Shares of Adani Wilmar hit a new high of Rs 299.65 after they rallied nearly 13 per cent on the BSE in Wednesday's intra-day trade.
With today's rally, the stock of Adani Group edible oil major has surged 30 per cent over its issue price of Rs 230 per share, and is above 36 per cent from its listing price of Rs 221 on the BSE. On the NSE, it had listed with a minor loss of 1 per cent at Rs 227.
Adani Wilmar is the seventh listed company of Adani Group. The company is a joint venture between the Adani group and Wilmar group, and is India's leading manufacturer of edible oil under the Fortune brand. Besides oil, the company offers products like wheat flour, rice, pulses, sugar and packaged food.
The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions as the company seeks to become India's biggest food and FMCG company.
The company is one of the few major FMCG players to enjoy pan-India coverage with its huge distribution network comprising 5,566 distributors across 28 states and eight union territories throughout India catering to over 1.6 million retail outlets.
"Adani Wilmar benefits from its parentage, leveraging the in-depth understanding of local markets, extensive experience in domestic trading and advanced logistics network. The company has successfully managed to develop its “Fortune” brand in the edible oil category with leadership position in the last 20 years," ICICI Securities had said in a note.
Separately, Adani Wilmar has informed that the board of directors of the Company is scheduled to meet on February 14, 2022 to consider and approve unaudited financial results for the quarter and nine months ended on December 31, 2021.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU