Shares of the country's largest commodity company Adani Wilmar zoomed over 5 per cent to hit an all-time high of Rs 802.80 in early trade on Tuesday. Market cap of the firm rose to Rs 1,04,299.21 crore.
On Monday, the share price jumped over 5 per cent to hit an intraday high of Rs 764.6 on BSE after Indonesia announced to ban palm oil exports. The market cap of the firm rose to Rs 99,373.43 crore.
Indonesia, which is the world's largest producer of palm oil and meets nearly 50 per cent of the total palm oil requirement in India annually, had announced to ban exports till further notice apparently to contain edible oil prices in their domestic market.
The stock has zoomed over 90 per cent in just one month. It made its debut on February 8 this year. Shares of the Adani Group firm 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.
Adani Wilmar nurtures the largest edible oil portfolio—spanning sunflower oil, soybean oil, mustard oil, palm oil, cotton-seed oil and rice bran oil, carried by its very popular Fortune brand.
Adani Wilmar Ltd, the joint venture between Adani Group and Wilmar Group of Singapore, reported a 66 per cent year-on-year rise in its consolidated net profit at Rs 211 crore for the quarter ending December 31, 2021. The company had posted a net profit of Rs 127 crore in the year-ago period.
Revenue from operations also rose 40.5 per cent to Rs 14,379 crore in the quarter under review as against Rs 10,229 crore in the same quarter last fiscal.
Adani Wilmar has 22 own factories in total and has sourced arrangement products from 28 more plants across the country. Staple contributes 11 per cent to Adani Wilmar's topline while the rest is from edible oil and industry essentials.
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