Shares of FMCG player Adani Wilmar have been hitting upper circuit of 5 per cent back-to-back for three consecutive days. On Wednesday, this Adani Group stock extended its rally due to heavy trading on BSE and NSE. There has been vigorous buying in Adani Wilmar since the beginning of this week as the stock snapped 8 days of losses. Between December 26 and December 28, shares of Adani Wilmar have gained over 15% on the exchanges, recouping losses in the previous week’s sessions.
on BSE, Adani Wilmarstock frozen on the upper circuit gained 4.99% at 578.35. The stock is open on upper circuit. Its current market cap is around 75,166.91 crores. from its 52-week low On 221, which was posted on February 8 this year, Adani Wilmar stock is up 162% on Dalal Street.
Meanwhile, Adani Wilmar shares hit upper circuit of 5 per cent on NSE. 578.30 each. from its 52-week low 227 that was recorded on February 8, the Adani Wilmar stock has gained about 155% year-to-date.
According to BSE data, the company received 2,00,435 shares at around 9.15 am on Wednesday. common share Change hands So far, 2,46,704 equity shares of Adani Wilmar have been traded on the exchange.
On NSE, around 9,94,356 equity shares changed hands in Adani Wilmar so far during the day. Overall, 7,65,336 equity shares exchanged hands in one trade, NSE data showed.
The names of the buyers and sellers were not immediately known.
Adani Wilmar is witnessing strong trading from Monday as the stock continued to hit the 5% upper circuit for three consecutive days.
Generally, the upper circuit is the maximum range that the price of a stock can reach on a particular day. In the case of the upper circuit there are only buyers, while in the case of the lower circuit there are only sellers.
Adani Wilmar’s stock remained under pressure from 9 December to 23 December. The stock fell nearly 24%. However, Adani Wilmar shares rallied over 15.7 per cent on the BSE and NSE between December 26-28.
The Adani Group-backed FMCG firm debuted on the stock exchanges on February 8 after launching its initial public offering from January 27 to January 31. IPO that offered equity shares at a price band 218-230 per share was oversubscribed 17.37 times on the last day.
However, Adani Wilmar is listed at a discount note compared to its IPO price. On BSE, Adani Wilmar debuted 221 per share, while the stock was listed on NSE 227 per share. Both were at a discount to the IPO price 230 per share.
But the stock rallied just after the day of listing. Adani Wilmar is at a 52-week high 878.35 on BSE and 878 per share on the NSE. Last time the stock was up 600 was on 20 December. The current week’s rally indicates that there is a correction in the stock as the investor sentiment is turned towards buying.
Also Adani Wilmar has also become the best performing IPO in 2022 after listing. Compared to its IPO issue price, Adani Wilmar stock has gained over 151% on BSE and NSE.
Adani Wilmar is one of the few large FMCG food companies in India, offering most of the essential kitchen items for Indian consumers including edible oil, wheat flour, rice, pulses and sugar.
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