Adani Wilmar buzzing loud

Adani Wilmar is buzzing loud today morning; from its close of Rs.317.45, the stock opened slightly higher and rose to Rs.320.15. Its closer to the 52-week low of Rs.303.45 than its 52-week high of Rs.703.

There is unconfirmed news in Economic Times that the promoters are planning to exit from Adani Wlimar completely by selling of their entire 43.97% stake.

Gautam Adani is reportedly looking to get $2.5-3 billion for the stake; this is an equal JV with Singapore-based Wilmar International.

The company did issue a clarification  stating that there was no such development and does not plan to sell stake. But the market feels that we could hear a stake sale after a month or so as the group now wants to focus on its core business, which is infrastructure and logistics.