Adani Wilmar share price: The next day of the rally on the day of listing, i.e. on Wednesday, the stock of Adani Wilmar registered a strength of about 19 percent. Adani Wilmar’s stock opened with a strength of about Rs 5.40 on NSE and is currently trading at Rs 319 with a strength of 19 per cent at 12 noon, which is its intraday high. A day earlier, the company’s stock closed at Rs 262.25 on NSE.
Yesterday, Adani Wilmar’s stock opened at Rs 227 per share on the NSE, which is Rs 3 less than its upper price band of Rs 230. However, later it gained momentum and closed at Rs 268.25 on NSE, which is currently trading at Rs 319. Thus far the stock has given a return of around 40 per cent from the listing.
According to stock market experts, the stock is well priced and on such high jump, it is advisable to book profit in the newly listed FMCG stock.
Profit booking may lead to decline
According to a Livemint report, Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Adani Wilmar’s stock is reasonably priced at current levels and I suggest investors with a short term view should book profits in this as After the listing, speculators are showing great interest in FMCG stock. Those having long term view are also advised to keep stoploss between Rs 265 to Rs 270 as profit booking at this counter can result in a huge drop.”
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The level of Rs 330 can be seen
Anuj Gupta, Vice President, IIFL Securities said, “Adani Wilmar stock has broken the Rs 300 level on the upside and is currently trading above Rs 300 level. Hence, investors holding Adani Wilmar shares are advised to hold with a stop loss of Rs 268 for a near term target of Rs 325-330.”
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Received good response from investors
Adani Wilmar’s IPO, which opened for three days between January 27 and 31, received 17.37 times the bids. The IPO received a good response from all types of investors, although the volatility in the market during that period affected it a bit. The highest bidders for the IPO came from the category of non-institutional investors (NIIs), who bid 56.30 times more than their allotted quota. Shareholders quota was at number two, which got 33.33 times more subscriptions.
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