Grasim Industries's stock was buzzing today in trade. It was up 7 percent, again a stock which has not done much movement this year and is in fact down 9 percent. But from the 52 week low it is up 75 percent and from the 52 week high it is down 20 percent.
The results of Grasim was wash-out, a washout quarter for the standalone entity. The VSF capacity already at 79 percent versus 48 percent and the commentary was positive. Also, its key holding UltraTech has seen a sharp rally.
Valuation is interesting because price-to-earnings is still expensive at 35 times, but price to book and EV to EBITDA perhaps there is some room.