After trading in the red zone for the last three days, Adani Wilmar’s shares rose nearly five per cent on BSE and NSE on Thursday. An Edelweiss report had said that the AMFI market cap classification of stocks would include Adani Wilmar along with LIC as potential stocks to get the large-cap tag. AMFI is expected to release the new classification in the first week of next month.
Shares of Adani Wilmar rose 5 per cent to Rs 677.15 on the BSE as compared to the previous close. It also touched a low of Rs 632, down 2.01 per cent on the BSE. The stock has lost 10.57 per cent in one month.
Another factor that boosted the stock today was an analysis by Edelweiss suggesting that Adani Wilmar may enter nifty Next 50 index. In the forthcoming review of Nifty September, Edelweiss’s Alternative and Quantitative Research preliminary analysis for Nifty indices said that the newly listed LIC may also enter the Nifty Next 50 index.
In May, ICICI Securities stated that “Adani Wilmar (AWL) is a strong market leader (50:50 JV between Adani Group and Wilmar) in branded edible oils and industry imperatives, with aspirations to further expand packaged food products. Strong competitive advantages in edible oil (price-ladder, oil segment, scale, market intelligence (courtesy wilmar)) give AWL a competitive edge. In addition, AWL enjoys several synergies in all three business segments, which The growth in the packaged foods business augurs well for – a) scale in procurement and logistics, b) ‘Fortune’ brand recall and c) easily available distribution and mix-load supply chain benefits from edible oil We FY22-24E Models above Revenue / EBITDA / PAT CAGR 9 per cent / 24 per cent / 35 per cent. We begin coverage on the stock with a hold rating of Rs 550 and SOTP-based TP.
The firm’s shares, a joint venture between a group controlled by Asia’s richest man Gautam Adani and Singapore’s Wilmar International Ltd, have surpassed 121 Asian initial public offerings this year valued at more than $100 million. Nearly two-thirds of the area’s new listings are in the red as interest rates rise and war Ukraine Take damage
Monetary Authority of Singapore and Nippon Life India Adani was among the investors in the IPO of Wilmar, which manufactures Fortune brand of cooking oil, wheat flour, rice, pulses, sugar and other food products. The firm said it would use part of the funds in the $486 million offering to expand facilities, pay down debt and make strategic acquisitions.
Adani Wilmar said in a BSE filing that it will hold talks with investors or analysts on June 3.
“In accordance with regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, we hereby inform that the company will engage in dialogue with investors/analysts,” Adani Wilmar Limited said in the statement.
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