Adani Wilmar Stock: Adani Wilmar, the company of Gautam Adani, made a new record. The market cap of this edible oil maker became Rs 1 lakh crore within three months of listing. Shares of Adani Wilmar hit the 5% upper circuit in this morning’s trading and the company’s shares crossed Rs 800. With this, the market cap of Adani Wilmar became ₹ 1.04 lakh crore. With this spectacular growth, Adani Wilmar has made it to the top 50 most valuable companies in the world. Let us inform that the shares of the company closed at Rs 764.60 on Monday.
This is the second share of Adani Group to have achieved this feat in the last one week. Last week, the shares of Adani Power achieved this feat by crossing the market valuation of Rs 1 lakh crore. Today the market cap of Adani Power is around Rs 1.10 lakh crore.
263% profit to investors
The share price of Adani Wilmar today opened higher by around ₹34 per share and reached its lifetime high price of ₹803.15. The company’s shares have given a tremendous return of about 263% since its listing day. Adani Wilmar stock hit the upper circuit of five per cent in the last few trading sessions and has now hit a record high of Rs 803.
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Three times more profit than issue price
Let us tell you that the Adani Wilmar IPO was launched on 27 January 2022 and its shares were listed on 8 February 2022. The issue price of the company was ₹218 to ₹230. The company’s shares were listed on BSE on February 8 at a discount of Rs 221. Today this stock is trading at Rs 803.15 in early trade. Accordingly, the shares of Adani Wilmar have given a strong return of more than 263% to its investors in about two and a half months.
Why are the shares of Adani Wilmar rising?
Experts believe that Indonesia’s recent proposal to ban palm oil exports from April 28 will boost prices of edible oils, which are already on the boil due to the Russo-Ukraine war. Since Adani Wilmar is the largest player in the edible oil market, the chances of the company’s shares going up are high.
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According to experts, India gets 45 percent of its annual palm oil requirement from Indonesia. The ban is likely to increase margins for domestic edible oil producers like Adani Wilmar, which will positively impact sentiment in the stock. However, experts say that there has been more buying in Adani Wilmar’s stock, which may affect the rally. Fresh buying can be initiated only around Rs 520 to Rs 545 level. It can go up to Rs 812.