AWL Agri Business shares drop 4% after large trades; check details here

AWL Agri Business shares fell 4% and reports indicated that Adani Group has sold its remaining 7 per cent stake

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Shares of  AWL Agri Business Ltd. (formerly Adani Wilmar Ltd) tumbled over 4 per cent on Tuesday after about 6.8 per cent equity traded in multiple blocks in opening deals. 

 

The edible oil major's stock fell as much as 3.7 per cent during the day to ₹266.4 per share, the biggest intraday fall since September 23 this year. The stock pared losses to trade 2.2 per cent lower at ₹271 apiece, compared to a 0.49 per cent decline in Nifty 50 as of 10:23 AM. 

 

Shares of the company snapped a two-day losing streak and currently trade at 387 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 12 per cent this year, compared to a 10.2 per cent advance in the benchmark Nifty 50. AWL Agri has a total market capitalisation of ₹34,993.85 crore.  

Large trades in AWL Agri shares 

The company had about 87.9 million shares, or 6.8 per cent equity change hands in 13 block trades, according to Bloomberg data. News agency, PTI, reported that Adani Group has sold its remaining 7 per cent stake in Adani Wilmar. 

 

Domestic mutual fund houses, including Vanguard, Charles Schwab, ICICI Prudential MF, SBI Mutual Fund, Tata MF, Quant MF, and Bandhan MF, bought the stake, the report added. Several international investors from Singapore, the UAE, and other Asian markets also bought into the clean-out block.

 

Earlier this week, the Adani Group had sold a 13 per cent stake in AWL to bring its exposure down to 7 per cent.

 

Adani Enterprises has fully exited its 44 per cent stake in AWL’s agri business, completing a major reshaping of the company’s shareholding. With the exit, Singapore-based Wilmar International becomes the sole promoter with an estimated 57 per cent stake, giving AWL a distinctly multinational ownership profile. 

AWL Agri Q2 report

The edible oil major reported a 21 per cent decline in consolidated net profit to ₹244.85 crore in the September quarter. Total income rose to ₹17,525.61 crore during the July-September period of this fiscal year from ₹14,552.04 crore in the corresponding period of the preceding year. 

 

During the quarter, the company recorded volume growth of 2 per cent year-on-year (Y-o-Y) to 1.68 million tonnes across three businesses -- edible oils, industry essentials. and food -- FMCG. The revenue of edible oils grew 26 per cent to Rs 13,828 crore