Grasim Industries shares fell on Tuesday after the company reported a 17 per cent Year-on-Year decline in its September quarter net profit at Rs 1,097 crore, down from Rs 1,327 crore in the year ago period. The high energy cost dented companies’ consolidated EBITDA which was reported at Rs 3,783 crore, down 12 per cent YoY.  

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Yet, many top brokerages continue to show faith on this flagship company of Aditya Birla Group. Jefferies is most bullish on this stock and maintains a ‘Buy’ on it and raised the price target from earlier Rs 1970 to Rs 1980. An overall upside seen in this stock is up to Rs 230 or 13 per cent. The stock was recommended at the price of Rs 1749.    

JP Morgan maintains an ‘Overweight’ rating on this stock and puts a target of Rs 1980, increasing it from Rs 1870, earlier. Meanwhile, Citi’s target is at Rs 1950 and this brokerage has a buy recommendation on Grasim counter. 

Morgan Stanley is ‘Overweight’ on this stock and suggests a price target of Rs 1830.   

Grasim Industries shares were trading at Rs 1,719.60, down by Rs 28.90 or 1.65 per cent on the NSE. 

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In its chemical business vertical, caustic soda sales volume was up 17 per cent YoY to 296KT in Q2FY23 on the back of new capacities commissioned in H2 last year (Rehla and BB Puram). Chlorine VAPs sales volume was up by 19 per cent YoY. 

 

The company suffered in its textile business on global decline in the demand of MMCF (Man-Made Cellulosic Fibres).  

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