Grasim Ind has target of Rs 2950-3000: Harchekar

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Grasim Ind has target of Rs 2950-3000: Harchekar

Grasim Industries has target of Rs 2950-3000, says Amit Harchekar, Sr Technical Analyst -CMT, IIFL India Private.

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Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Amit Harchekar See what other Experts & Brokerages are saying about Grasim See messages about Grasim

Grasim Industries has target of Rs 2950-3000, says Amit Harchekar, Sr Technical Analyst -CMT, IIFL India Private.

Harchekar told CNBC-TV18, "Grasim Industries looks good on charts. It has given a good ascending triangle breakout, so that projects you a target close to Rs 2,950-3,000. But Ambuja Cement has given a good breakdown below Rs 175 levels, so that has turned on the weaker side. So I believe it's only Grasim which is looking strong and ACC as well as Ambuja are showing some sort of a negative view as of now."

Grasim Industries trailing 12-month (TTM) EPS was at Rs 128.87 per share. (Dec, 2011). The stock's price-to-earnings (P/E) ratio was 22.06. The latest book value of the company is Rs 885.82 per share. At current value, the price-to-book value of the company was 3.21. The dividend yield of the company was 0.7%.