Adani Wilmar shares hit 10% upper price band; key levels to watch
Adani Wilmar share price: The stock jumped 10 per cent to hit its upper circuit of Rs 348.55. Although, the scrip has fallen 42.30 per cent in 2023 so far and 22.16 per cent in the last six months.
- Nov 28, 2023,
- Updated Nov 28, 2023 3:20 PM IST
Shares of Adani Wilmar Ltd witnessed a strong upward move in Tuesday's trading session. The stock jumped 10 per cent to hit its upper circuit of Rs 348.55. Although, the scrip has fallen 42.30 per cent in 2023 so far and 22.16 per cent in the last six months. On BSE, around 7.24 lakh shares were last seen changing hands today. The figure was way more than the two-week average volume of 68,000 shares.
Turnover on the counter came at Rs 172.85 crore, commanding a market capitalisation (m-cap) of Rs 2,82,116.08 crore. There were 1,01,123 buy orders against sell orders of 62,866 shares.
Recently, it was reported that Adani Group may offload its entire stake of 43.97 per cent in Adani Wilmar.
On technical setup, support on the counter could be seen at Rs 328, followed by Rs 325.2 and Rs 309 levels. A decisive close above Rs 350 is required for further higher targets.
"Adani Wilmar is bullish on daily charts with next resistance at Rs 350. A daily close above this resistance could lead to target of 370. Support will be at 325.2," said AR Ramachandran from Tips2trades.
"Immediate hurdle for the stock is at Rs 350. Only a decisive close above this resistance level can give the stock further push. Keep stop loss placed at Rs 328," said DRS Finvest founder Ravi Singh.
"One can buy in the zone of Rs 325-335 for a target of Rs 365. Stop loss would be at Rs 309," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
The edible oil major reported a consolidated net loss of Rs 130.73 crore in the September 2023 quarter (Q2 FY24), as profitability was badly impacted in the cooking oil business. The company, which sells edible oil and other food products under the Fortune brand, had posted a net profit of Rs 48.76 crore in the corresponding period last year.
Its total income also slipped to Rs 12,331.20 crore during the July-September period of 2023-24 from Rs 14,209.20 crore in the year-ago period.
During Q2 FY24, the edible oil business contributed 58 per cent to the total volumes. However, the cooking oils accounted for 74 per cent of the total revenue from operations, which came at Rs 12,267 crore.
Watch: Paytm's parent company One97Communications, Zomato, Delhivery: Start-ups in BT500 List
Adani Wilmar is an equal joint venture (JV) between the Adani Group and Singapore-based Wilmar.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: 2 Adani stocks top NSE turnover table; Suzlon Energy, Vodafone Idea shares lead volume charts
Shares of Adani Wilmar Ltd witnessed a strong upward move in Tuesday's trading session. The stock jumped 10 per cent to hit its upper circuit of Rs 348.55. Although, the scrip has fallen 42.30 per cent in 2023 so far and 22.16 per cent in the last six months. On BSE, around 7.24 lakh shares were last seen changing hands today. The figure was way more than the two-week average volume of 68,000 shares.
Turnover on the counter came at Rs 172.85 crore, commanding a market capitalisation (m-cap) of Rs 2,82,116.08 crore. There were 1,01,123 buy orders against sell orders of 62,866 shares.
Recently, it was reported that Adani Group may offload its entire stake of 43.97 per cent in Adani Wilmar.
On technical setup, support on the counter could be seen at Rs 328, followed by Rs 325.2 and Rs 309 levels. A decisive close above Rs 350 is required for further higher targets.
"Adani Wilmar is bullish on daily charts with next resistance at Rs 350. A daily close above this resistance could lead to target of 370. Support will be at 325.2," said AR Ramachandran from Tips2trades.
"Immediate hurdle for the stock is at Rs 350. Only a decisive close above this resistance level can give the stock further push. Keep stop loss placed at Rs 328," said DRS Finvest founder Ravi Singh.
"One can buy in the zone of Rs 325-335 for a target of Rs 365. Stop loss would be at Rs 309," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
The edible oil major reported a consolidated net loss of Rs 130.73 crore in the September 2023 quarter (Q2 FY24), as profitability was badly impacted in the cooking oil business. The company, which sells edible oil and other food products under the Fortune brand, had posted a net profit of Rs 48.76 crore in the corresponding period last year.
Its total income also slipped to Rs 12,331.20 crore during the July-September period of 2023-24 from Rs 14,209.20 crore in the year-ago period.
During Q2 FY24, the edible oil business contributed 58 per cent to the total volumes. However, the cooking oils accounted for 74 per cent of the total revenue from operations, which came at Rs 12,267 crore.
Watch: Paytm's parent company One97Communications, Zomato, Delhivery: Start-ups in BT500 List
Adani Wilmar is an equal joint venture (JV) between the Adani Group and Singapore-based Wilmar.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: 2 Adani stocks top NSE turnover table; Suzlon Energy, Vodafone Idea shares lead volume charts