Adani Wilmar shares rise 4% amid volatile trade; one of Nifty's likely inclusions

Shares of Adani Wilmar rose 4 per cent amid volatile trade today, as the stock was one of the likely inclusions in the Nifty Next 50 index. Adani Wilmar's stock was valued at Rs 761.55 against the previous close of Rs 731.65 on the BSE. Adani Wilmar's shares touched an intraday low of 731.50 on the BSE.

A total of 7.98 lakh shares of the firm changed hands on the BSE to a turnover of Rs 59.66 crore. The firm's market cap was 96,501 crore on the BSE.

The share hit a new high of Rs 878.35 on April 28, 2022. The stock has lost 13.29 per cent since the current market price.

Adani Wilmar stock is likely to be included in the Nifty Next 50 index along with Indian Railway Catering and Tourism Corporation IRCTC Ltd Motherson, Bharat Electronics Ltd BEL and Hindustan Aeronautics Ltd HAL a pre-emptive analysis of the Semi-Annual Index SAIR September 2022 Rejig for the indices by Edelweiss Alternative Quantitative Research show.

The shares of Lupin Ltd LPC Jubilant Foodworks JUBI Zydus Lifesciences ZYDUSLIF Punjab National Bank PNB and Steel Authority of India SAIL could be excluded from the index, as per Edelweiss.

The semi-annual changes to the Nifty 50 index will be announced next week. Adani Wilmar's stock is 244.59 per cent higher than its market listing price. The stock made a muted market debut on February 8. Adani Wilmar's shares were listed at Rs 221, a 3.91 per cent discount to their IPO issue price on the BSE. The issue price of the IPO was Rs 230. The firm offered its shares in a price band of Rs 218 -- Rs 230.

On May 2, the edible oil major logged a 10 per cent increase in net profit at Rs 193.59 crore for the quarter ended June on higher sales. In the year-ago period, the net profit was 175.70 crore.

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The total income went up to 14,783. In the first quarter, 92 crore came from Rs 11,369. In the same period of the previous year, 41 crore were spent.

Adani Wilmar Ltd is a joint venture between Adani Group and Wilmar Group of Singapore. It is engaged in the production of edible oil, wheat flour, rice, pulses, and sugar. The company also owns the popular brand Fortune, which is the largest selling edible oil brand in India.