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Shares of Adani Wilmar (AWL) slipped nearly 5 per cent to Rs 374 on the BSE in Wednesday’s intra-day trade on the back of heavy volumes amid reports that Adani Enterprises has been considering a potential sale of its 44 per cent stake in the edible oil major for a few months. The stock was trading at its lowest level since May 19, 2023.
At 12:24 pm; AWL was quoting 4 per cent lower at Rs 377.95, as compared to 0.54 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped over three-fold today. A combined 4.6 million equity shares, representing 0.36 per cent of total equity of the company, had changed hands on the NSE and BSE.
Shares of AWL had hit a record high of Rs 841.70 on September 23, 2022. It touched a record low of Rs 327.75 on February 28, 2023. AWL raised about Rs 3,600 crore in an initial public offering in 2022. The company issued shares at a price of Rs 230 per share.
Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International Ltd, freeing up capital for their core business, Bloomberg reported quoting people familiar with the matter. CLICK HERE FOR FULL REPORT
Adani and Wilmar’s stakes together account for nearly 87.94 per cent of the company’s shares. The Securities and Exchange Board of India requires that large firms must have a minimum public shareholding of at least 25 per cent within five years of the date of the listing.
Meanwhile, CARE Ratings has reaffirmed its ratings for the bank facilities and commercial paper of AWL. The reaffirmation in the ratings takes into consideration the established market position of AWL in domestic edible oil market with leadership position of ‘Fortune’ brand in edible oil segment.
The steep decline in edible oil prices and moderate demand from the frying and baking industry led to stagnant sales of edible oil in absolute terms on a consolidated basis during FY23 and Q1FY24.
The stable outlook assigned to the bank facilities of AWL continues to derive strength from strong market position of the company in the edible oil segment and diversified product portfolio. Furthermore, expected stabilisation in edible oil prices will improve the performance of AWL, going forward.
AWL has the most extensive range of edible oils, spanning the categories of Soya, Sun, Mustard, Rice bran, Groundnut, Cottonseed, and functional oils. Besides edible oil, AWL has also forayed into packed Basmati Rice, Pulses, Soya Chunks, Besan, Sugar, and Wheat Flour. The company has extended its offering basket with the introduction of soap under the Alife brand. The product portfolio of AWL spans various brands along with their flagship brand – Fortune. AWL also caters to institutional demand through its industry essential range, which includes bulk packs of consumer essentials, Lauric & Bakery fats, Castor Oil derivatives, Oleo chemicals and Soya value-added products.
At 12:24 pm; AWL was quoting 4 per cent lower at Rs 377.95, as compared to 0.54 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped over three-fold today. A combined 4.6 million equity shares, representing 0.36 per cent of total equity of the company, had changed hands on the NSE and BSE.
Shares of AWL had hit a record high of Rs 841.70 on September 23, 2022. It touched a record low of Rs 327.75 on February 28, 2023. AWL raised about Rs 3,600 crore in an initial public offering in 2022. The company issued shares at a price of Rs 230 per share.
Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International Ltd, freeing up capital for their core business, Bloomberg reported quoting people familiar with the matter. CLICK HERE FOR FULL REPORT
Adani and Wilmar’s stakes together account for nearly 87.94 per cent of the company’s shares. The Securities and Exchange Board of India requires that large firms must have a minimum public shareholding of at least 25 per cent within five years of the date of the listing.
Meanwhile, CARE Ratings has reaffirmed its ratings for the bank facilities and commercial paper of AWL. The reaffirmation in the ratings takes into consideration the established market position of AWL in domestic edible oil market with leadership position of ‘Fortune’ brand in edible oil segment.
The steep decline in edible oil prices and moderate demand from the frying and baking industry led to stagnant sales of edible oil in absolute terms on a consolidated basis during FY23 and Q1FY24.
The stable outlook assigned to the bank facilities of AWL continues to derive strength from strong market position of the company in the edible oil segment and diversified product portfolio. Furthermore, expected stabilisation in edible oil prices will improve the performance of AWL, going forward.
AWL has the most extensive range of edible oils, spanning the categories of Soya, Sun, Mustard, Rice bran, Groundnut, Cottonseed, and functional oils. Besides edible oil, AWL has also forayed into packed Basmati Rice, Pulses, Soya Chunks, Besan, Sugar, and Wheat Flour. The company has extended its offering basket with the introduction of soap under the Alife brand. The product portfolio of AWL spans various brands along with their flagship brand – Fortune. AWL also caters to institutional demand through its industry essential range, which includes bulk packs of consumer essentials, Lauric & Bakery fats, Castor Oil derivatives, Oleo chemicals and Soya value-added products.
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