Adani Wilmar stock zooms 19% a day after tepid market debut

Adani Wilmar shares rose 19% in early trade a day after the Adani Group stock closed at upper  circuit on its market debut. Stock of Adani Wilmar gained 18.72% to Rs 314.85 against the previous close of Rs 265.20 on BSE.

Market cap of the firm rose to Rs 40,614 crore on BSE. Total 26.31 lakh shares changed hands amounting to a turnover of Rs 76.98 crore on the BSE.

On NSE, the stock rose 17.39% to Rs 314.90. Total 4.42 crore shares changed hands amounting to a turnover of Rs 1,301 crore.

The stock has gained 42.46% in two sessions. On Tuesday, it opened 4% lower to the IPO issue price at Rs 221. The issue price of the IPO stood at Rs 230.

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Rajnath Yadav, Research Analyst, Choice Broking said, "Anticipating a secular growth trend in the edible oil business and huge untapped market in the food & FMCG business segment, we had assigned a 'SUBSCRIBE' rating for the issue. We further see upside in the share price. Thus, we recommend investors to remain invested."

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The rally comes a day after Adani Wilmar stock closed 16% higher to the issue price on its market debut. The stock of the Adani Group firm ended at Rs 268.25 on NSE, up 16.63% to the issue price of Rs 230.

On BSE, the stock ended 15.30% higher to the IPO issue price of Rs 230. The share was stuck in the upper circuit of 20% since afternoon trade and closed at the same level compared to the opening price of Rs 221.