Shares of Adani Wilmar gained nearly 8% today amid a rally in the broader market in line with positive global cues. Adani Wilmar stock climbed 7.71 per cent to Rs 724 against the previous close of Rs 672.15 on BSE. The stock has gained for the second consecutive session. A total of 3.87 lakh shares of the firm changed hands amounting to a turnover of Rs 27.27 crore on BSE. Market cap of the firm rose to Rs 93,121 crore on BSE. Later, the stock closed 6.60 per cent higher at Rs 716.50. The share hit a high of Rs 878.35 on April 28, 2022.
Considering the current market price, the stock has lost 23.47 per cent from the yearly high. Currently, Adani Wilmar stock stands 204.14 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. Meanwhile, the Gautam Adani-led firm will announce earnings for the quarter ended September on November 3.
ALSO READ: Adani Wilmar shares rise 5%, gain for second straight session
In its September quarter update on October 12, the edible oil major said its overall revenue in the Q2 would grow by low single-digit annually amid a fall in rates of edible oils.
Adani Wilmar said prices of edible oils, namely palm oil, soyabean oil and sunflower, declined sharply in the September quarter and are now trending more or less at pre-Covid levels. “We saw the prices of palm oil and soyabean oil drop sharply from the highs of $1,750 and $1,850 in June to $850 and $1,100 a tonne by the end of September 2022,” the company said adding that it passed on the benefit of lower prices to customers in a bid to protect market share.
ALSO READ: Adani Wilmar vs Patanjali Foods: Which stock do analysts recommend?
In Q1 of the current fiscal, the firm reported a 10 per cent rise in consolidated net profit at Rs 193.59 crore against net profit of 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.