Grasim at new high

Grasim, which had closed yesterday at Rs.826.75, opened a bit higher at Rs,827.80 but soon shot up to hit a new high at Rs.847.85. It has come off this high and is now barely holding on to the green at Rs.830, less than 0.5% up.

The company, yesterday after market hours, announced sale of its fertilizer company, Indo Gulf Fertilisers to Indorama India Pvt. Ltd., a subsidiary of Indorama Corporation Pte. Ltd., Singapore.

This divestment will fetch the company Rs.2649 crore.

Indo Gulf contributed 3.45% to the total revenue of Grasim and it had a turnover of Rs.2679 crore in FY20, which is close to the slump sale price.

Graism also declared its Q2FY21 earnings. On a consolidated revenue from operations at Rs.18,400 crore, unchanged YoY, it posted a net profit of Rs.1185, down 19.5% (YoY). Exceptional expense of Rs.336 crore dented the bottomline.

Its net debt currently stands at Rs.17,295 crore.