Share Market News

TNS STOCKS: Grasim Industries surge 2.34% on robust revenue

14-November-2022

17:34:17 IST

By Mitali Gaikwad
   MUMBAI, NOV 14 (TickerNews Service): The shares of Grasim Industries Ltd surged 2.34% Monday on the National Stock Exchange, boasting remarkable revenue of Rs 6745 Crore in its Q2FY23 earnings growth story as compared to Rs 4933 crore in the same period last year.
   The EBITDA increased to Rs 956 crore from Rs 801.5 crore for the same quarter in the previous year. The Profit After Tax (PAT) inched up to Rs 964 crore from Rs 947 crore last year.
   The company managed to rise above the challenges posed by increasing energy costs and grim global market conditions.
   Further, Grasim Industries detailed its capital expenditure plans in the press release, stating that the CapEx budget for the fiscal year is Rs 6720 crore, out of which Rs 3542 crore will be alloted to the Paints Business.
   "Additional capex of Rs 565 crore has been approved by the board for existing businesses, out of which Rs 382 crore is expected to be spent in FY23," added the Press Release.
   The quarterly result also indicated that Viscose Staple Fibre sales were up by 10% YoY, while chemical business showed an increase of sales by 8% YoY.
   The shares touched a high of Rs 1756.90 before closing at Rs 1748.50 on the National Stock Exchange.
   As mentioned in the Technical Treat on Monday, shares of Grasim Industries seem to be heading upwards across all time frames. However, Moving Average Convergence Divergence (MACD) is showing a bearish crossover on the daily chart.

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