The share price of Adani Wilmar has experienced a correction of around 20% in 2024. The majority of market observers predicted that the scrip would decline even further in the near future.
Adani Wilmar Ltd.'s stock fell 10% during Thursday's trading, reaching its lowest point ever, Rs 294.40. The stock has had an almost 20% correction at this price in 2024. The majority of market observers predicted that the scrip would decline even further in the near future.Shares of the Adani Group have a high level of risk. Investors should remain in 'wait-and-watch' mode, given the current heightened volatility. Investors with a high tolerance for risk should benefit from these companies, according to WealthMills Securities' Director of Equity Strategy Kranthi Bathini.
"The stock of Adani may continue to decline. At the current levels, it is recommended to stay away from these counters," market analyst Raghvendra Singh told Business Today.
Following Gautam Adani, the chair of the Adani Group, being charged with bribery and fraud in the United States, the Adani stocks experienced a sharp decline today. According to US officials, Adani and seven other defendants—among them his nephew Sagar Adani—agreed to bribe Indian government officials in order to secure contracts that would create India's largest solar power plant project and generate an estimated $2 billion in profit over the course of 20 years.
Bourses BSE and NSE have sought explanation from Adani Wilmar over a news item captioned "Adani Group stocks in focus: Here is what the US SEC said". The owner of the 'Fortune' brand is expected to respond.
The new charges come after the Adani Group was rocked by allegations of unlawful use of offshore tax havens made by US-based short seller Hindenburg Research in January of last year. The Indian conglomerate has disputed the allegations.
"The stock of Adani may continue to decline. At the current levels, it is recommended to stay away from these counters," market analyst Raghvendra Singh told Business Today.
Following Gautam Adani, the chair of the Adani Group, being charged with bribery and fraud in the United States, the Adani stocks experienced a sharp decline today. According to US officials, Adani and seven other defendants—among them his nephew Sagar Adani—agreed to bribe Indian government officials in order to secure contracts that would create India's largest solar power plant project and generate an estimated $2 billion in profit over the course of 20 years.
Bourses BSE and NSE have sought explanation from Adani Wilmar over a news item captioned "Adani Group stocks in focus: Here is what the US SEC said". The owner of the 'Fortune' brand is expected to respond.
The new charges come after the Adani Group was rocked by allegations of unlawful use of offshore tax havens made by US-based short seller Hindenburg Research in January of last year. The Indian conglomerate has disputed the allegations.
Adani Wilmar appeared 'bearish' in the short run, according to technical analysts. The counter showed support in the Rs 290–270 range.
The stock is indicating a significant negative trend, according to Osho Krishan, Senior Research Analyst-Technical & Derivatives at Angel One. A further decline may result if the price drops below the Rs 290–285 level. The best course of action is to exercise caution and stay out of the market until the stock's performance significantly improves."
The counter was sluggish on daily charts and may soon drop to the Rs 270 level, according to Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. At Rs 300, there will be resistance.
"Support will be at Rs 286 and resistance at Rs 325," stated Jigar S. Patel, Senior Manager-Technical Research Analyst at Anand Rathi. To start a further upward trend above Rs 350, there must be a clear rise above the Rs 325 mark. For the near future, the anticipated trading range would be between Rs 275 and Rs 350.
"Support will be at Rs 286 and resistance at Rs 325," stated Jigar S. Patel, Senior Manager-Technical Research Analyst at Anand Rathi. To start a further upward trend above Rs 350, there must be a clear rise above the Rs 325 mark. For the near future, the anticipated trading range would be between Rs 275 and Rs 350.
"Adani Wilmar is bearish but also oversold on daily charts with next support at Rs 285," stated AR Ramachandran, a research analyst registered with the Sebi. For a short-term upward goal of Rs 334, investors should only purchase if a daily close is above the resistance level of Rs 307.
The company's stock has a price-to-book (P/B) ratio of 4.77 and a price-to-equity (P/E) ratio of 40.38, according to the BSE. The return on equity (RoE) was 11.80 and the earnings per share (EPS) was 8.10.
The Adani Group and Singapore-based Wilmar have formed an equal joint venture (JV) called Adani Wilmar. Promoters owned 87.87 percent of the business as of September 2024.
The company's stock has a price-to-book (P/B) ratio of 4.77 and a price-to-equity (P/E) ratio of 40.38, according to the BSE. The return on equity (RoE) was 11.80 and the earnings per share (EPS) was 8.10.
The Adani Group and Singapore-based Wilmar have formed an equal joint venture (JV) called Adani Wilmar. Promoters owned 87.87 percent of the business as of September 2024.
0 Comments