India's Grasim Industries hits record high; to launch paints business in Q4

Berger Paints India

14/09/2023 07:29

** Shares of textile-to-chemicals maker Grasim Industries
 GRAS.NS  climb as much as 1.09% to hit record high of 1,954
rupees 
    ** GRAS, flagship co of Aditya Birla Group, says will launch
paints business under brand 'Birla Opus' in Q4 FY24
    ** Co previously committed an investment of 100 bln rupees
($1.21 bln) to set up paints business
    ** Manufacturing plants in 6 states will have total capacity
of 1,332 mln litres per annum (MLPA) - GRAS
    ** If gains hold, co on track to rise for sixth straight
session     
    ** Relative Strength Index above 70 - indicating stock is
overbought - for second straight day 
    ** Shares of Asian Paints  ASPN.NS  extend losses to 1.43%
to intraday low, Berger Paints India  BRGR.NS  trims some gains
    ** As of last close, GRAS up 12.16% YTD, outperforming Nifty
50  .NSEI  which had gained 10.85% 
    
    


($1 = 82.9700 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))