The Russian invasion of Kyiv could impact sunflower oil imports from Ukraine to India which ultimately can lead to an immediate rise in sunflower oil prices. Ukraine alone contributes more than two-thirds of India’s sunflower oil imports, followed by Russia, which contributes about 20 per cent.
According to media reports, India has not received any sunflower oil shipments from Ukraine in February so far, which usually ships about 1.5-2 million tonnes of sunflower seeds. This can lead to a shortage of sunflower oil in India.
Shares of Adani Wilmar zoomed as much as 10 per cent to Rs 365 on Friday, before giving up some gains to trade at Rs 361 at 10 am. The scrip settled at Rs 333 on Thursday.
BSE barometer and benchmark Sensex was trading 1,298.52 points or 2.38 per cent higher at 55,828.43 at the time of writing this report.
Adani Wilmar made its debut on bourses on February 8 after its Rs 3,600 crore IPO was open for subscription between January 27 and 31 at a price band of Rs 218-230 apiece, which was overall subscribed a little more than 17 times.
Gautam Adani’s company had reported a 66 per cent increase in its consolidated net profit at Rs 211.41 crore for the quarter ended December 2021 on the back of higher sales. Its net profit stood at Rs 127.39 crore in the year-ago period.
The total income of the latest D-Street debutant rose to Rs 14,405.82 crore in the third quarter of 2021-22, from Rs 10,238.23 crore in the same period a year earlier.
Adani Wilmar is a 50:50 joint venture between Adani Group and Singapore-based Wilmar group. It sells cooking oils and some other FMCG products under the Fortune brand.
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