Shares of Adani Wilmar stuck in the upper 5% circuit today as the upcoming holiday season will increase demand for the company's FMCG products. Shares of Adani Wilmar gained 5% to Rs 770.05 against the previous Rs 733.40 on the BSE. Shares of Adani Wilmar also touched an intraday low of Rs 738.05 on the BSE.

A total of 8.62 lakh shares in the company changed hands, representing a turnover of Rs 65.77 crore on BSE. The company's market capitalization hit the Rs 1-lakh crore mark on the BSE. It settled at Rs 1,00,081 at 2:55 pm today. The stock reached a high of Rs 878.35 on April 28, 2022. Considering the current market price, the stock is down 12.32% from its yearly high. Currently, Adani Wilmar stock is trading 248.43% above its market price. The stock made a silent debut on February 8. Shares of Adani Wilmar were listed at Rs 221, a decline of 3.91% from its IPO issue price on the BSE. The price of the IPO ended at Rs 230. The company has offered its shares at a price range of Rs 218-Rs 230.

On May 2, the oil major reported a 10% rise in its consolidated net profit to Rs 193.59 crore for the quarter ended June on the back of higher trading. Net profit stood at Rs 175.70 crore during the previous year. Total revenue stood at Rs 14,783.92 crore in the first quarter from Rs 11,369.41 crore in the corresponding period last year. Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the production of edible oil, flour, rice, fruit and sugar. The company also has the popular Fortune brand.

Similarly, shares of oil maker Patanjali Foods (formerly known as Ruchi Soya) were stuck at 5% higher during the afternoon session. In anticipation of strong demand during the holidays, the stock rose 5% to Rs 1,401.45 from the previous close of Rs 1,334.75 on the BSE. Shares of Patanjali Foods also touched an intraday low of Rs 1,341.20 on the BSE. A total of 1.07 lakh shares in the company changed hands, representing a turnover of Rs 15.01 crore on BSE. The company's market capitalization stands at Rs 50,731 crore on the BSE.
Source: BusinessToday
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