Shares of Adani Wilmar Ltd on Friday jumped 8.41 per cent to settle at Rs 390.60. At this price, the stock traded 23.32 per cent lower from its one-year high of Rs 509.40, a level seen on May 24 last year. Despite the mentioned fall, the scrip has gained 36.65 per cent compared to its 52-week low price of Rs 285.85, hit on November 20, 2023.
The company has reported a 18.29 per cent drop in its year-on-year (YoY) consolidated net profit during the third-quarter of the ongoing financial year 2023-24 (Q3 FY24). Its net profit came at Rs 201 crore as against Rs 246 crore in the same period last fiscal. In Q3 FY24, revenue from operations fell 16.91 per cent to Rs 12,828 crore from Rs 15,438 crore in the year-ago period.
On technical setup, analysts largely remained 'positive' on the counter. Support could be seen at Rs 375, followed by Rs 362 and Rs 360 levels. Immediate resistance may be found at Rs 400 and a decisive close above the said zone is required for further upside.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 360 and resistance at Rs 398. A decisive close above Rs 398 level may trigger a further upside till Rs 420."
AR Ramachandran from Tips2trades said, "Adani Wilmar is bullish on daily charts with next resistance at Rs 406. A daily close above this resistance could lead to a target of Rs 453 in the near term. Support will be at Rs 362."
DRS Finvest founder Ravi Singh said, "The stock looked strong on daily charts. It may hit Rs 400 in the near term. Support will be at Rs 375."
Adani Wilmar is an equal joint venture (JV) between the Adani Group and Singapore-based Wilmar. As of December 2023, promoters held 87.87 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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