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Grasim: Cementing market share - Views on News from Equitymaster
 
 
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  • Jun 24, 1999

    Grasim: Cementing market share

    Grasim Industries Limited is setting up a 0.93 MMT greenfield cement plant in Tamil Nadu. The project, expected to cost Rs 3.1 bn, will begin commercial production by February 2000.

    Grasim (FY99 Turnover Rs 34.13 bn), part of the Aditya Birla Group of companies, has interests in viscose staple fibre, cement (28% of sales), textiles and sponge iron. The company had acquired Dharani Cements (0.9 MMT), Shree Digvijay Cements (1.3 MMT), and the cement division of group company Indian Rayon (3.0 MMT) in 1998. Post completion of the project, Grasim's cement capacity is expected to touch 11.58 MMT.

    The limestone, a major raw material, is to be sourced from the recently acquired Dharani Cements, which is located in the vicinity. Once completed, 90% of the output from this plant is to be sold in Tamil Nadu. This locational advantage will result in cost savings and also strengthen the company's presence in South India.

    The decision to set up the plant has come at a time when cement prices are looking up on account of increased demand.

    Market View:
    Analysts for long have rated this company as a 'HOLD' or 'SELL' largely on account of the diversified nature of the company. However, some analysts are now taking a fresh look at the company as the management is taking steps to restructure its business portfolio.

     

     

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