After receiving a favorable ruling from the Supreme Court panel, the stocks of Adani Group are witnessing a resurgence. Some companies within the group have also reached their upper circuit limits.
On the second trading day of the week, Adani Wilmar Limited’s shares hit the upper circuit, surging by 10 percent.
This marks the second consecutive day of an upper circuit for Adani Wilmar shares.
Share Price Update
Adani Wilmar shares experienced a 10 percent increase, reaching Rs 488.80 on Tuesday, up from the previous closing price of Rs 444.40.
On February 28, 2023, the share price had hit a 52-week low of Rs 327, while on September 23, 2022, it had reached a 52-week high of Rs 841.90.
The market capitalization of the company stands at Rs 63,528.29 crore.
It is worth mentioning that the company was listed in the stock market in February 2022, making it the latest addition to the Adani Group’s portfolio.
Expert Opinions
AR Ramachandran from Tips2trades stated that the Adani Wilmar stock is currently bullish, although it may encounter strong resistance at Rs 484.
He predicts that the share price could potentially reach Rs 516 in the near future.
VLA Ambala, a Research Analyst at Stock Market Today, advises considering a short-term target range between Rs 550 and Rs 750 with a stop loss set at Rs 335.
Additionally, KR Choksi has set a target price of Rs 515 for Adani Wilmar’s stock.
Supreme Court Panel Verdict and Allegations
The Supreme Court-appointed panel has dismissed the allegations made by Hindenburg against the Adani Group.
The panel found no evidence of regulatory failure regarding price manipulation of the group’s shares or violation of minimum public shareholding norms.
In January of this year, Hindenburg Research, a US-based short seller, released a report alleging stock manipulation and accounting fraud by the Adani Group.
However, the Adani Group has strongly refuted all of these claims.
