Shares of Adani Wilmar were stuck in the upper circuit of 5 per cent today as the upcoming festive season would spur demand for the products of the FMCG firm. Adani Wilmar stock gained 5 per cent to Rs 770.05 against the previous close of Rs 733.40 on BSE. Adani Wilmar shares also touched an intraday low of Rs 738.05 on BSE.
A total of 8.62 lakh shares of the firm changed hands amounting to a turnover of Rs 65.77 crore on BSE. Market cap of the firm reclaimed the Rs 1-lakh crore mark on BSE. It stood at Rs 1,00,081 crore at 2:55 pm today.
The share hit a high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock has lost 12.32 per cent from the yearly high.
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Currently, Adani Wilmar stock is trading 248.43 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 May 2, 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 rose 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.
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Similarly, shares of another edible oilmaker Patanjali Foods (earlier known as Ruchi Soya) were stuck in the upper circuit of 5 per cent during the afternoon session. In anticipation of high demand during the festive season, the stock rose 5 per cent to Rs 1,401.45 against the previous close of Rs 1,334.75 on BSE. Patanjali Foods shares also touched an intraday low of Rs 1,341.20 on BSE. A total of 1.07 lakh shares of the firm changed hands amounting to a turnover of Rs 15.01 crore on BSE. Market cap of the firm rose to Rs 50,731 crore on BSE.