Adani Wilmar Shares Hit Lower Circuit On Third Successive Session. Details Here
Adani Wilmar share price has been nosediving after central government’s decision to exempt customs duty and agri cess on yearly imports of crude soyabean and sunflower oil till March 2024. Adani Wilmar share price today opened downside and went on to make an intraday low of ₹631.65 per share levels, hitting lower circuit on third successive session. According to stock market experts, rising input cost and lowering of edible oil prices in domestic market may continue to dictate edible oil maker stocks and hence one should avoid taking fresh position in the counter.
Speaking on the reason for Adani Wilmar share price tumble, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “To contain domestic inflation and rising edible oil prices, the Government of India (GoI) has announced exemption on customs duty and agri cess on yearly imports of crude soyabean and sunflower oil till March 2024. This means, edible oil prices are expected to go down in near term, which may lower the quarterly numbers of the company. So, Adani Wilmar shares are expected to remain in downtrend in near term. One should avoid taking any fresh position and those who have this stock in their portfolio should maintain strict stop loss on closing basis.”
Expecting downtrend in Adani Wilmar share price to continue, Sumeet Bagadia, Executive Director at Choice Broking said, “Adani Wilmar shares are in downtrend and it may go up to ₹550 levels. So, one should avoid taking any fresh position in this Adani counter and those who have long position in the counter can hold the stock maintaining stop loss at ₹550 levels. They should also avoid any further accumulation of this stock until it sustains above ₹550 levels.”
Adani Wilmar share price has been under consolidation phase for last one month. In last one month, it has tumbled near 21 per cent. However, the stock is one of the multibagger stocks in 2022 as it has delivered near 135 per cent return to its shareholders in 2022.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.