Grasim Industries can test Rs 3800: Jai Bala

Grasim Industries can test Rs 3800, says Jai Bala of cashthechaos.com.

Bala told CNBC-TV18, "I am bullish on a couple of cement stocks; one is Grasim Industries and the other is from frontline cement stock OCL India. I think Grasim has strength to scale up to Rs 3,800 but if you look at Ambuja and ACC, I think they are very close to finishing off their final targets under the Elliott wave model, which we call as the fifth wave ending targets. I think you should be trying to take money off the table if you are long in Ambuja and ACC, should hold on to your longs if you are long in Grasim."
Grasim Industries trailing 12-month (TTM) EPS was at Rs 128.87 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 26.48. The latest book value of the company is Rs 991.86 per share. At current value, the price-to-book value of the company was 3.44. The dividend yield of the company was 0.66%.