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Last Updated : Apr 25, 2019 01:51 PM IST | Source: Moneycontrol.com

Grasim Industries trades at 6-month high after UltraTech's stellar Q4

In the last three months, Grasim rallied nearly 19 percent, outperforming the Nifty that gained 8 percent in the same period

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Shares of Aditya Birla Company Grasim Industries traded at over 6-month high levels on April 25, up 6.6 percent intraday after its subsidiary UltraTech reported healthy earnings in March quarter.

The stock hit an intraday high of Rs 939.45, the highest level since October 4, 2018.

It was quoting at Rs 933, up Rs 52.05, or 5.91 percent amid high volumes on the BSE, at 1257 hours IST. UltraTech Cement also gained 6 percent and hit a record high today.

In the last three months, Grasim rallied nearly 19 percent, outperforming the Nifty that gained 8 percent in the same period.

The cement major reported a massive 108 percent year-on-year growth in January-March quarter standalone profit at Rs 1,017 crore, driven by sales volume and operating income growth.

Standalone revenue in Q4 increased 18.3 percent with sales volumes growth at 15.4 percent YoY. Operating income during the quarter grew by 30 percent YoY and margin expanded to 21.08 percent (from 19.20 percent YoY) during the quarter.

Brokerages retained their positive stance on the stock with some raising price target and expecting up to 20 percent upside after quarterly earnings.

CLSA has a buy call on the stock and raised price target to Rs 5,270 from Rs 5,025 earlier on strong end to FY19 and focus on reducing debt.
First Published on Apr 25, 2019 01:51 pm
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