Shares of Grasim Industries Ltd. hit a record high on the first trading day of 2024 after it announced the commissioning of additional capacity at its Bharuch plant in Gujarat.
The company's plant will now have an additional 1.23 lakh tonne of annual advanced material capacity, taking the total capacity of the company to 2.46 lakh tonne per annum, according to an exchange filing. The expansion will facilitate the growth of the specialty chemical business, it said on Friday.
The board of the company is also scheduled to meet and discuss the right issue terms on Jan. 4.
Shares of the company rose as much as 1.88%, the highest since its listing on BSE on Jan. 7, 1957, before paring gains to trade 1.81% higher at 9:58 a.m. This compares to a 0.02% decline in the NSE Nifty 50.
The stock has risen 1.79% year-to-date. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 68.32.
Of the nine analysts tracking the company, seven maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.8%.
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