Adani Wilmar stock hits upper circuit
Adani Wilmar stock – In a tumultuous trading session today, shares of Adani Wilmar reached an upper circuit of 5%. In comparison to its previous BSE close of Rs. 591.75, the Adani Wilmar stock increased by 5% to an intraday high of Rs. 621.3. After falling for five days straight, the Adani Group stock has increased. The stock also hit an intraday low on BSE, falling 2.57 percent to Rs. 576.55.
While trading below the 5-day, 20-day, and 50-day moving averages, Adani Wilmar trades above the 100-day and 200-day moving averages. The stock has increased 8.71% in the past month.
3.06 lakh shares of the company were traded in all, resulting in a BSE turnover of Rs 18.74 crore. The company’s market value increased to Rs 80,255 crore on the BSE.
Adani Wilmar Stock Update
On April 28, 2022, the stock reached a high of Rs 878.35. The stock has lost more than 29% thus far as compared to the current market price.
On February 8, the business made a subdued market entry. Adani Wilmar shares were launched on the BSE at Rs 221, or 3.91 percent less than their IPO issue price. The initial public offering’s issue price was Rs 230. The company set a price range of Rs 218-Rs 230 for its shares.
With a “Hold” rating and a SoTP-based target price of Rs 550, ICICI Securities began covering the Adani Wilmar shares in mid-May. The brokerage anticipates a 10% volume growth CAGR for the edible oil business for the period of FY22 to FY24E. (including the impact of the Bangladesh acquisition).
“With some benefit from Bangladesh’s full-year consolidation (note: operations in Bangladesh are mostly in the edible oil category), we anticipate volume growth of 11% in FY23E. In the business of edible oils, we anticipate volume growth of 9.0% for FY24E “It read.
Strong competitive advantages (price-laddering, oil segments, size, and market intelligence (courtesy Wilmar)), according to ICICI Securities, will provide Adani Wilmar an advantage over the competitors in the edible oil industry.
On May 2, Adani Wilmar announced a 26% decrease in net profit for the quarter ended March 31, 2022, to Rs 234.3 crore, compared to Rs 315 crore the prior year. However, compared to the corresponding quarter of the previous fiscal year, Q4 income from operations increased by 40% YoY to Rs 14,960.4 crore from Rs 10,672 crore.
A joint venture between the Adani Group and the Wilmar Group of Singapore is called Adani Wilmar Ltd. It is involved in the production of sugar, wheat flour, rice, legumes, and edible oil. The corporation is also the owner of Fortune, the most widely used brand of edible oil in India.