Adani Wilmar share price: Adani Wilmar’s stock opened at Rs 227 per share on NSE, which is Rs 3 less than its upper price band of Rs 230. However, in a short time, the stock of Adani Wilmar was strengthened and it went to the level of Rs 249 on NSE in intraday. According to stock market experts, investors with a long-term view can hold the stock for a target price of Rs 300-320, while those with a short-term view can book profits around Rs 280.
The impact of weak market sentiment
In a Livemint report, Santosh Meena, Head of Research, Swastika Investmart said, “The reason for normal listing is weak market sentiment. Although the fundamentals and valuation of this IPO are good. Those applying for listing gain can maintain it with a stop loss of Rs 200, while long term investors can hold it. New investors can take the initial weakness as a buying opportunity.”
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Can hold for long term
Akhil Rathi, Vice President, Marwari Share & Finance Limited, said, “Adani Wilmar is well positioned to benefit from the expected growth in its sector on the back of an excellent product mix, established brand name, strong distribution network and proven financial performance. In addition, the company plans to expand its customer base through the launch of new value added products and strategic acquisitions. The company has a good penetration in the branded edible oil segment with a market share of 18 per cent, which is expected to grow further. The valuation of the stock is reasonable as compared to the competing companies. At the current market price, long term investors can include it in their portfolio.”
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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.
Let us tell you that Adani Wilmar was established in 1999. It is a joint venture between Adani Group and Wilmar of Singapore. It sells oils and other food items under the Fortune brand.
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