Hold Grasim Industries, target of Rs 1458: Sharekhan
Sharekhan has downgraded its rating on Grasim Industries from buy to hold with a target price of Rs 1458 in its March 20, 2009 research report. “As per media reports, Grasim Industries (Grasim), a flagship company of Aditya Birla group, and Larsen & Toubro (L&T) are close to settling their seven-year-old legal dispute over Grasim’s 0.66% stake in L&T and L&T’s 11.5% stake in UltraTech Cement, a Birla group firm. We had downgraded Grasim’s stock from Buy to Hold to factor in the slowdown in its viscose stable fibre (VSF) division, as the company had announced a 35% production cut from October 2008. Further, we revised downwards our price target to Rs 1,458,” says Sharekhan’s research report.
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