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Accumulate Grasim, target of Rs 2400: Prabhudas Lilladher

Posted on: May 25th, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has maintained its accumulate rating on Grasim Industries with a price target of Rs 2400 in its report dated May 20, 2009.

“Grasim Industries (Grasim) reported PAT of Rs 3.85 billion, in-line with our expectation of Rs 3.81 billion. Undoubtedly, the sentiments have improved with the recent political developments in the country as well as easing of liquidity. It would provide big relief to the sector in the form of an increased demand from the infrastructure sector and bleeding real estate sector against the over-capacity building-up in the sector. Recent surge in stock price, outpacing its peers advocates its relatively cheaper valuations to its peers. We maintain ‘Accumulate’ rating on the stock, target of Rs 2400,” says Prabhudas Lilladher’s research report.

source: MOneycontrol

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