News Karnataka
Tuesday, September 27 2022

Adani Wilmar shares rally as Russia-Ukraine war threatens sunflower imports

Photo Credit : IANS

New Delhi: At a time when the equity segment has been going through a sharp correction amid the Russia-Ukraine war, shares of Adani Wilmar rose around 10 per cent overall in the trading week that ended on Friday.

The shares of the company rose as the ongoing war 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.

Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India.

During the week, the FMCG company’s shares have hit the 10 per cent upper circuit twice, exchange data showed.

Even after the recent rise in share price, the counter is 12 per cent down from it’s all-time of Rs 419.90 it touched earlier this month post its debut on the exchanges.

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