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Hold Grasim Industries, target of Rs 1660: Sharekhan

Posted on: March 30th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintained its hold rating on Grasim Industries with a price target of Rs 1,660 in its March 27, 2009 research report. “As per Grasim’s management, the volume growth in the last four months is on account of pick-up in governmental projects and personal house building activity in semi-urban and rural areas. The management has guided for a 10% volume growth in FY2010 over FY2009 on the back of improved infrastructure activity and enhanced capacity. We expect the company to post a 6.2% volume growth for FY2010 over FY2009.”

“On account of a strong demand, Grasim has raised cement price by Rs 5 to 8 per bag in the past couple of months (February 2008–March 2009) and the management expects to sustain the higher price till the infrastructure activity supports the cement demand. We are rolling over our valuation on FY2010 estimates and have arrived at a revised price target of Rs 1,660 based on the sum-of-the-parts (SOTP) valuation model. However, we maintain our Hold

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