Grasim Industries shares decline 6%, Britannia gains 2.33%; here’s why
/ 2 min read
Credits: Grasim Industries
Grasim Industries shares decline 6%, Britannia gains 2.33%; here’s why
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Rakshit Hargave, the chief executive officer of Birla Opus resigned from his position, and has taken up the same position in the FMCG company.
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Credits: Grasim Industries
Shares of Grasim Industries recorded a steep decline of 6% in today’s trade, while Britannia Industries’ shares rose by more than 2% as Rakshit Hargave, the chief executive officer of Birla Opus resigned from his position, and has taken up the same position in the FMCG company.
Meanwhile, the paint company’s competitor, Asian Paints soared by 6% to hit an intraday high of Rs 2631.
Hargave had joined the company in 2021, and played a significant role at the Birla Opus start-up stage of the decorative paints and the initial scaling up of the business. During his four-year tenure, he helped set up a high-performing team, and established six integrated manufacturing facilities, scaled distribution and supply chain networks nationwide. The reason for his resignation was that Hargave decided to pursue opportunities outside the company.
“The Board appreciated his contribution from the ‘Project to Launch’ Phase of Birla Opus and wished him best for future endeavours,” the company’s statement read.
Grasim Industries also announced its Q2 results, recording a consolidated revenue for Q2FY26 of ₹39,900 crore, up by 17% YoY largely driven by growth in building materials and chemicals businesses. Standalone revenue for Q2FY26 stood highest-ever at ₹9,610 crore, up 26% YoY, led by robust growth from new businesses -- paints and B2B e-commerce coupled with stable core businesses: cellulosic Fibres and chemicals. Consolidated EBITDA in Q2FY26 stood at ₹5,217 crore and was up by 29% YoY mainly led by higher profitability in the cement and chemicals businesses. Consolidated PAT in Q2FY26 grew by 76% YoY at ₹553 crore.
The company also announced approval for the acquisition of 26% of equity stake in Special Purpose Vehicles (SPVs), formed/ to be formed as a captive user for renewable energy projects to meet the green energy needs.
Britannia Industries also announced its Q2 results for the current fiscal year, recording consolidated sales ofRs 4,752 crore, growing 4.1% and net profit stands at Rs 655 crore, growing 23% on a YoY basis.
