Grasim Industries share price rises 2%; is the stock buy-worthy after Q2 result?

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Grasim Industries share price rose almost 2 per cent in morning trade on BSE on Friday, November 17. Grasim share price opened at ₹1,943.10 against the previous close of ₹1,941.45 and touched its intraday high of ₹1,975.90, rising 1.8 per cent, in Friday's trade so far. Grasim Industries share price hit its 52-week high of ₹2,021.95 on October 12 this year and hit its 52-week low of ₹1,528 on March 16 this year.

Year-to-date, the stock is up about 12.5 per cent. Grasim on November 13 reported a 10 per cent increase in its Q2FY24 topline while its profit during the quarter rose by 15.3 per cent year-on-year (YoY). Grasim Industries said its consolidated net profit for the second quarter rose 15.31 per cent from a year ago to ₹1,163.75 crore, aided by its cement and financial services businesses.

Consolidated revenue from operations rose 10 per cent to ₹30,220.68 crore. However, earnings before interest, taxes, depreciation, and amortization (Ebitda) on a consolidated basis slumped 19 per cent to ₹4,509 crore with a margin of 15 per cent, the company said in an exchange filing. Also Read: Grasim Q2 net up 15% at ₹1,163 crore We collated views of several brokerage firms and technical analysts to understand what investors should do with Grasim Industries stock.

Take a look: (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Motilal Oswal has a buy call on Grasim Industries with a target price of ₹2,380. "We maintain our FY24-26 estimates and believe that the fundraising of ₹4,000 crore through the rights issue will ease pressure on the balance sheet and help to pursue its growth plans," Motilal Oswal said.