Stock Market Today: Adani Wilmar shares saw strong buying on Monday despite a weak Indian equity market on Monday. Adani Wilmar shares opened at a gap up today. ₹It was trading at 344.95 on the NSE, hitting an intraday high. ₹Within minutes of the stock market opening, the stock price rose by $347 per share. Adani Group released its financial results for the first quarter of fiscal year 2025 last Friday. The company reported a 13 percent increase year-on-year in its financial results report for the first quarter of fiscal year 2025. The company said that the surge could be enabled by robust growth in the company’s trading volumes.
In the company’s business update for the April-June 2024 quarter, Adani Wilmar achieved robust volume growth of 13% YoY, driving market-specific strategies in each category with an eye on gaining market share, especially in under-indexed markets. With a robust product portfolio, the company is aggressively pursuing significant opportunities by executing a strong sales and distribution strategy in general trade. Additionally, the company’s alternative channels (e-commerce, quick commerce, MT) maintained momentum with volume growth of 19% YoY in Q1. The company’s branded export volumes grew 36% YoY in Q1.
Giving details about its edible oils business for the April-June 2024 period, the company said, “Despite challenges faced by the industry during the quarter, including lower dining out and seasonal dip in summer demand, the business thrived due to strong sales and distribution execution, supported by continued efforts towards increasing retail penetration,” it added. “As a leading player in the mustard oil space, we have consistently expanded our market presence and driven robust growth amid a fragmented market environment. We expanded our brand presence and introduced special mustard oil packaging with enhanced spiciness for pickle lovers. Sunflower oil continued to gain market share in South India based on our geographical interventions,” it added.
An update on the food and FMCG business said, “Food showed strong growth by leveraging an established and widespread distribution network for edible oils and increasing trials with strategic bundling and trading schemes. Growth in the quarter was further supported by sales of non-basmati rice to government nominated entities for export. Even after normalising this aspect, food and FMCG business volumes grew 23 per cent YoY.”
Adani Wilmar share price outlook
On Adani Wilmar stock, Sumeet Bagadia, executive director of Choice Broking, said, “Adani Wilmar stock is ₹320, while Adani Group’s share price has ₹From 360 ₹$370 per share range. The stock is trending sideways on the technical charts. A breakout above either side of this range would indicate a bullish or bearish trend.”
Stock Market Today
On Dalal Street, all the three major indices are down today – Nifty 50 index is down about 50 points, BSE Sensex is down nearly 100 points and Bank Nifty index is down about 300 points.
Disclaimer: The views and recommendations expressed above are those of the individual analyst or brokerage firm, and not Mint, and you are advised to check with a qualified professional before making any investment decisions.
3.6 Million Indians visited us in a single day and chose us as their platform for Indian general election results. Check out the latest updates here!
