More

    Adani Wilmar shares jump over 4% despite weak stock market trends. More steam left?


    Stock market today: Despite weakness in the Indian stock market on Monday, Adani Wilmar shares witnessed strong buying on Monday. Adani Wilmar share price today opened with an upside gap at 344.95 per share on the NSE and touched an intraday high of 347 apiece within a few minutes of the stock market’s opening bell. The Adani Group company declared its Q1FY25 business update on Friday last week. In the Q1FY25 business update, the company had reported a 13 percent YoY rise. The company said the surge could become possible on robust growth registered in the company’s volume.

    In the company’s business update during the April to June 2024 quarter, Adani Wilmar achieved robust volume growth of 13% YoY, propelled by market-specific market-specific strategies in each category, aimed at gaining market share, especially in under-indexed markets. With a robust product portfolio, the Company is actively pursuing substantial opportunities by executing strong sales and distribution strategies in General Trade. Moreover, our alternate channels (e-com, Quick Commerce, MT) maintained their momentum with a 19% YoY volume growth in Q1. The volume of our branded exports increased by 36% YoY in Q1.



    Detailing the Edible oil business in the April to June 2024 quarter, the company said, “Despite challenges in the industry during the quarter, including decreased out-of-home consumption and seasonal dips in summer demand, our business thrived due to robust execution in sales and distribution, bolstered by our ongoing efforts to improve retail penetration,” adding, “As the leading player in the mustard oil segment, we have consistently expanded our market presence, driving robust growth amidst a fragmented market landscape. Expanding on its brand strength, the business introduced specialized Mustard Oil packaging tailored for pickle enthusiasts, boasting enhanced pungency. Sunflower oil continued to gain market share in South India based on our regional interventions.”

    The Food and FMCG business update said, “Food products demonstrated strong growth by harnessing the well-established and widely penetrated distribution network of edible oils, along with increasing trials through strategic bundling and trade schemes. The quarter’s growth was additionally supported by sales of non-basmati rice to government-appointed agencies for exports. Even after normalizing this aspect, the Food and FMCG business volume grew by 23% YoY.”

    Adani Wilmar share price outlook

    Speaking on Adani Wilmar shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Adani Wilmar shares have made a strong base at the 320 per share mark, whereas the Adani group stock is facing hurdles at the 360 to 370 per share range. The stock is looking sideways on the technical chart. A bullish or bearish trend can be assumed on breakage of either side of this range.”

    Stock market today

    On Dalal Street, all three frontline indices are trading red today. The Nifty 50 index is down by around 50 points, the BSE Sensex is down by nearly 100 points, while the Bank Nifty index has corrected around 300 points.



    Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

    3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!



    Source link

    Latest articles

    spot_imgspot_img

    Related articles

    spot_imgspot_img