Adani Wilmar shares tumbled as much as 8.3% on Monday to Rs 267.45 on the BSE, as the second day of its offer for sale (OFS) got underway. The company’s promoter, Adani Commodities LLP, is offloading up to 19.50 crore shares, representing 15.01% of the company’s equity, including an oversubscription option.The OFS, which opened on Friday, consists of an initial offer of 17.54 crore shares, or 13.50% of total equity, with an additional 1.96 crore shares, or 1.51%, available if the oversubscription option is exercised. This large-scale sale is part of Adani Commodities' plan to offload up to 20% of its stake in Adani Wilmar. The steep fall in the company’s share price on Monday followed a 10% decline on Friday, triggered by the steeply discounted floor price of Rs 275, which was set 15.11% below Thursday's close.On Monday, retail investors were allowed to bid, while non-retail investors could carry forward their unallocated bids from Friday for potential allocation in the retail category if it is undersubscribed.Adani Wilmar, a joint venture between the Adani Group and Wilmar International, is a leading FMCG player in India, known for its essential kitchen products. Despite its strong market position, the stock has struggled, down 26% over the past year.While the proceeds from the OFS are expected to boost liquidity for the Adani Group, analysts are concerned that the large divestment may put additional pressure on the stock. Adani Wilmar consensus recommendation:According to Trendlyne data, five analysts have a consensus recommendation for the stock, with two analysts rating it a "buy," two giving a "hold," and one recommending a "sell."Adani Wilmar shares technical indicators:Technically, the stock's relative strength index (RSI) stands at 36.7. According to Trendlyne, an RSI below 30 is considered oversold, while above 70 indicates overbought conditions. Additionally, the MACD is at 1.8, which is above its center but below the signal line.The stock is trading below its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs).Adani Wilmar shares performance:The stock has declined 26% over the past 12 months and 19% over the last six months. The company’s market capitalization stands at Rs 35,435.74 crore.Also read | Mutual fund SIP inflow at record high, but why is Nifty down 10% from peak?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
- News Source Indiatimes (Click to view full news): CLICK HERE
0 Comments:
Leave a Reply