Tata Chemicals: Promoters delight
Shares of Tata Chemicals rallied 7% to hit a new high of Rs 527 on the National Stock Exchange (NSE) on Monday.
With today’s rally, the stock has surged 16% in the past two days after the promoter company, Tata Sons, bought an additional 2.57 million shares of the company for Rs 121 crore via open market.
As per the bulk deal data on the NSE, Tata Sons acquired 25,71,651 shares (1.01% equity) of Tata Chemicals at an average price of Rs 471.88 each.
On 2 December 2020, Tata Sons had purchased 18,07,245 shares (equivalent to 0.71% stake) of the company at an average price of Rs 420.92 per share.
As on 30 September 2020, Tata Sons held 29.39% stake in the company.
Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products and specialty chemistry products. Currently it is the world’s third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.
On a consolidated basis, the chemical maker’s net profit declined 64% to Rs 132.09 crore on 5.8% fall in net sales to Rs 2,609.35 crore in Q2 September 2020 over Q2 September 2019.
The scrip jumped 7.82% to settle at Rs 491.05 on Friday. It hit a record high of Rs 495.45 on that day.
Shares of Tata Chemicals have soared 52.29% in 12 consecutive sessions from its recent closing low of Rs 322.45 on 17 November 2020. The stock has surged 148.76% from its 52-week low of Rs 197.40 hit on 23 March 2020.
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