Adani Wilmar share price rallied a massive 73 per cent in three days, rising to Rs 381.80 apiece on Thursday. The stock has risen 66 per cent from its issue price of Rs 230 apiece.
Adani Wilmar share price rallied a massive 73 per cent in three days, rising to Rs 381.80 apiece on Thursday. The stock has risen 66 per cent from its issue price of Rs 230 apiece. On the back of this sharp rally, Adani Wilmar has joined the group of companies having market capitalisation (market cap) of Rs 50,000 crore. Analysts say that investors may book the premium in the stock at current levels. “Buy on dips is recommended as Adani Wilmar seems attractive for long term investment. The overall market is in weak sentiments and not lower levels buying can be seen in the benchmark indices,” Ravi Singh, VP & Head of Research, Share India Securities, told TheSpuzz Online.
Singh also added that investors can buy on dips for the target of Rs. 450-480 in medium term. Adani Wilmar raised Rs 3,600 crore through its public issue, which was subscribed more than 17 times.
The joint venture between Adani Enterprises and Wilmar International offers most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses, and sugar. “Despite a superb listing and consequent uptrend, we believe investors should book profits in Adani Wilmar as the stock looks very overbought and overvalued. Investors can re-enter this stock near 275-290 levels for better returns in the coming months,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told TheSpuzz Online.
In the traded volume terms, a total of 58.80 lakh shares were traded on BSE, while a total of 5.61 crore scrips exchanged hands on NSE, so far in the trade today. Amarjeet Maurya, AVP – Mid Caps, Angel One, said that at a CMP of Rs 382, the stock is trading at 62.2x TTM PE which is in line with other FMCG companies, leaving a little room for the upside. “Hence, we recommend booking the profits,” Maurya added.
Adani Wilmar is the seventh listed company of Adani Group. The board of directors of Adani Wilmar are scheduled to meet on February 14, 2022 to consider and approve unaudited financial results for the quarter and nine months ended on December 31, 2021.
(The stock recommendations in this story are by the respective research analysts and brokerage firms. TheSpuzz Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
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