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Today (November 20) shares of Adani Wilmar Ltd saw a decline. Due to which his movement was stopped for two days. The stock fell 2.71% to Rs. 287 reached a one-year low. At this price the stock is down about 15 percent in the past one month and 52 percent on a year-to-date (YTD) basis. The fall in share prices was attributed to reports that the Adani group is said to be in talks with several multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar.
On the technical setup, analysts broadly suggested that the counter looked ‘weak’. Immediate support can be seen at Rs 283 over the counter. Ravi Singh, founder, DRS Finvest, said, “The stock looks bearish. In the near term, it may slip to Rs 265 level. On the upside, the resistance will be around Rs 295. AR Ramachandran of Tips2Trades said, “Adani Wilmar bearish. is, but on the daily chart Rs. Also oversold with strong resistance at 303. Investors should only buy if it closes above the resistance level. Next support Rs. will remain at 283.
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Jigar S Patel, senior management technical research analyst at Anand Rathi Shares and Stockbrokers said, “The counter is continuing to move lower, indicating a well-established bearish trend. As we move forward, Rs. 250 will be seen. Important support and key resistance at Rs. 350 will be seen. Rs. 250 can be expected. Trading zone for Adani Wilmar for next month is Rs. 350 will remain.”
The company posted a 13.3%/43.4% YoY decline in revenue/EBITDA to Rs. reported weak Q2FY14 numbers, with an adjusted loss of Rs 77.2 crore. “Edible oil volume grew by 4 per cent year-on-year, while Sefola edible oil volume declined by 19 per cent in low single-digits and value by 12 per cent in the same quarter,” Nuwama Institutional Equities said. has come.”
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“Adani Wilmar reported an adjusted loss of Rs 130 crore due to losses in edible oil due to hedging losses due to changing trends in spot (physical) and future prices. Ban on export of basmati and non-basmati rice reduced EBITDA margin by 62 basis points. YoY only 1.2%. Nuwama also said the company suffered losses in both Q1 FY24 and Q2 FY24 due to hedge misalignment, which led to losses in spot and futures markets. There were mixed movements.