Grasim Industries shares approach record high on board’s nod to rights issue; check details

Shares of Grasim Industries Ltd approached their record high in early deals today after the board cleared raising of Rs 4,000 crore via rights issue. The record date for the same will be announced later. Grasim Industries stock rose 2.43% to Rs 2020 in early deals against the previous close of Rs 1972 on BSE. Grasim shares opened higher at Rs 2003.80 today. Market cap of the firm rose to Rs 1.30 lakh crore.

The share has gained 17.53% in one year and risen 15% since the beginning of this year.

The firm saw 6699 shares changing hands amounting to a turnover of Rs 1.34 crore on BSE. The share hit a record high of Rs 2021.95 on October 12, 2023 and a 52-week low of Rs 1528 on March 16, 2023.

In terms of technicals, the relative strength index (RSI) of Grasim Industries stands at 60.3, signaling it's trading neither in the overbought zone nor in the oversold zone. The stock has a beta of 1, indicating average volatility in a year.

Grasim Industries shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

“The board inter-alia approved the raising of funds by way of issue of equity shares of face value of Rs 2 each through rights issue for an amount not exceeding Rs 4,000 crore to the eligible equity shareholders of the company as on the record date (to be determined in due course), subject to receipt of regulatory/statutory approvals,” Grasim Industries said.

The Promoters and Promoter Group have confirmed their participation. They will fully subscribe to their rights entitlement and also to the unsubscribed portion, if any, demonstrating their deep conviction in Grasim’s growth prospects, said the Aditya Birla Group firm.

Grasim Industries is a leading global player in VSF and a prominent producer of Chlor-Alkali, Advanced Material, Linen Yarn and Fabrics in India. It also entered the paints manufacturing business in the beginning of 2021.

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