Closing Bell: Sun Pharma claimed the top winner spot on the Sensex with a gain of 1.7 per cent on launching an anti-cancer drug Palbociclib in India for patients with advanced breast cancer
Growth in the third quarter has been broad across both urban and rural towns, with higher saliency in urban markets, Adani Wilmar said
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India's Adani Wilmar reported a 73% slump in second-quarter profit on Thursday, as the Fortune cooking oil maker reeled under dull demand from rural areas
CLOSING BELL: The NSE Nifty 50 swung wildly in a range of 17,112 to 16,957 as the weekly F&O expiry was in focus. The index finally settled with a loss of 107 points at 17,017 .
The company, however, remains optimistic on their brand equity, and is hopeful of sequential improvement in demand trends with easing retail inflation and good monsoon
Edible oil major Adani Wilmar on Wednesday said the company's overall revenue in the July-September quarter will annually grow by low single-digit amid a fall in rates of edible oils. Adani Wilmar markets its edible oils and other food items under the Fortune brand. In a regulatory filing, the company shared a preliminary update on the standalone performance during the quarter ended September. "Multiple macro challenges continued to impact the business in the quarter gone by owing to domestic and global cues, continued geo-political standoff, rising interest rates, slow uptick in the rural demand and delayed withdrawal of monsoon in major parts of India," it said. Adani Wilmar said the company is witnessing some positive signs of recovery, with softening of commodity prices and higher foodgrain production estimates for the last crop year. In edible oil segment, the second quarter essentially absorbed the market shocks of high inflation followed by sharp decline in prices. In view
Adani Green Energy, Adani Total Gas, Adani Enterprises and Adani Transmission were trading higher in the range of 2 per cent to 4 per cent
Adani Enterprises and Adani Total Gas were the major losers among the group stocks, as they hit the 10 per cent lower circuit in intraday deals.
Despite an overall weak market, shares of Adani Wilmar was up 2 per cent at Rs 785.90, as they bounced back 7 per cent from its intra-day low of Rs 735 per share on the BSE.
Adani Wilmar has regained Rs 1-trillion market capitalisation, while Patanjali Foods' market cap crossed Rs 50,000 crore today
"We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach," Angshu Mallick, CEO of Adani Wilmar said
Most of the Adani group stocks ended lower on Tuesday following a report that the conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses. Shares of Adani Power fell 4.99 per cent, Adani Wilmar went lower by 4.73 per cent and Adani Green Energy declined 4.15 per cent on the BSE. Adani Power and Adani Wilmar hit their lower circuit limits during the day. Also, Adani Enterprises fell 0.93 per cent and Adani Ports and Special Economic Zone dipped 0.32 per cent. However, Adani Transmission jumped 3.23 per cent and Adani Total Gas climbed 1.73 per cent. In the broader market, the 30-share BSE benchmark climbed 257.43 points or 0.44 per cent to settle at 59,031.30. Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said
The govt has directed edible oil suppliers to cut prices by as much as Rs 40 per litre to bring down inflation. Will players like Adani Wilmar and Patanjali Foods bear the brunt? Let us find out
Our direct retail reaches around 575,000 outlets and indirect is 1.6 million, said Wilmar