Shares of another edible oilmaker Patanjali Foods (earlier known as Ruchi Soya) was trading 0.74 per cent higher at Rs 1,432.80 against the previous close of Rs 1422.25 on BSE. Patanjali Foods shares also touched an intraday low of Rs 1416.20 on BSE. A total of 0.18 lakh shares of the firm changed hands amounting to a turnover of Rs 2.53 crore on BSE.┬а
