Grasim Industries Ltd. and Lubrizol Manufacturing India Pvt., a subsidiary of Berkshire Hathway Inc., will kick off construction at their planned CPCV resin plant in Gujarat later this year.
The first phase of work on facility to make chlorinated polyvinyl chloride resin is expected to start later this year, according to an exchange filing. The initial phase was expected to begin in 2022 but was delayed due by the pandemic and supply-chain disruptions.
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In October, Grasim and Lubrizol, the inventor and the world's largest manufacturer of CPVC resin, agreed to jointly manufacture and supply the raw material for plumbing pipes to safety equipment in India. The plant, touted to be the world's largest single-site capacity for CPVC resin, will be part of Grasim's chlor-alkali unit at Vilayat.
Shares of Grasim fell 0.93% to Rs 1,765.3 apiece, compared to a 0.22% drop in the benchmark Nifty 50, as of 12:26 p.m. Its shares have gained 34.83% in 52 weeks and 2.52% this year, compared to 22.18% and 3.05% growth respectively in the benchmark.
Out of the 10 analysts tracking the company, eight maintain a 'buy' rating, one recommends 'hold' and one suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 8.1%.
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