Adani Wilmar stock to buy: Adani Wilmar shares are hitting the lower circuit consistently. The stock has fallen around 20% in the last five trading sessions. However, experts are seeing this big fall as a great opportunity and are advising to buy it during the downtrend. Brokerage firm KR Choksey believes that Adani Wilmar is the best place to exploit the existing opportunities and can grow manifold.
Target price Rs 734 per share
The brokerage firm has set a target price of Rs 734 per share and has given it an “accumulate” rating. The Adani Group stock has been on a selling spree since the quarterly results posted by the company for the quarter ended March 2022. It had reached an all-time high of Rs 878.35 on April 28, 2022. Today the shares of the company fell 5 percent to a low of Rs 613.90 on the BSE. The company’s market cap fell to Rs 79,787.27 crore. If you compare this to the current market price, the stock has the potential to rise by over 20 percent.
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What did the brokerage firm say?
The brokerage firm notes that the company’s raw material sourcing capabilities are backed by an extensive business network. It imports 70 percent of its raw materials and its market leadership has facilitated the source of raw materials from top global suppliers through international markets.
In addition, Wilmer International is the largest palm oil supplier in the world. In such a situation, due to increase in demand for palm oil, the shares will rise.