Adani Wilmar share price: The stock has gained 21.32 per cent in the past one month.Adani Wilmar shares on Wednesday saw a sharp uptick as the stock soared 10 per cent to touch its upper price band of Rs 393.45. The stock has gained 21.32 per cent in the past one month.
The company recently said it has signed a share subscription and share purchase agreement for taking a majority stake of 67 per cent in Omkar Chemical Industries Pvt Ltd (OCIPL), Gujarat. We would like to inform that the company has completed the acquisition of a 67 per cent stake by acquiring and subscribing to the equity shares of OCIPL, it stated in an exchange filing.
Prior to this, it launched a premium quality atta named Fortune Premium Sharbati Atta. Adani Wilmar reported a first-quarter (Q1 FY25) profit, compared with a year-ago loss, helped by higher sales of its edible oils and foods such as basmati rice. The company reported a consolidated net profit of Rs 313 crore for the April-June quarter as against a year-ago loss of Rs 78.92 crore.
On technical setup, near-term support on the counter could be seen at Rs 380. And, a decisive close above Rs 410 is required for further upside.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock recovered significantly from Rs 350 level. Currently, it has indicated a strong spurt with huge volume participation. The stock needs to cross its tough resistance barrier of Rs 410 decisively to establish conviction and anticipate a fresh upward move in the coming days for the next higher targets of Rs 440 and Rs 464."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 380 and resistance at Rs 410. A decisive close above Rs 410 level may trigger a further upside towards Rs 440. The expected trading range will be between Rs 440 and Rs 375 for the short term."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking suggested that the stock can face some resistance at Rs 400 level in the near term.
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. As of June 2024, promoters held an 87.87 per cent stake in the company.
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