Adani Wilmar Jumps 18% on Thursday; Gains 65% in Three Sessions

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Adani Wilmar Jumps 18% on Thursday; Gains 65% in Three Sessions
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the edible oil major Adani (NS: APSE ) Wilmar (NS: ADAW ) continues to maintain their upward movement for the third consecutive day since its listing on the Indian exchanges on Tuesday. 

At 10:10 am on Thursday, the newly-listed FMCG stock was trading 17.7% higher at Rs 378.85 apiece.

The Fortune oil producer listed at a discount of 1% on the NSE at Rs 227/share on Tuesday but ended the session 17% higher at Rs 267.4 apiece, shrugging off weakness in the market. A day later on Wednesday, the FMCG company’s shares zoomed 20%, taking the stock surge in only two sessions to 40%. 

At the current market price, the FMCG stock has jumped 64.7% compared to its issue price, in three sessions.

The Adani Group’s most recent listing has added over $2 billion to its owner, Gautam Adani’s wealth, stated reports.

Adani Wilmar , a 50:50 joint venture company between the Adani Group and Singapore's Wilmar Group has been the best debutant of 2022, so far.

The FMCG major has raised nearly Rs 3,600 crore from its public issue, of which it will use Rs 1,900 crore for capex, Rs 1,060 crore for debt repayments, and the remaining amount for acquisitions and investments, and general corporate purposes, stated its DRHP.

Unlike the later IPOs of 2021, which were termed to be overvalued, analysts viewed Adani Wilmar’s stock at a reasonable valuation, compared to peers, as its PE stood at 37.56x, while peers Nestle (NS: NEST ) and Britannia (NS: BRIT ) Industries’ figures traded at 81.6x and 54.7x, respectively.

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  • Noorul Qamar Lari @Noorul Qamar Lari
    Good return in three sessions only, there was a fear on discounted listing but on closing of the day it was having good momentum and encourage me to make entry and I have 43% return.😊
    Like 0
    • Vijay Rakesh @Vijay Rakesh
      adani power surged 18 rs higher today . based on the momentum, will it increase atleast 5 rs tomorrow ?
      Like 0
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