Indian Stocks market closed lower on Thursday as majority of stocks lost ground due to weak investor sentiment. The concerns of US fiscal issues has caused fall of Asian and European markets.
BSE Sensex closed 148 points lower at 18471 after Diwali. NSE Nifty closed 36 points lower at 5631. Among major losers were heavyweight counters including Grasim, ITC and Tata Steel.
Grasim Industries, a unit of the Aditya Birla Group, is planning to acquire Terrace Bay Pulp Mill in Canada, according to a filing with the stock exchanges.
The company entered into an agreement to acquire the assets of the Terrace Bay Pulp Inc through its special purpose vehicle, AV Terrace Bay Inc., Canada. Terrace Bay Pulp is a firm operating a paper grade pulp mill in North America.
“Grasim will be holding 40 per cent interest in the proposed SPV while Thai Rayon Public Co. Ltd., Thailand will be holding the balance,” company said.
For the fourth quarter ended March 31, 2012, Grasim Industries registered a decline of 8% in its net profit, which remained at Rs 809 crore as against Rs 879 crore in the same period of last year.
In a declaration, ndustries accredited the drop in profit to lower realizations and elevated input costs, chiefly caustic soda and coal.
During the three month period, sales volumes of viscose staple fibre (VSF) climbed up 11% headed by higher exports, in spite of slump in the eurozone and novel capacitances in the Chinese market.
Technical analyst Ashish Chaturmotha of IIFL Wealth has maintained 'buy' rating on Grasim Industries Ltd stock to achieve a long term target.
According to analyst, the stock can be purchased to attain a target of Rs 2480 with a stop loss of Rs 2350.
Today, the stock of the company opened at Rs 2388 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 2510 and a low of Rs 1748 on BSE.
Current EPS & P/E ratio stood at 224.07 and 10.87 respectively.
Stock market analyst Hemen Kapadia has maintained 'buy' rating on Grasim Industries Ltd stock to achieve an intra-day target of Rs 1863
According to analyst, the investors can buy the stock at Rs 1843 with stop loss of Rs 1833.
The stock of the company, on July 01, closed at Rs 1843 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 315.75 and 5.87 respectively.
The share price has seen a 52-week high of Rs 2332.08 and a low of Rs 1682.70 on BSE.
Stock market analysts are of the view that investors can buy Grasim Industries Ltd stock to achieve an intraday target between Rs 2315-2330.
According to them, investors can buy the stock above Rs 2300 with a strict stop loss of Rs 2280.
Shares of the company, on Thursday (Nov 12), closed at Rs 2266.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2938 and a low of Rs 872 on BSE. Current EPS & P/E ratio of the stock stood at 278.50 & 8.21 respectively.
Grasim Industries Limited is among India's ten largest companies in the private sector. Grasim Industries Ltd, the Aditya Birla group, company (AV Birla group), was set up in 1947. The group is well diversified with major interests in viscose staple fiber (VSF), cement. Other businesses of the group include textiles and sponge iron. In textiles segment, Grasim has tied up with Scabal to market the latter's premium range of suiting materials.
Stock market analyst Hitendra Vasudeo of stockmechanics. com maintained 'Buy' rating on Grasim Industries to achieve a short term target between Rs 2629-Rs 2778.
According to Mr. Vasudeo, interested investors can buy the stock around Rs 2525-Rs 2480 with a strict stop loss of Rs 2440.
Today (July 15), the shares of the company opened at Rs 2560 as against it last closure of Rs 865.90 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 179.76 & 14.51 respectively. The share price has seen a 52-week high of Rs 2670 and a low of Rs 831 on BSE.