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Grasim gains two% as firm says it will maintain comfortable liquidity
NEW DELHI: Shares of Grasim Industries gained over 2 per cent in Tuesday’s trade after the company said it would continue to maintain the comfortable level of liquidity to help navigate the uncertain organization environment.
At the 73rd Annual General Meeting (AGM), company’s chairman Kumar Mangalam Birla said the untouched financial strength, operational fineness, and diverse product collection with cement, financial services, viscose, chemicals, and other businesses the actual company well prepared to withstand short-lived disruptions and sustain the leadership across its collection.
“Your company has started measures to optimise surgical procedures across plants, reduce predetermined costs and conserve dollars. Your company continues to maintain an exceptionally comfortable level of liquidity to help navigate this uncertain organization environment,” he added in.
Following the development, the share rose 2.27 percent to hit a high of Rs 722.85.
Given the particular uncertain business environment, Grasim’s current strategic focus was made on four pillars, which can be broadly aligned with the industry’s long-term strategic roadmap, Birla said.
In the Summer quarter, the company tapped exportation marketplaces when domestic markets were under lockdown plus the Liva brand forayed straight into anti-microbial fibre that naturally possess anti-microbial properties, this individual said.
The chemicals organization witnessed an upsurge popular for chlorine value-added solutions, driven by disinfectants and even hygiene-related products, he claimed.
“Across the businesses, our predetermined costs have reduced simply by 35 per cent, which quantities to savings of Rs 256 crore compared to the FY20 quarterly average,” this individual said.
The company’s capex plan for FY21 has been engineered to Rs 1,615 crore as of right now, he added.
Further, Birla stated that Grasim Sectors has decided to continue the particular Vilayat viscose stable nutritional fibre (VSF) brownfield expansion along with revised timelines.
The COVID-19 pandemic has led to a lot of modifications in our last six months, he instructed shareholders.
“And there is a lot more change in the air. After all, you can still not envisage each of the changes COVID-19 will depart in its wake. But what will never change is Grasim’s commitment to good governance and sustainable growth,” he added.