Share price of this large-cap infra stock and a flagship company of the Aditya Birla Group moved up by nearly 0.15% on BSE to Rs. 2,206.55 in the trading session of March 19th, from its previous close of Rs. 2,203.1, after the company announced securing Rs. 1,250 crore from the International Finance Corporation.
With a market capitalisation of Rs. 1.48 lakh crores, in the last one year, Grasim Industries Limited has delivered about 37.7 percent of positive returns and nearly 12.8 percent of positive returns in the last six months. So far in 2024, it has given positive returns of around 3.1 percent.
According to recent regulatory filings with the stock exchanges, Grasim Industries Limited announced an investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, for Rs. 1,250 crore.
This investment was by way of subscription to Non-Convertible Debentures (NCD) to be issued by the company, which will support the company’s investment in paint manufacturing.
IFC’s investment will help Grasim accelerate its decarbonisation efforts by increasing the adoption of renewable energy and water recycling in the paint manufacturing process.
In terms of financials, the company’s revenue from operations grew by 5.77 percent QoQ from Rs. 30,221 crore in Q2 FY23-24 to Rs. 31,965 crore in Q3 FY23-24, accompanied by an increase in net profit of 28.6 percent from Rs. 2,024 crore in Q2 FY23-24 to Rs. 2,603 crore in Q3 FY23-24.
As of February 2024, FIIs hold 12.43 percent of the shares, whereas DIIs hold 16.76 percent of the shares in the company, aggregating to 29.19 percent of the institutional holdings.
Grasim Industries Limited, a flagship company of the Aditya Birla Group, is a leading global producer of viscose, diversified chemicals, linen yarn and fabrics producer in India.
The company recently entered the paints business under the brand name ‘Birla Opus’ and would be setting up six plants of manufacturing decorative paints across Pan India locations.
Written by Shivani Singh
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