Grasim Industries shares rise for three straight sessions, trading near record high; what’s next?
Shares of Grasim Industries rose 1.39% in the last session against the previous close of Rs 2,082.85 on BSE.
- Jan 13, 2024,
- Updated Jan 13, 2024 11:12 AM IST
Shares of Grasim Industries Ltd have ended in the green in the last three sessions. The stock of the flagship company of the Aditya Birla Group is also trading near its record high. It scaled a fresh high of Rs 2166.85 on January 1, 2024. Of late, it has seen some profit-booking with the stock ending at Rs 2111.70 on January 13, 2024.
It rose 1.39% in the last session against the previous close of Rs 2082.85 on BSE. Earlier, Grasim shares opened higher at Rs 2085. Market cap of the firm rose to Rs 1.43 lakh crore.
The share has gained 29.02% in one year and fallen just 0.29% since the beginning of this year.
The firm saw 7856 shares changing hands amounting to a turnover of Rs 1.65 crore on BSE. The share fell to a 52-week low of Rs 1,521.89 on March 16, 2023. The stock has a beta of 0.4, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of Grasim Industries stands at 59.9, signaling it's trading neither in the overbought zone nor in the oversold zone.
Grasim Industries shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
Axis Securities has assigned a target of Rs 2450 to the Grasim stock.
"Grasim has been in an uptrend on a quarterly chart since the beginning of 2020. Following a rally, it entered a consolidation phase between Rs 1900 and Rs 1300 from the end of 2022. Recently breaking above the consolidation zone, GRASIM is poised to continue its medium-term uptrend. On the monthly chart, the stock is establishing a higher high-low formation, maintaining a positive bias and holding above the medium-term uptrend. Anticipating a sustained uptrend, the stock is expected to move towards 2320 and potentially advance further to reach the Rs 2450 level," said the brokerage.
Global brokerage Jefferies has a Buy rating on Grasim with a price target of Rs 2270.
The company will cross leverage group’s Wall Putty dealers to expand Paint reach initially.
The market launch of 'Birla Opus' is scheduled for Q4FY24. Grasim aims to offer a full suite of high-quality products in the decorative paints segment, said Grasim. Ahead of the launch, Grasim successfully piloted the first-of-its-kind painting services (called Sparkle) in key metros and introduced a range of imported wood finishes.
Grasim Industries is a leading global player in VSF and a prominent producer of Chlor-Alkali, Advanced Material, Linen Yarn and Fabrics in India. It also entered the paints manufacturing business in the beginning of 2021.
Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as an investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Shares of Grasim Industries Ltd have ended in the green in the last three sessions. The stock of the flagship company of the Aditya Birla Group is also trading near its record high. It scaled a fresh high of Rs 2166.85 on January 1, 2024. Of late, it has seen some profit-booking with the stock ending at Rs 2111.70 on January 13, 2024.
It rose 1.39% in the last session against the previous close of Rs 2082.85 on BSE. Earlier, Grasim shares opened higher at Rs 2085. Market cap of the firm rose to Rs 1.43 lakh crore.
The share has gained 29.02% in one year and fallen just 0.29% since the beginning of this year.
The firm saw 7856 shares changing hands amounting to a turnover of Rs 1.65 crore on BSE. The share fell to a 52-week low of Rs 1,521.89 on March 16, 2023. The stock has a beta of 0.4, indicating very low volatility in a year.
In terms of technicals, the relative strength index (RSI) of Grasim Industries stands at 59.9, signaling it's trading neither in the overbought zone nor in the oversold zone.
Grasim Industries shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
Axis Securities has assigned a target of Rs 2450 to the Grasim stock.
"Grasim has been in an uptrend on a quarterly chart since the beginning of 2020. Following a rally, it entered a consolidation phase between Rs 1900 and Rs 1300 from the end of 2022. Recently breaking above the consolidation zone, GRASIM is poised to continue its medium-term uptrend. On the monthly chart, the stock is establishing a higher high-low formation, maintaining a positive bias and holding above the medium-term uptrend. Anticipating a sustained uptrend, the stock is expected to move towards 2320 and potentially advance further to reach the Rs 2450 level," said the brokerage.
Global brokerage Jefferies has a Buy rating on Grasim with a price target of Rs 2270.
The company will cross leverage group’s Wall Putty dealers to expand Paint reach initially.
The market launch of 'Birla Opus' is scheduled for Q4FY24. Grasim aims to offer a full suite of high-quality products in the decorative paints segment, said Grasim. Ahead of the launch, Grasim successfully piloted the first-of-its-kind painting services (called Sparkle) in key metros and introduced a range of imported wood finishes.
Grasim Industries is a leading global player in VSF and a prominent producer of Chlor-Alkali, Advanced Material, Linen Yarn and Fabrics in India. It also entered the paints manufacturing business in the beginning of 2021.
Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as an investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.