Stocks

Grasim Industries shares rise after Q4 results

Reuters | Updated on May 27, 2019 Published on May 27, 2019

Grasim Industries Ltd's shares gain as much as 5.5 per cent to ₹959.8, highest since Oct 2018. The Aditya Birla Group's flagship company reported March-quareter consolidated net profit of ₹1,133 crore ($163.10 mln) on Friday.

The stocks of Grasim Industries ended 2.91 per cent higher at ₹943.75.

The results are not comparable with that of the previous period as it includes financial results of Viscose Filament Yarn (VFY) business of Century Textiles and Industries, whose management rights was acquired by it, and cement plants acquired from Jaiprakash Associates and Jaypee Cement Corporation, co said in a statement.

Citi raises price target to ₹1,150 from ₹1,050. About 2.3 million shares change hands by 0644 GMT, compared with the 30-day average of 1.5 million shares.

Published on May 27, 2019
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