Adani Wilmar is the only Adani stock in the green today, what’s driving the optimism?

A day earlier, Adani Wilmar reported a 16 percent increase in net profit at Rs 246 crore in the December quarter, while consolidated revenue from operations came in at Rs 15,438 crore, up 7 percent

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Adani Wilmar was locked in a 5 percent upper circuit in early deals, even as all other group stocks were trading in the red again on February 9.

A day earlier, the FMCG firm posted a good set of numbers for the third quarter of the financial year 2022-23, with net profit and volumes rising 16 percent each.

At 11 am, the stock was trading at Rs 437.75, up 4.7 percent amid heavy volumes of 10.7 million shares on the NSE.

The stock is up for the third straight session after hitting a lower circuit for eight sessions in a row since the publication of the Hindenburg Research report, which accused the Adani group of stock manipulation and also flagged the conglomerate’s debt burden. The Adani group has denied the charges but the group stocks have been hammered in the aftermath of the report.