I am designing a grid which has lengthy data values. My challenge is that I cannot afford to accommodate these values into a second line because there are a lot of rows, and I don't have enough real estate. Is there a best practice for such a scenario. I would greatly appreciate any help on this. Thanks in advance.
The reality is you can either make the rows larger, or you can make the column width larger. If you don't want to do either, then you have little choice but to do what you have already done and cut-off the text.
If you choose to stick with this option then it is best to ensure that you have an easy method for the user to be able to view the full value as and when required. This could be as simple as displaying a tooltip that appears when then user clicks on the cell.
As a side note, I am not sure why you are too concerned about vertical real-estate with grids. It is fairly common to expect to scroll data grids vertically, and this is a very simple function for the user to do, regardless of target device (desktop or mobile).