Adani Wilmar shares rise 10% in two volatile sessions

Shares of Adani Wilmar have gained 10.03 per cent amid volatile trading during the last two sessions. Adani Wilmar stock, which closed at Rs 589 on July 8, rose to Rs 648.10 today gaining 10.03 per cent during the period. On Monday, the stock closed 4.79 per cent higher on BSE.

The large cap stock hit upper circuit of 5 per cent in volatile trade today. Adani Wilmar stock rose 5 per cent to an intraday high of Rs 648.10 against the previous close of Rs 617.25 on BSE.   

Adani Wilmar shares are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock also touched an intraday low of Rs 607.10 on BSE.

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A total of 1.17 lakh shares of the firm changed hands amounting to a turnover of Rs 7.48 crore on BSE. Market cap of the firm rose to Rs 84,232 crore on BSE.

The share hit a record high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock has lost 26.21 per cent till date.

However, the stock is still trading 193.25 percent higher than its listed price. The share made a muted market debut on February 8.

Shares of Adani Wilmar listed at Rs 221, a 3.91 per cent discount to their IPO issue price on BSE. The issue price of the IPO stood at Rs 230. The firm offered its shares in a price band of Rs 218-Rs 230.

AR Ramachandran, co-founder & trainer, Tips2Trades said, "Adani Wilmar's balance sheet and other metrics like ROCE and more importantly debt-equity along with stronger parent name makes it a good long-term buy. Technically, though, long-term investors should try to accumulate Adani Wilmar near Rs 530- Rs 540 levels for long-term targets of Rs 980- Rs 1,150 in the coming months."

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On May 2, Adani Wilmar reported a 26 per cent fall in net profit at Rs 234.3 crore for the quarter ended March 31, 2022 against a net profit of Rs 315 crore in the year-ago period. However, revenue from operations climbed 40 per cent YoY to Rs 14,960.4 crore in Q4 against Rs 10,672 crore in the corresponding quarter of last fiscal.

Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the manufacturing of edible oil, wheat flour, rice, pulses, and sugar. The company also owns the popular brand Fortune, which is the largest selling edible oil brand in India.