Result Update: GRASIM INDUSTRIES LTD - ACCUMULATE - TP Rs. 1,236 - Kotak

At current price of Rs 1120, stock is trading at 15x and 13.3x P/E and 7.9x and 5.8x EV/EBITDA on FY18 and FY19 estimates respectively. We change our estimates to factor in revised financials of Ultratech Cements and roll forward the valuation on FY19. We arrive at a revised price target of Rs 1236 on FY19 estimates. (Rs 1058 earlier) The change in target price is also due to change in the value of holding company investments. We continue to recommend ACCUMULATE rating on the stock and would advise investors to buy the stock on declines.

Shares of GRASIM INDUSTRIES LTD. was last trading in BSE at Rs.1110 as compared to the previous close of Rs. 1094.6. The total number of shares traded during the day was 23110 in over 1606 trades.

The stock hit an intraday high of Rs. 1121.3 and intraday low of 1094. The net turnover during the day was Rs. 25597837.

Source : Equity Bulls

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