New Delhi: Adani Wilmar stocks surged by 5 pc on Friday morning following the announcement by Adani Enterprises to separate its food-FMCG division and strategic investments in Adani Commodities LLP to a leading edible oil company. The company's stock rose by 4.82 pc to reach Rs 365.15 per share on the National Stock Exchange (NSE). Shares of Adani Wilmar on the BSE increased by 4.61 pc to reach Rs 364.25 per share.
The BSE Sensex index dropped 715.41 points, a decline of 0.87 pc, to reach 81,152.14, while the 50-share NSE Nifty fell by 218.15 points, also 0.87 pc, to 24,792.75. Adani Enterprises Ltd plans to separate its food-FMCG division and strategic investments in Adani Commodities LLP and transfer them to edible oil major Adani Wilmar Ltd in order to enhance focus on this business and create value for shareholders.
Adani Wilmar is a partnership where both Adani Group and Singapore's Wilmar Group have an equal stake. Adani Commodities and Wilmar each own 43.94 percent of the company. The public holds the remaining 12 pc ownership stake.Adani Wilmar Ltd announced a combined net profit of Rs 313.20 crore for the initial quarter of the current fiscal due to increased revenue from cooking oils and other food-FMCG products. In the previous year, the company recorded a net loss of Rs 78.92 crore.
Total revenue increased to Rs 14,229.87 crore in the April-June period of this financial year from Rs 12,994.18 crore in the same period last year. In the April-June quarter, Adani Wilmar's income from the edible oil sector increased by 8 per cent to Rs 10,649 crore from Rs 9,845 crore in the previous year's April-June period.
Revenue from the food and FMCG sector increased by 40 per cent, reaching Rs 1,533 crore compared to Rs 1,097 crore. There was no change in revenue for the industry essentials segment, staying at Rs 1,986 crore.
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