Adani Wilmar stock surged around 5 per cent in the Friday trading session after the board of directors approved the demerger of the food FMCG business of Adani Enterprises to its group company Adani Wilmar, along with its strategic investment in Adani Commodities LLP.
Adani Wilmar stock traded with 4.5 per cent gain at Rs 364 in the morning session on the National Stock Exchange (NSE).
The food FMCG business has become self-sustained, performing well, and poised for further growth under Adani Wilmar, the Adani Group said in a statement as it announced the demerger.
For Adani Enterprises, this demerger arrangement will not only unlock the value for shareholders but will also allow focus on strategy for sustainable growth in its incubating businesses, it asserted in a statement.
"Adani Enterprises as an incubator continues to incubate new businesses and create sustainable and long-term value for its stakeholders. Over the years, we have a track record of successfully incubating businesses across various sectors which are currently leading players in their respective sectors and delivering substantial returns to their shareholders," the Adani Group said in the statement.
Meanwhile, Adani Enterprises, the flagship company of the Adani Group, declared its results for the April-June quarter of 2024. The company reported a total income or revenue worth Rs 26,067 crore, an increase of 13 per cent year-on-year (YoY) from Rs 23,016 crore reported in the corresponding period of 2023.
Adani Enterprises reported a 116 per cent jump in its net profit at Rs 1,458 crore, as against Rs 675 crore registered in the same quarter of 2023. (ANI)
