New Delhi- Shares of Adani Wilmar hit the 10 per cent upper circuit on Monday.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India.
The shares of the company have seen substantial rise since the war in Ukraine broke out, as it may hit India’s sunflower imports. Russia and Ukraine are the major suppliers of sunflower oil to India.
As per reports, Ukraine and Russia account for 70 per cent and 20 per cent sunflower oil imports to India.
The company is known for its wide range of offerings in edible oils besides wheat flour, rice, pulses, sugar among others.
The company listed on February 8, whose initial public offerings were subscribed more than 17 times, had made a muted debut in the exchanges with a discount of little over 1 per cent from its issue price of Rs 230.
On Monday, the shares were locked in the 10 per cent upper circuit at Rs 461 per share.
The shares of the company doubled since its listings. It rose 103 per cent since its market debut.
–IANS