New Delhi. Adani Wilmar, who was listed in the stock market recently, announced the results of the third quarter (October-December) of the current financial year on Monday. The company said that it has made a strong profit of Rs 211 crore.
In the information given to the exchange, the company has disclosed that its growth was 66 percent in the third quarter and the company has a net profit of Rs 211 crore. The company had reported a net profit of Rs 127.39 crore in the same quarter a year ago. During this, the company’s revenue on an annual basis has also increased by 40.6 percent to reach Rs 14,378.7 crore. It is a joint venture between the Adani Group and Wilmar of Singapore. The company sells oils and other food items under the Fortune brand.
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Shares ran away after seeing profits
Shares of Adani Wilmar had a weak start to trading in the morning and were trading with 8 percent weakness. After the company’s results, the shares again gained strength and reached a gain of 2 percent. Market analysts say that the faster the consumption of edible oils increases, the company’s shares will also rise and investors can beat more profits in the future.
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Stocks are up 70 percent
Adani Wilmar’s stock was listed in the stock market at Rs 227. Since then it has been showing steady acceleration. By the way, the upper end price of the IPO was Rs 230, which is currently trading at Rs 390. In this way, the shares have given excellent returns of about 70 percent compared to the IPO price.
Tags: Adani Group, IPO, Share market
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