Indian benchmark indices faced pressure on November 21, with the Nifty falling below 23,300 and the Sensex down 422.59 points, or 0.54%, closing at 77,155.79. The decline was driven by weak global cues and significant selling in Adani Group stocks following bribery charges against Gautam Adani. Major losers included Adani Enterprises and SBI, while Power Grid Corp and UltraTech Cement were among the gainers.
Grasim Industries has reported slightly higher-than-expected standalone revenues, driven by growth in cellulosic fibers and chemicals, despite lower operating profit margins due to losses in new ventures. The company aims for a high single-digit market share in paints by FY2025, with ongoing trials for two plants and a projected $1 billion in B2B e-commerce revenues over three years. Sharekhan maintains a Buy rating with a revised target price of Rs 2,975.
Grasim Industries reported a 66% decline in consolidated net profit to Rs 390 crore for Q2, down from Rs 1,164 crore a year ago, due to lower cement sales and investments in the paints sector. Revenue rose 11.1% year-on-year to Rs 33,562.85 crore, driven by strong performance in financial services and specialty chemicals. Standalone net profit fell 9% to Rs 720.86 crore, while revenue from operations increased 18% to Rs 7,623.33 crore.
AkzoNobel is exploring options for its decorative paints business in India, considering partnerships or a stake sale, particularly with Grasim Industries and Asian Paints. The company aims to adapt to increasing competition in the market, which it views as ready for consolidation, and is open to various strategic collaborations. CEO Gregoire Poux Guillaume emphasized the importance of engaging with local players to enhance their market position.
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