Shares of Adani Wilmar Ltd gained after five sessions of fall despite highly volatile sentiment in the broader market today. Adani Wilmar stock rose 4.63% to Rs 438 against the previous close of Rs 418.60 on BSE. A total of 3.83 lakh shares of the firm changed hands amounting to a turnover of Rs 16.49 crore in the current trading session. Market cap of the firm rose to Rs 55,769 crore on BSE. Adani Wilmar shares have fallen 32.03% in a year and lost 30.46% in 2023.
In terms of technicals, the relative strength index (RSI) of Adani Wilmar stands at 46.6, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.4, indicating very high volatility in a year. Shares of Adani Wilmar are trading higher than the 5 day, 50 day and 100 day moving averages but lower than 20 day and 200 day moving averages.
Abhijeet from Tips2trades said, "Adani Wilmar has strong resistance at Rs 442 on the Daily charts. Investors should buy only if above resistance is broken on a closing basis. Strong support will be at Rs 413."
The FMCG stock hit a 52 week high of Rs 841.90 on September 23, 2022 and a 52 low of Rs 327 on February 28, 2023. However, the Adani Group stock is still trading 49% lower to the 52-week high of Rs 841.90. The stock along with other group scrips has been majorly hit by Hindernburg’s report on the Adani Group, which was released on January 24 this year.
Gaurav Bissa, VP, InCred Equities said, "AWL has been in a strong corrective phase after forming double top pattern on the daily charts. This reversal pattern resulted in the price falling from Rs 850 to Rs 350 within 6 months. Since then, the stock has been consolidating in a range. The stock is expected to witness time correction going forward with strong hurdle at Rs 490 levels and support at Rs 360 levels. The stock is still trading below its 200dema which implies the trend remains subdued. One can add the stock toward Rs 390 levels which will be the support of ascending channel pattern and can provide better risk reward structure."
V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT) said, "Adani Wilmar Ltd (AWL) had closed straight 9 days below its opening and today AWL has given a closing above its Day open price viz Rs 424 to Rs 431.20. So, if price sustains above Rs 450 in the next 1-3 days, one can consider it as an opportunity to enter but keep stop loss of Rs 390. Target to be expect 495/510/530/550/565/600 if this breakout gets sustained this time.”
Adani Wilmar reported a 60% fall in consolidated profit after tax (PAT) to Rs 93.6 crore for the March 2023 quarter against a net profit of Rs 234.29 crore in the corresponding quarter of the previous fiscal. Revenue from operations fell 7% YoY to Rs 13,872.6 crore in Q4 FY23 compared to Rs 14,917.2 crore in Q4 FY22.
Revenue in the last fiscal stood at Rs 58,185 crore, while profit after tax stood at Rs 582 crore.
The company crossed 5 million metric tonne of sales during FY23. Revenue from food segment doubled 2 years to close the year around Rs 4,000 crore. Both wheat flour and rice businesses crossed Rs 1,000 crore in revenue in FY23.
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