Adani Wilmar Share Price: A Roller Coaster Ride
๐ Adani Wilmar, the renowned Indian company, has been facing a bearish trend in its share price for the past few months. The stock, which had been performing well last year, took a hit after a controversial report regarding Hindanberg Farm was released.
๐ Despite this setback, the stock has not fully recovered. On Thursday’s trading session, Adani Wilmar shares opened at Rs 355.65 with a slight decline. The stock is still under pressure and closed at Rs 350.10 on Friday.
๐ However, brokerage firm Nuwama has predicted an upward trend for Adani Wilmar shares. Experts believe that the stock can reach up to Rs 480 in the coming days, presenting a potential opportunity for investors.
๐ Adani Wilmar’s net profit for the December 2023 quarter decreased by 18% to Rs 200.89 crore compared to the same quarter the previous year. In the same quarter of the previous year, the company had recorded a net profit of Rs 246.16 crore.
๐ฐ The company’s revenue collection for the December 2023 quarter stood at Rs 12,887.60 crore, while it had collected Rs 15,515.55 crore in the same quarter the previous year. Despite the decline in net profit, Adani Wilmar had a significant revenue collection.
๐ญ Adani Wilmar Limited is primarily engaged in the business of manufacturing food oils and other food products under the Fortune brand. The company is focusing on the growth of packaged food products due to changing consumer preferences for clean and quality food items.
๐ผ In its statement, Adani Wilmar Limited stated that it expects revenue of Rs 5,000 crore from the food and FMCG segment. The volume for the food oil segment remained stable in the December quarter, registering a growth rate of 8% in the first nine months of the current financial year.
๐ On Wednesday’s trading session, Adani Wilmar shares were trading at Rs 355.65, facing a slight decline. The stock had closed at Rs 355.65 on Thursday. Adani Wilmar shares had reached a 52-week high of Rs 509.40, with a low of Rs 285.85. Over the past year, the share price of Adani Wilmar has dropped by 20%. The company currently has a market capitalization of Rs 45,963.13 crore.
With the recent developments and predictions, it will be interesting to see how Adani Wilmar navigates through these challenges and whether it can regain its previous momentum in the market.
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