Adani Wilmar share price today extended its post-listing rally and hit 20 per cent upper circuit today. Adani Wilmar share price today opened with an upside gap of ₹5.40 on NSE and went on to hit its intraday high of ₹321.90, logging 20 per cent rise from its listing day close of ₹268.25 apiece levels on NSE. According to stock market experts, the stock is fairly priced and one should keep on booking profit after such jump in the newly listed FMCG stock.
Speaking on Adani Wilmar share price rally; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Adani Wilmar shares are fairly priced at current levels and I would advise investors to book profit if their view is short-term because there is lot of speculative interest involved in the FMCG counter post-listing. Those who have long-term view are also advised to maintain trailing stop loss at around ₹265 to ₹270 as there can be sharp downside movement in the counter once the profit-booking triggers in this counter.”
Avinash Gorakshkar of Profitmart said that Adani Wilmar shares are currently standing at PE multiple of 40, which indicates that stock is a fairly priced stock. Apart from this, the
Advising intraday traders to buy Adani Wilmar shares; Anuj Gupta, Vice President at IIFL Securities said, “Adani Wilmar share price has breached ₹300 levels and currently it is sustaining above ₹300. So, those investors who still hold Adani Wilmar shares are advised to hold the counter with trailing stop loss at ₹268 for near term target of ₹325 to ₹330.”
Yesterday, Adani Wilmar share made its debut at Indian stock market at a discounted price of ₹227 per share on NSE, ₹3 lower from its upper price band of ₹230 per share levels. However, it soon started to surge post-listing and closed at ₹268.25 apiece levels on NSE.
Adani Wilmar Limtied is a joint venture between Adani Group and Wilmar Group of Singapore.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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