scorecardresearch
Adani Wilmar shares rise 4% in volatile trade, what's behind the rally?

Adani Wilmar shares rise 4% in volatile trade, what's behind the rally?

Adani Wilmar share price today: The stock gained 4.09 per cent intraday to Rs 761.55 against the previous close of Rs 731.65. Adani Wilmar shares also touched an intraday low of Rs 731.50 on BSE.

Adani Wilmar stock is likely to be included in the Nifty Next 50 index along with Indian Railway Catering and Tourism Corporation (IRCTC Ltd), Motherson, Bharat Electronics Ltd (BEL), and Hindustan Aeronautics Ltd (HAL). Adani Wilmar stock is likely to be included in the Nifty Next 50 index along with Indian Railway Catering and Tourism Corporation (IRCTC Ltd), Motherson, Bharat Electronics Ltd (BEL), and Hindustan Aeronautics Ltd (HAL).

Shares of Adani Wilmar rose 4 per cent amid volatile trade today as the stock was one of the probable inclusions in Nifty Next 50 index. Adani Wilmar stock gained 4.09 per cent intraday to Rs 761.55 against the previous close of Rs 731.65 on BSE. Adani Wilmar shares also touched an intraday low of Rs 731.50 on BSE.

A total of 7.98 lakh shares of the firm changed hands amounting to a turnover of Rs 59.66 crore on BSE. Market cap of the firm rose to Rs 96,501 crore on BSE.

The share hit a high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock has lost 13.29 per cent till date.

Adani Wilmar stock is likely to be included in the Nifty Next 50 index along with Indian Railway Catering and Tourism Corporation (IRCTC Ltd), Motherson, Bharat Electronics Ltd (BEL), and Hindustan Aeronautics Ltd (HAL), a pre-emptive analysis of the Semi-Annual Index (SAIR) September 2022 Rejig for Nifty indices by Edelweiss Alternative & Quantitative Research show.  

ALSO READ: Adani Wilmar stock falls 3% after firm cuts cooking oil price

Shares of Lupin Ltd (LPC), Jubilant Foodworks (JUBI); Zydus Lifesciences (ZYDUSLIF), Punjab National Bank (PNB), and Steel Authority of India (SAIL) could be excluded from the index, as per Edelweiss.  

The semi-annual changes to the Nifty 50 index will likely be announced next week. They will come into effect from September 30, 2022.  

 Currently, Adani Wilmar stock is trading 244.59 per cent higher than its market listing price. The stock 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.

On May 2, the edible oil major logged a 10 per cent rise in consolidated net profit at Rs 193.59 crore for the quarter ended June on higher sales. Net profit stood at Rs 175.70 crore in the year-ago period.

ALSO READ: Adani Wilmar or Ruchi Soya: Which is the better stock to buy?

Total income climbed to Rs 14,783.92 crore in the first quarter from Rs 11,369.41 crore in the corresponding period of the previous year.

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.

Published on: Aug 19, 2022, 12:45 PM IST
Posted by: Aseem Thapliyal, Aug 19, 2022, 12:33 PM IST