Grasim edges up after hike in cement prices

Dalal Street Spikes

Grasim Industries' share hit a high of Rs 879.90 before closing at Rs 875.70 on Tuesday, up 2.32 per cent. More than 88781 shares of the company were traded on the BSE.

The counter moved up on the back of reports that cement manufacturers in the south had hiked prices by Rs 10 per bag. This follows a Rs 30 per bag raise less than two weeks back.

The company is one of the big players in the south and the largest cement maker in India following the acquisition of L&T's cement division.

For the second quarter ended 30 September 2003, Grasim reported a 58 per cent rise in net profit at Rs 202.98 crore (Rs 128.67 crore).