FMCG player, Adani Wilmar’s shares are hitting back-to-back 5% upper circuit three days in a row. On Wednesday, this Adani Group stock extended its rally due to large trade on BSE and NSE. There has been a strong buying in Adani Wilmar since the start of this week as the stock halted an 8-day losing streak. Between December 26th to 28th, Adani Wilmar shares have risen by over 15% on exchanges, recovering losses of last week’s sessions.
On BSE, Adani Wilmar‘s stock froze at an upper circuit of ₹578.35 apiece up by 4.99%. The stock opened at its upper circuit. Its current market cap is around ₹75,166.91 crore. From its 52-week low of ₹221 apiece, which was posted on February 8th this year, Adani Wilmar’s stock has skyrocketed by 162% on Dalal Street.
Meanwhile, on NSE, Adani Wilmar stock has locked at its 5% upper circuit of ₹578.30 apiece. From its 52-week low of ₹227 that was recorded on February 8th, Adani Wilmar’s stock has jumped by nearly 155% as of now.
As per BSE data, on Wednesday, at around 9.15 am, the company witnessed 2,00,435 equity shares exchanging hands. So far on the exchange, 2,46,704 equity shares in Adani Wilmar have been traded.
On NSE, around 9,94,356 equity shares exchanged hands in Adani Wilmar so far in the day. Of the total, NSE data showed that there were 7,65,336 equity shares exchanged hands in a single trade.
The names of the buyers and sellers were not immediately known.
Adani Wilmar has been witnessing large trade since Monday as the stock has continued to hit the 5% upper circuit for the three-consecutive day.
Generally, the upper circuit is the maximum limit a stock price can reach on a particular day. In the case of the upper circuit, there are only buyers, while there are only sellers in the case of the lower circuit.
Adani Wilmar’s stock was under pressure from December 9th to 23rd. The stock nosedived by nearly 24%. However, from December 26-28, Adani Wilmar’s stock jumped by more than 15.7% each on BSE and NSE.
The Adani Group-backed FMCG firm debuted on stock exchanges on February 8th after launching its initial public offering from January 27th to 31st. The IPO which offered equity shares at a price band of ₹218-230 per share received an oversubscription of 17.37 times on the last day.
However, Adani Wilmar is listed on a discount note compared to its IPO price. On BSE, Adani Wilmar debuted at ₹221 per share, while on NSE, the stock was listed at ₹227 per share. Both were at a discount compared to the IPO price of ₹230 per share.
But the stock gained momentum significantly right after its listing day. Adani Wilmar’s 52-week high is at ₹878.35 apiece on BSE and ₹878 apiece on NSE. The last time the stock was above ₹600 was on December 20th. The current week’s upside does indicate that the stock is recovering as investors’ sentiment leans on buying side.
Also, Adani Wilmar has also become the best-performing IPO in 2022 post-listing. Compared to its IPO issue price, Adani Wilmar stock has zoomed by a whopping over 151% on BSE and NSE.
Adani Wilmar is among the few large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses, and sugar.
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