Fortune Oil Producer Zooms 10%, Hits Upper Circuit After Tanking 25%

  • Investing.com
  • Stock Market News
Fortune Oil Producer Zooms 10%, Hits Upper Circuit After Tanking 25%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the edible oil major Adani (NS: APSE ) Wilmar (NS: ADAW ) hit a 10% upper circuit limit at Rs 345.7 apiece on Wednesday, after plunging 25% from its record high price of Rs 419.9/share set on Feb 11, 2022.

The newly-listed FMCG major underwent heavy corrections lately, after delivering about 85% returns, compared to its listing at Rs 227/share on the NSE on Feb 8, 2022.

After recording its all-time high on Feb 11, the Fortune oil-producing stock has been witnessing profit bookings, clearing about one-fourth of its value, and closed at Rs 314.4 in the previous session. The company’s shares froze at 10% upper circuit on Wednesday, as no sellers could be seen on the counter.

The 50:50 joint venture company between the Adani Group and Singapore's Wilmar Group, Adani Wilmar reported a consolidated net profit of Rs 211.4 crore in Q3 FY22, surging 65.9% YoY.

Its revenue from operations rose 40.6% YoY to Rs 14,378.66 crore in the quarter. The company’s EBITDA in Q3 FY22 shot up 60.3% YoY to Rs 503.7 crore, and the EBITDA margin climbed from 3.1% in Q3 FY21 to 3.5% in Q3 FY22.

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