Adani Wilmar enters ₹1 lakh crore

Leading Fast moving consumer goods (FMCG) company Adani Wilmar has finally crossed the market capitalization of ₹1 lakh crore. This became possible as shares of the company rallied steeply. Adani Wilmar owns the popular brand ‘Fortune’. The FMCG company claims that 1 out of every 3 households consumes a “Fortune” product. In just three months of listing, on the Indian Stock Exchanges shares of the firm have rewarded investors with three-fold returns. Today, shares of the company hit an all-time high of ₹802.80 as the stock increased 5%.

The share of the Adani Wilmar has been on an uptrend since yesterday, April 26, after Indonesia imposed a ban on the exports of palm oil, which would eventually increase the prices of edible oil and benefit the Adani Wilmar. As per the reports, India imports 45% of its annual palm oil needs from Indonesia. Other than this, Adani Wilmar has benefited from the recent spike in prices of cooking oil because of the ongoing Russian-Ukraine conflict. Prices of cooking oil commodities across countries have surged because of supply disruption fears in Russia and Ukraine. In fact, both Ukraine and Russia collectively account for 90% of India’s sunflower oil imports.