Adani Wilmar shares hit 10% upper circuit today, Key stock levels to watch
Premium- Newly listed Adani Wilmar stock is up about 50% from its IPO issue price of ₹230 per share
Shares of Adani Wilmar surged to hit the 10% upper circuit level at ₹345 apiece on the BSE in Wednesday's trading session. The Adani Group stock, that made its market debut earlier this month, has fallen about 17% from its all-time high level of ₹419.9 it had hit on February 11, 2022. However, the counter is up about 50% from its IPO issue price of ₹230 per share.
“Adani Wilmar stock is in buying freeze. It may go upto 380 levels after the freeze is opens. The stock is looking attractive for long term investment with the target range of ₹450-480 levels," said Ravi Singh, VP and Head of Research at Share India Securities.
The edible oil major reported a 66% jump in consolidated net profit to ₹211 crore for the third quarter ending December 2021. Meanwhile, its revenue from operations rose over 40% to ₹14,379 crore from ₹10,229 crore in the same quarter last year.
Adani Wilmar had opened its three-day initial public offering (IPO) on January 27 and the issue closed on January 31. The issue was subscribed more than 17 times. The edible oil major had finalised the issue price of its ₹3,600 crore initial share sale at ₹230 per share. The company said it will use for setting up new plants, repaying debt and making strategic acquisitions.
Adani Wilmar is a 50:50 joint venture (JV) between conglomerate Adani Group and Wilmar Group of Singapore. Incorporated in 1999, the FMCG food company offers most of the essential kitchen commodities, including edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the Fortune brand. Apart from cooking oils, it sells food products like rice, wheat flour, and sugar. It also sells non-food products like soap, handwash, and sanitisers.
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