Grasim promotor Birla Group hikes stake by 4.09% to 23.18% in company
There has been no change in the promoter/promoter group's total holding in the company, which remains at 43.06%. Shares of Grasim Industries closed at Rs 2,435.10 on the NSE on Tuesday, rising by Rs 44.45 or 1.86%. A part of the Aditya Birla Group, Grasim reported a 39% increase in its consolidated net profit for the quarter ended March 2024, excluding exceptional items. The net profit rose to Rs 1,908 crore, compared to Rs 1,369 crore in the same quarter last year.
(BGHPL), a of , has raised its by 4.09% in the company according to an exchange filing by the company on Tuesday. 's in the company has gone up to 23.18% now from Rs 19.10% at the end of the March .The additional 4.09% stake buying by BGHPL has happened under a scheme of amalgamation. About 2,67,46,262 fully paid up equity shares of face value of Rs 2 apiece or 3.9% stake and 10,63,204 equity shares (0.16% stake) of Rs 0.50 partly paid up shares of Grasim Industries held by were transferred to BGHPL on May 24, 2024, the company filing said.
There is no change in the promoter/promoter group total holding in the company, which remains the same at 43.06%. Shares of Grasim Industries on Tuesday ended at Rs 2,435.10 on the NSE, up by Rs 44.45 or 1.86%.
Grasim, a part of the , on Wednesday reported 39% growth in its consolidated net profit to Rs 1,908 crore for the quarter ended March 2024, excluding exceptional items. The same stood at Rs 1,369 crore in the last year quarter.
from operations increased 13% year-on-year to Rs 37,727 crore in the reporting period, compared with Rs 4,873 crore in the corresponding period of previous year.
(earnings before interest, tax, depreciation and amortisation) for the March quarter stood at Rs 6,196 crore, up 27% year-on-year.
CSF prices improved marginally in China during the quarter, reflecting an improving demand scenario and stable operating rates (85%).
However, export prices softened due to global overcapacity and lower raw material prices. Demand in India during the quarter was impacted by the amendment in the MSME policy, which resulted in low inventory build-up in the textile value chain. The CFY business remains impacted by increased cheaper imports from China in an already weak demand market.
Grasim CSF volumes grew by 8% year-on-year to 208 KT. However, revenue for the quarter was flat at Rs 3,762 crore, due to subdued realisations. Segment EBITDA sequentially grew by 15% to Rs 462 crore, largely led by lower input costs.
The chemicals business achieved its highest ever caustic soda sales volume of 308 KT in Q4FY24, up 8% year-on-year. However, revenue decreased by 13% year-on-year to Rs 2,083 crore due to a sharp decline of 28% year-on-year in ECU realisation.
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Source: Stocks-Markets-Economic Times
