Adani Wilmer share price

Adani Wilmar shares up 11% in two days; here's what analysts say:

Adani Wilmar share price: The stock jumped 5.68 per cent to hit a day high of Rs 327.50. At this price, the counter has gained 11.02 per cent in just two days. Despite the said rise, the scrip has cracked around 47 per cent on a year-to-date (YTD) basis.

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Adani Wilmar share price: Turnover on the counter stood at Rs 26.10 crore, commanding a market capitalisation (m-cap) of Rs 40,277.04 crore.

Adani Wilmar share price: Turnover on the counter stood at Rs 26.10 crore, commanding a market capitalisation (m-cap) of Rs 40,277.04 crore.

Prashun Talukdar

Prashun Talukdar

Nov 21, 2023,

Updated Nov 21, 2023, 11:07 AM IST

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The stock's 14-day relative strength index (RSI) came at 55.30.

A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 161.57 against a price-to-book (P/B) value of 5.12.

Shares of Adani Wilmar Ltd continued to rise for the second consecutive session in Tuesday's trade. The stock jumped 5.68 per cent to hit a day high of Rs 327.50. At this price, the counter has gained 11.02 per cent in just two days. Despite the said rise, the scrip has cracked around 47 per cent on a year-to-date (YTD) basis. Turnover on the counter stood at Rs 26.10 crore, commanding a market capitalisation (m-cap) of Rs 40,277.04 crore.

Stock exchange BSE has sought clarification from the company on the stock price movement. Adani Wilmar, in response, said, "We would like to clarify that the movement in the share price of the company is purely due to market conditions and absolutely market driven and the management of the company neither has any control nor has any knowledge of reasons for movement in price of shares."

On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-, 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 55.30. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 161.57 against a price-to-book (P/B) value of 5.12.

The scrip has an analyst target price of Rs 353, Trendlyne data showed, suggesting a potential upside of 9 per cent in a year. It has a one-year beta of 0.6, indicating low volatility on the counter.

"As we advance, Rs 250 will be seen as crucial support and major resistance is seen near Rs 350. One can expect Rs 250–350 as a trading zone for Adani Wilmar for the next month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

"Adani Wilmar is bullish and has bounced back from oversold levels on daily charts with next resistance at Rs 345. A daily close above this resistance could lead to target of Rs 370. Support will be at Rs 313," said AR Ramachandran from Tips2trades.

Edible oil major Adani Wilmar reported a consolidated net loss of Rs 130.73 crore in the September 2023 quarter (Q2 FY24), as profitability was badly impacted in the cooking oil business. The company, which sells edible oil and other food products under the Fortune brand, had posted a net profit of Rs 48.76 crore in the corresponding period last year.

Its total income also slipped to Rs 12,331.20 crore during the July-September period of 2023-24 from Rs 14,209.20 crore in the year-ago period.

During Q2 FY24, the edible oil business contributed 58 per cent to the total volumes. However, the cooking oils accounted for 74 per cent of the total revenue from operations, which came at Rs 12,267 crore.

Adani Wilmar is an equal joint venture (JV) between the Adani Group and Singapore-based Wilmar.

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