Grasim Industries share price hits fresh 52-week high; is the stock buy-worthy?
₹2,021.95 in morning trade on BSE, a day after the company informed the board of directors that the company will meet on Monday, October 16 to consider a fundraising. The stock opened at ₹1,994.95 against the previous close of ₹1,979.50 and rose 2.14 per cent to hit its 52-week high. "A meeting of the board of directors of Grasim Industries is scheduled to be held on Monday, 16th October 2023, to consider the proposal for raising funds by way of equity shares or other securities through a rights issue, qualified institutions placement (QIP), preferential issue or any other method as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required," Grasim said in an exchange filing on Wednesday.
Grasim share price has witnessed decent gains in the last few months. The stock hit its 52-week low of ₹1,528 on March 16, 2023. In about seven months, the stock has gained almost 30 per cent.
The stock traded 1.04 per cent higher at ₹2,000 around 10:50 am on BSE. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The stock could rise further in the medium term since it still has valuation comfort.
The current price-to-earnings (PE) ratio of the stock is near 20 which is well below its average PE of about 25. The price-to-book value (PB) ratio of the stock is also low at 1.6 currently against a median PB of about 2. The September quarter earnings will be a major trigger for the stock.
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