Adani Wilmar share price climbs to all-time high, rises for 6th straight session

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Adani Wilmar Share price has continued it bull run in early morning deals today. This Adani group stock has climbed to its new peak for 6th straight session and hit new high of 542.70 apiece on NSE. Adani Wilmar Share price today opened with an upside gap of around 9 per share on NSE and went on to hit its new life-time high. 

Highlighting the reason for this multibagger IPO scaling new highs on a regular basis, stock market experts say that Adani Wilmar share price is backed by strong fundamentals and technical support at current levels. All its technical indicators like RSI, MACD, Oscillators and MAS are supporting the bull run on daily basis.

Speaking on the reason for sharp upside bounce in Adanin Wilmar share price; Ravi Singh, Vice President & Head of Research at Share India Securities said, “Adani wilmar shares are backed by strong fundamentals and technical support at current levels. All its technical indicators like RSI, MACD, Oscillators and MAS are supporting the bull run on daily basis. 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.”

On what’s fueling Adani Wilmar share price rally; Jay Thakkar, Head of Equity Research & VP at Marwadi Financial Services said, “Adani Wilmar share price is well in upward momentum for a couple of days due to the high increase in commodity prices worldwide especially palm oil price which definitely helps the businesses of AWL i.e. Adani Wilmar Ltd. The prices of these commodities are expected to remain at elevated levels for some more time hence this will provide the margin benefit to the unsold inventory. Due to the rise in prices the overall transaction cost increases which definitely is in favor of Adani Wilmar Limited.”

Expecting this bull run in Adani Wilmar share price to further continue; Anuj Gaur, Director at IBBM — Money Makers Securities said, “In India, where population is rising continuously and urban culture is growing at a rapid pace, demand for ready to cook foods are expected to increase drastically. This may be the probable reason for Adani Wilmar share price hitting circuits and rising continuously post-listing.”

Adani Wilmar share price history

While climbing to a new peak today, Adani Wilmar shares have delivered more than double to its allottees post listing. Adani Wilmar IPO was offered at 218 to 230 per equity share that means an allottee of the public issue has earned around 135 per cent on its investment.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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