On the BSE, the company’s market capitalization was Rs 90,977 crore.
Shares of Adani Group were listed on the BSE at Rs 221, a 3.91 percent discount from their IPO issue price. IPO was priced at Rs 230. Instead, the company priced its shares between Rs 218 and Rs 230.
The spectacular rally has investors perplexed about whether it is time to buy, hold, or sell the stock.
“Steadily higher oil prices and pricing advantages as one of the leaders in the edible oil industry have fuelled a high rally in Adani Wilmar thus far,” said Pavitraa Shetty, Co-founder & Trainer, Tips2Trades. “Technically, the stock looks overbought; also, investors are advised to book partial profits at current levels. Hence, a dip near Rs 460-475 should be used to re-enter the market.”
Domestic brokerage According to Edelweiss Research, the stock’s bull run may be coming to an end. Accordingly, it has initiated coverage on the stock with a ‘hold’ rating and a 12-month target price of Rs 559. According to Edelweiss Research, while the company has strong growth prospects, the stock’s gains since listing suggest that it is already priced.
JP Morgan, a global brokerage, stated that the stock was now perfectly priced in March. Accordingly, the brokerage rated the stock as neutral, with a base case March 2023 target price of Rs 367. Revenue from operations increased 40.5 percent to Rs 14,379 crore in the current quarter, compared to Rs 10,229 in the previous fiscal quarter. FMCG revenue increased by 46% to Rs 703 crore.