Grasim Industries Ltd Share Price – NSE /  BSE

Textiles, Mid Cap

Grasim Industries has repaid commercial paper aggregating Rs 1,000 crore on maturity i.e. today, 14 August 2024.

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The Board of Grasim Industries at its meeting held on 09 August 2024 has approved the acquisition of 26% equity stake in AMPIN Energy C&I Three and AMPIN Energy C&I One, a Special Purpose Vehicles (SPVs) for the purpose of generation and transmission of renewable energy to Chamarajanagar, Karnataka and Cheyyar, Tamil Nadu, Company's Paint plants respectively.

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The key equity benchmarks ended with robust gains on Friday. The Nifty settled above the 24,350 mark. All sectoral indices on the NSE ended in green with PSU bank, media, and auto shares gaining the most.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 819.69 points or 1.04% to 79,705.91. The Nifty 50 index gained 250.50 points or 1.04% to 24,367.50.

In the broader market, the S&P BSE Mid-Cap index added 1.21% and the S&P BSE Small-Cap index rose 0.79%.

The market breadth was positive. On the BSE, 2,339 shares rose and 1,565 shares fell. A total of 102 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 7.45% to 15.37.

Buzzing Index:

The Nifty PSU Bank index added 1.92% to 6,994.45. The index shed 0.87% in past trading sessions.

Indian Bank (up 3.92%), Canara Bank (up 3.18%), Union Bank of India (up 2.13%), State Bank of India (up 2.1%), Bank of Baroda (up 1.8%), Punjab National Bank (up 0.89%) and UCO Bank (up 0.19%) edged higher.

On the other hand, Punjab & Sind Bank (down 0.57%), Bank of India (down 0.39%) and Central Bank of India (down 0.2%) declined.

Stocks in Spotlight:

Grasim Industries added 1.26%. The company reported 23.38% decline in consolidated net profit to Rs 1,207.93 crore in Q1 FY25 as compared with Rs 1,576.47 crore in Q1 FY24. Revenue from operations increased 9% YoY to Rs 33,860.75 crore in Q1 FY25, driven by strong performance from its diversified businesses portfolio. Cellulosic Staple Fibre, Building Materials and Financial Services businesses delivered superior performance.

Eicher Motors jumped 5.55% after the company’s consolidated net profit jumped 19.94% to Rs 1,101.46 crore in Q1 FY25 as compared with Rs 918.34 crore posted in corresponding quarter last year. Revenue from operations increased 10.2% YoY to Rs 4,393.05 crore during the quarter.

JSW Steel advance 2.58% after the company’s consolidated crude steel production for the month of July 2024 was at 22.15 lakh tonnes, which is higher by 9% as compared with the same period last year.

Life Insurance Corporation of India (LIC) rose 0.83%. The state-run life insurer’s standalone net profit rose 9.61% to Rs 10,461.05 crore on 15.66% increase in total premium income to Rs 1,13,770.14 crore in Q1 FY25 over Q1 FY24.

Oil India rallied 4.78%. The petroleum business company reported 9.09% decline in standalone net profit to Rs 1,466.84 in Q1 FY25 as compared to Rs 1,613.43 crore posted in Q1 FY24. However, revenue from operations (excluding excise duty) jumped 17.67% to Rs 5,331.92 crore in Q1 FY25 from Rs 4531.18 crore reported in the same period a year ago.

Steel Authority of India (SAIL) slipped 5.96% after the company’s standalone net profit dropped 92.87% to Rs 10.68 crore in Q1 FY25 from Rs 149.83 crore in Q1 FY24. Revenue from operations fell 1.48% to Rs 23,997.78 crore during the quarter as compared with Rs 24,357.58 crore posted in same quarter last fiscal

Container Corporation of India (CONCOR) declined 1.82%. The company reported 5.14% increase in consolidated net profit to Rs 258.17 crore in Q1 FY25 as compared to Rs 245.56 crore posted in Q1 FY24. Revenue from operations grew by 9.38% year on year (YoY) to Rs 2,103.13 crore during the quarter ended 30 June 2024.

Biocon shed 0.75%. The company’s conosldidated net profit surged to Rs 659.7 crore in Q1 FY25 as compared with Rs 101.4 crore in Q1 FY24. Revenue from operations increased marginally YoY to Rs 3,432.9 crore in during the quarter.

Global Markets:

European stocks advanced while most Asian stocks ended higher on Friday, buoyed by a strong Wall Street performance.

Investor sentiment was lifted by China's release of July consumer price index data, which showed a modest increase and eased deflation concerns. The country's consumer prices rose 0.5% year-on-year last month. However, core CPI, excluding volatile food and energy items, cooled to 0.4% from 0.6% in June.

U.S. stocks surged on Thursday after the Labor Department reported a larger-than-expected drop in initial jobless claims to 233,000 for the week ended August 3. The Dow Jones Industrial Average rose 1.76%, the S&P 500 gained 2.30% and the Nasdaq Composite added 2.87%.

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Revenue from operations increased 9% YoY to Rs 33,860.75 crore in Q1 FY25, driven by strong performance from its diversified businesses portfolio. Cellulosic Staple Fibre, Building Materials and Financial Services businesses delivered superior performance.

Profit before exceptional items and tax declined 14.37% to Rs 2,943.67 crore in Q1 FY25 as compared with Rs 3,437.60 crore posted in same quarter last year. Exceptional items stood at Rs 32.50 crore.

Consolidated EBITDA was lower by 4% at Rs 4,760 crore in Q1 FY25. This was driven by investments in the Paints business.

Revenue from Cellulosic Staple Fibre (CSF) business for the quarter was at Rs 3,787 crore. up 6% YoY. sales volume stood at 212 KT, up 14% YoY. Cellulosic Fashion Yarn (CFY) business recorded marginal volume growth of 2% YoY, due to subdued demand conditions in the downstream value chain and lower priced export into India by from Chinese producers.

Revenue from Chemicals business declined 4% YoY to Rs 2,066 crore in Q1 FY25. Speciality Chemicals (epoxy polymers and curing agents) revenue mix improved to 30% for the quarter from 25% in Q1FY24.

The building materials business reported revenue of Rs 18,701 crore, up 11% YoY, led by the growth in Cement and ramp-up in revenues from new growth businesses - Paints and B2B E-Commerce. EBITDA stood at Rs 2,909 crore, down 7% YoY mainly due to initial funding of new growth businesses.

Consolidated sales volumes of cement business (UltraTech) grew by 7% YoY to 31.95 MT and ready-mix concrete sales volumes grew by 22% YoY to 3.25 Mn. During the quarter, grey cement capacity expanded by 8.7 Mn TPA, taking the total grey cement capacity to 154.9 Mn TPA.

The board of directors of UltraTech approved the purchase of 32.72% equity stake of the promoters & their associates in India Cements Limited (ICL). UltraTech will pay Rs 3,954 crore at Rs 390 per share. This has triggered a mandatory open offer, at Rs 390/share.

The company said that the paints business under the brand name ‘Birla Opus’ is ramping up production across product categories at already commissioned three plants. Trial production has also commenced at the Chamarajanagar plant. The first flagship experience store is operational in Mumbai. Media campaign under ‘Make life Beautiful’ was launched with a focus on rapid brand building across all marketing channels. Outreach to influencers (contractors and painters) remains on track. The total Capex for the business is Rs 7,795 crore till June 2024, approximately 77% of the planned capex outlay.

The financial services business (Aditya Birla Capital), revenue and EBITDA, as consolidated in accordance with Ind AS, stood at Rs 8,807 crore and Rs 1,058 crore, registering growth of 25% and 17%, respectively. The overall lending portfolio (NBFC and HFC) increased by 27% YoY and 3% QoQ to Rs 1,27,705 crore.

The consolidated capex for Q1 FY25 stood at Rs 983 crore. The budgeted standalone capex for FY25 is Rs 4,553 crore of which around Rs 3,000 crore, is towards new growth businesses.

Grasim Industries, a flagship company of the Aditya Birla Group, is a leading diversified player with leadership presence across many sectors. It is a leading global producer of viscose staple fibre and viscose filament yarn, the largest chlor-alkali, advanced material, linen yarn and fabrics producer in India. The company recently has entered paints business and setting up six plants across pan India locations.

The counter rose 1.21% to Rs 2,574.80 on the BSE.

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