Accumulate Grasim Industries with a target of Rs 962: Kotak Securities Limited

Kotak Securities Limited has an accumulate call on Grasim Industries Ltd. with a target price of Rs 962 . The current market price of Grasim Industries Ltd. is Rs 908.95 . The brokerage gave a year for Grasim Industries Ltd. price to reach the defined target. Kotak Securities said that revenues of the company for Q2FY17 were lower than estimates due to lower than expected performance in VSF and cement division. It said the operating margins im proved on yearly basis across all divisions due to lower costs in cement division as well as better pricing in VSF and chemicals.