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Buy Grasim Industries, target price Rs 780: Kotak Securities

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Kotak Securities has given a buy rating to Grasim Industries with a target price of Rs 780. The share price moved up by 0.05 per cent from its previous close of Rs 754.25. The stock’s last traded price is Rs 754.60.

Grasim Industries Ltd., incorporated in the year 1947, is a Large Cap company (having a market cap of Rs 49634.79 Crore) operating in Diversified sector.

Grasim Industries Ltd. key Products/Revenue Segments include Sale of Products which contributed Rs 20330.25 Crore to Sales Value (98.92 % of Total Sales), Export Incentives which contributed Rs 70.66 Crore to Sales Value (0.34 % of Total Sales), Scrap which contributed Rs 65.95 Crore to Sales Value (0.32 % of Total Sales), Other Operating Revenue which contributed Rs 55.53 Crore to Sales Value (0.27 % of Total Sales), Sale of services which contributed Rs 15.60 Crore to Sales Value (0.07 % of Total Sales), Power which contributed Rs 9.32 Crore to Sales Value (0.04 % of Total Sales) and Rent which contributed Rs 3.12 Crore to Sales Value (0.01 % of Total Sales)for the year ending 31-Mar-2019.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 13621.10 Crore, down 31.56 % from last quarter Sales of Rs 19901.54 Crore and down 27.78 % from last year same quarter Sales of Rs 18860.93 Crore. The Company reported net profit after tax of Rs 598.17 Crore in latest quarter.

Investment Rationale
Higher High and Higher bottom series formation on daily charts and trading well above short term averages suggest uptrend continuation.


Promoter/FII Holdings
Promoters held 40.3 per cent stake in the company as of June 30, 2020, while FIIs held 12.9 per cent, DIIs 21.4 per cent and public and others 25.5 per cent.

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