Morgan Stanley upgrades Grasim to ‘Overweight’, raises target price to Rs 3,500

June 11, 2025

Morgan Stanley has upgraded Grasim Industries to ‘Overweight,’ citing the paints business’s scaling and improved visibility. The brokerage anticipates a 29% upside, raising the price target to ₹3,500. Grasim is expected to become a formidable number three player in the paints sector by FY28, with Ultratech Cement remaining a key value driver.

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