Founded in 1999, Adani Wilmar is a 50/50 joint venture between Adani Enterprises and Wilmar International. It is India’s leading processor of crude palm oil. The company is also the largest importer of edible oils in India and one of the country’s fastest-growing “food manufacturing consumer goods” companies.
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Adani Wilmar | Credit: ABP News
Can Adani Wilmar be a multibagger?
However, Adani Wilmar’s stock became a multi-bagger last year after a muted market debut. The Adani Group stock made its market debut on February 8, 2022, at Rs 221 on BSE. By the end of last year, the stock had delivered 179.40% returns to investors.
In terms of technicals, the relative strength index (RSI) of Adani Wilmar’s stock stands at 36.8, signaling neither the stock is overbought nor oversold. The PE ratio of Adani Wilmar stands at 87.86 signaling the stock is overvalued compared to the industry.
Shares of Adani Wilmar, the star performer of 2022, have turned weak this year. The stock which closed at Rs 617.6 on December 30, 2022, fell to Rs 546.20 on January 23, 2023, losing 11.56% during the period.
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