Adani Wilmar shares extend gains, rise 9%

New Delhi, March 29 (SocialNews.XYZ) Shares of FMCG company Adani Wilmar extended gains from the previous session to rise sharply on Tuesday.

The shares of the company have seen rising since the war in Ukraine broke out. It is expected India's sunflower imports will be hit as both Russia and Ukraine are the major suppliers of sunflower oil to India.

As per reports, Ukraine and Russia account for 70 per cent and 20 per cent sunflower oil imports to India.

The company listed on February 8, whose initial public offerings were subscribed more than 17 times, had made a muted debut on the exchanges with a discount of little over 1 per cent from its issue price of Rs 230.

Notably, the shares of the company doubled since its listings.

On Monday, the shares were locked in the 10 per cent upper circuit. On Tuesday, it rose over 9 per cent to settle at Rs 503.

"Currently, levels are not advisable for buying, it's better that one waits for a retracement at Rs 405 if defensive or Rs 456 levels for aggressive," said Manoj Dalmia, Founder and Director at Proficient Equities.

The company is known for its wide range of offerings in edible oils besides wheat flour, rice, pulses, sugar among others.

"Adani Wilmar is backed by strong fundamentals and technical support, and aims to touch the level of Rs 550 in near terms, from current levels... The company's recent bet on staples and scouting for acquisition of regional rice brands and processing units in several states of the country, has added more fuel to the rise," said Ravi Singh, Head of Research and Vice President at Share India.

Source: IANS