Adani Wilmar Stock Price: Shares of Adani Wilmar fell 5 per cent on Monday after India’s largest edible oil producer slashed the maximum retail price (MRP) of its edible oils by Rs 10 as the government reduced import duties on the commodity.
According to a statement from Adani Wilmar, the maximum retail price (MRP) of Fortune refined Sunflower oil’s 1-litre pack has been decreased to Rs 210 from Rs 220. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) 1-litre packs has been reduced to Rs 195 from Rs 205.
Stocks with revised prices will be available on the market soon, according to a report. This drop in oil prices follows the central government’s decision to lower import levies on edible oils, making them more affordable, the report added.
“We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with the highest safety and quality standards, which are also light on their pockets. We are confident the lower prices will also boost demand,” Adani Wilmar MD and CEO, Angshu Mallick said.
Adani Wilmar stock fell up to 5 per cent to Rs 553.30 against the previous close of Rs 582.40 in the previous session. Adani Wilmar stock trades higher than 100-day and 200-day moving averages but lower than 5-day, 20-day and 50-day moving averages. In a month, the stock has lost 20.05 per cent. A total of 1.18 lakh shares of the firm changed hands amounting to a turnover of Rs 6.59 crore on BSE. The market cap of the firm fell to Rs 72,203 crore on BSE.
In April this year, edible oil producer Indonesia had proposed to ban palm oil exports from month end. The move pushed the prices of edible oils higher, which were already on the boil due to the ongoing Russia-Ukraine war. The announcement to ban exports by Indonesia was aimed at containing edible oil prices in the Indonesian domestic market. India sources 45 per cent of its annual palm oil needs from Indonesia. The ban led to boosting of margins for edible oil producers such as Adani Wilmar.
The IPO of Adani Wilmar, the FMCG company of Adani Group, is one of the best-performing IPOs across Asia. Gautam Adani’s company Adani Wilmar has given the most excellent returns to investors investing in IPOs in all the companies that have brought IPOs across Asia in recent times.
The company came up with an IPO in February 2022 at a price of Rs 230 per share. Which is now trading around Rs 560. That is, the IPO of Adani Wilmar has given investors a return of more than 142 per cent from the IPO price. This share of Rs 230 has also touched the level of Rs 878. However, the large-cap stock has lost 37 per cent compared to the record high to date on profit-booking, Q4 earnings effect, and Indonesia lifting a ban on the palm oil exports.
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