Grasim Industries shares in focus as board approve raising of Rs 2,000 crore via NCDs

Shares of Grasim Industries Ltd were in focus today after board of the firm approved issuance of non-convertible debentures (NCD) on a private placement basis, totaling a maximum of Rs 2,000 crore, in one or multiple installments. In December last year too, the company raised Rs 1,000 crore at a 7.6 percent coupon.

In the afternoon session, Grasim Industries stock slipped 1.04% intraday to Rs 1698 against the previous close of Rs 1716.05 on BSE. Grasim shares opened lower at Rs 1706.05 today. In terms of technicals, the relative strength index (RSI) of Grasim Industries stands at 44.8, signaling it's trading neither in the overbought zone nor in the oversold zone. The stock has a beta of 0.9, indicating low volatility in a year.

Grasim Industries shares are trading higher than the 100 day and 200 day but lower than the 5 day, 20 day and 50 day moving averages.

The share has gained 28.75% in one year and fallen 1.48% since the beginning of this year.

Market cap of the firm stood at Rs 1.12 lakh crore. The firm saw 4093 shares changing hands amounting to a turnover of Rs 70 lakh on BSE. The share hit a 52-week high of Rs 1839.80 on December 7, 2022 and a 52-week low of Rs 1305.95 on July 1, 2022.

The flagship firm of the Aditya Birla Group reported a 88.5 percent year-on-year (YoY) decline in net profit at Rs 93.5 crore in Q4 on account of tax write-backs and other one-off items.

The company reported a net profit of Rs 814 crore in the corresponding quarter of last year.

Revenue climbed 4.2 percent to Rs 6,645.8 crore in the March 2023 quarter against Rs 6,376 crore in the corresponding period of the preceding fiscal.

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.

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