Jeffries upgraded grasim

Grasim Industries experienced a slight uptick of almost 1 percent on February 21 subsequent to Jefferies issuing a ‘buy’ recommendation on the stock, setting a target price of Rs 2,300. This surge follows anticipation surrounding the Aditya Birla Group company’s forthcoming foray into the paints business, marked by the imminent launch of its products and the inauguration of its inaugural paints plant scheduled later this month.
Additionally, Grasim aims to inaugurate two more plants during Q4FY24, followed by an additional three plants within the next 12-15 months, signaling a significant expansion in its operational capacity.
The international brokerage highlighted Grasim’s aggressive positioning in the competitive paints market, with approximately 60 percent of its planned capital expenditure of Rs 10,000 crore being allocated to this segment.
In a separate transaction, approximately 3.2 crore shares, equivalent to 24.9 percent of equity valued at Rs 4,039 crore, were traded in Whirlpool of India at a price of Rs 1,280 per share. Moneycontrol was unable to ascertain the identity of the individual buyer of these shares through exchange information.