Grasim tumbles after declaring Q2 result

Grasim Industries lost 7.38% to Rs 812.20 at 12:10 IST on BSE after the company reported consolidated net loss of Rs 1299.86 crore in Q2 September 2018 as compared with net profit of Rs 799.03 crore in Q2 September 2017.

The announcement was made after market hours yesterday, 14 November 2018.

Meanwhile, the S&P BSE Sensex was up 157.28 points or 0.45% at 35,299.27

On the BSE, 1.22 lakh shares were traded on the counter so far as against the average daily volumes of 45,000 shares in the past two weeks. The stock had hit a high of Rs 860 and a low of Rs 800.30 so far during the day.

Grasim Industries' consolidated total income rose 23.34% to Rs 17096.47 crore in Q2 September 2018 over Q2 September 2017.

The standalone loss after tax (after exceptional item) was Rs 1187 crore after considering a onetime non-cash exceptional item of Rs 2003 crore. The consolidated loss after tax (after exceptional items) was Rs 1446 crore.

With the merger of Vodafone India with Idea Cellular, the company's shareholding in the merged entity, Vodafone Idea (VIL) now stands at 11.55%. Consequently, VIL ceased to be an 'Associate' of the Company with effect from 31 August 2018. Accordingly, the share in profit after tax of VIL has not been consolidated with effect from 31 August 2018. The exceptional item of Rs 2003 crore represents the difference between book value and fair value of VIL as on 30 August 2018. This has been charged to the Profit and Loss Account, consequent to VIL ceasing to be an 'Associate'.

Grasim Industries has a leadership positions in cement, viscose staple fibre, financial services and chemicals businesses.

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