Grasim share price target up at Rs 2,510

Bank of America Merrill Lynch has raised the price target for Grasim Industries to 2,510 rupees from 2,330 rupees while maintaining a ‘neutral’ rating on the stock.

The brokerage said the target was being raised after reports of the company hiking the price of viscose staple fibre by 7 rupees starting January. The net realizations may get a further lift from the potential withdrawal of trade discounts due to strong demand,the brokerage added in a note. At 10:37 a.m.,shares were up 1.28 percent at 2,432 rupees.