Business
Adani Wilmar extends rally; stock surges 30% over issue price
Shares of Adani Wilmar hit a new high of Rs 299.65 in intraday trade on Wednesday after rising nearly 13 percent on the BSE.
Following today’s rally, shares of Adani Group’s edible oil major have surged 30% from its IPO price of Rs 230 per share and more than 36% above its BSE listing price of Rs 221. On the NSE, it is listed at Rs 227 with a slight drop of 1 per cent.
Adani Wilmar is the seventh public company of the Adani Group. The company, a joint venture between Adani Group and Wilmar Group, is India’s leading manufacturer of Fortune branded edible oils. In addition to oils, the company offers products such as wheat flour, rice, beans, sugar and packaged foods.
Proceeds from the public offering will be used to fund capital expenditures, reduce debt and make acquisitions as the company seeks to become India’s largest food and FMCG company.
The company is one of the few major FMCG companies to enjoy pan-India coverage, and its vast distribution network consists of 5,566 distributors across 28 Indian states and 8 federal territories, serving more than 1.6 million retail outlets .
“Adani Wilmar has benefited from its in-depth knowledge of the local market, extensive domestic trade experience and advanced logistics network. The company has successfully developed its ‘Fortune’ brand in the edible oil category and is a leader in the food sector.” Past 20 years,” ICICI Securities said in a report.
Separately, Adani Wilmar has notified the company’s board of directors that a meeting is scheduled for February 14, 2022 to review and approve the unaudited financial results for the quarter and nine months ended December 31, 2021.
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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