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Grasim Industries stock hits 52-week high as firm enters paints business

Grasim Industries stock gained 11.77% intra day to Rs 1,122.65 on January 25. The stock has gained after 2 days of consecutive fall

twitter-logoBusinessToday.In | January 25, 2021 | Updated 18:19 IST
Grasim Industries stock hits 52-week high as firm enters paints business
The company board at its meeting held on January 22 approved entering in paints as a new line of business and subject to the approval of the shareholders.

Grasim Industries stock hit a fresh 52-week high today after the company entered paints business. The stock gained 11.77% intra day to Rs 1,122.65 on January 25. The stock has gained after 2 days of consecutive fall. The share opened with a gain of 2.49% today. Later, it closed 6.44% higher at Rs 1,069 on BSE.

Grasim Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 30.04% in one year and risen 15.32% since the beginning of this year. The company board at its meeting held on January 22 approved entering in paints as a new line of business and subject to the approval of the shareholders.

The entry in the paints sector will add size, scale and diversity to the existing business portfolio of the company. The board of directors has approved initial capital expenditure of Rs 5,000 crore over the next 3 years.

Meanwhile, a meeting of the finance committee of the board of directors of the company will be held on January 28, 2021 to consider the issue of Non-Convertible Debentures (NCDs) on private placement basis, in one or more tranches, subject to such regulatory/statutory approvals as may be required.

In broader markets. Sensex closed 531 points lower at 48,348, extending its losses to the third straight session due to massive selling in energy and IT stocks. Nifty plunged 133 points to end the session at 14,238.

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