Grasim Industries lost 5.73% to Rs 4,573.75 at 12:54 IST on BSE, with the stock sliding ahead of Q1 June 2016 results today, 11 August 2016.
Meanwhile, the S&P BSE Sensex was up 20.25 points or 0.07% at 27,795.13.
On BSE, so far 25,000 shares were traded in the counter as against average daily volume of 9,365 shares in the past one quarter. The stock hit a high of Rs 4,877.75 and a low of Rs 4,558 so far during the day. The stock had hit a 52-week low of Rs 3,242.05 on 26 February 2016. The stock had hit a record high of Rs 5,348.50 on 5 August 2016. The stock had outperformed the market over the past one month till 10 August 2016, advancing 6.97% compared with 2.39% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 15.1% as against Sensex's 7.77% rise.
The large-cap company has equity capital of Rs 93.35 crore. Face value per share is Rs 10.
Shares of Grasim Industries had fallen 6.1% to settle at Rs 4,851.50 yesterday, 10 August 2016 in the wake of recent media reports that Aditya Birla Group is contemplating a merger of Grasim Industries and parts of Aditya Birla Nuvo (ABNL). The merger of Grasim Industries and parts of ABNL is likely to be followed by the hiving-off of the financial services business of ABNL viz. Aditya Birla Financial Services (ABFS) into a separate company, reports suggested. ABFS is currently a 100% subsidiary of ABNL.
However, in its clarification issued during market hours yesterday, 10 August 2016, Grasim Industries said that no such proposal has been considered or approved by its board of directors which would trigger disclosure requirement. The company futher added that shareholders are advised to exercise caution while trading based on speculative reports.
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Grasim Industries is set to announce Q1 June 2016 results today, 11 August 2016. On consolidated basis, the company's net profit rose 37.4% to Rs 696.09 crore on 13.7% rise in net sales to Rs 9896.43 crore in Q4 March 2016 over Q4 March 2015.
Grasim Industries' two main businesses are viscose staple fibre (VSF) and cement.
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