Shares of Adani Wilmar sprung 5% to hit upper circuit at ₹440.30 in the early hours of trading on Thursday.

What Happened: The Adani Group company which had been bleeding at the stock market since the Hindenburg report came out last month posted strong Q3 numbers on Wednesday.

The company reported a 16% year-over-year jump in its consolidated net profits at ₹246 crore. Owner of the popular brand Fortune, also saw sales volume jump 16% YoY to 1.47 million metric tonnes.

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The company's revenue saw a 7% YoY rise in revenue at ₹15,438 crore. The major part of that came from the edible oil segment which grew 4% YoY to ₹12,581 crore. The food and FMCG saw the sharpest rise in revenue that stood ₹1,020 crore, a massive 45% hike compared to the year-ago period.

Commenting on the results, the company's MD & CEO Angshu Mallick said, "We are leveraging the distribution network, manufacturing facilities, logistics, and customer relationships of the edible oil business to grow rapidly in Food & FMCG business, which offers a much larger opportunity compared to our well-established edible oil business."

However, the company's shares could face heat as media reports suggest that the Himachal Pradesh State Excise Department raided the premises of the company in Solan. The raid is said to have been in connection with the company missing out on depositing GST collection for multiple years.

Another jolt that the conglomerate suffered today, was MSCI announcing that it is reviewing the ‘Free Float’ status of some of the group's stocks.

The announcement put a halt to the Group's brief rebound rally. 

All listed stocks of the Adani Group except Adani Wilmar were in the end.

Price Action: Adani Wilmar shares traded 4.06% higher at ₹436.20 in the afternoon hours of trading on Thursday.

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