Shares of Tata Chemicals zoomed 10 per cent and hit a new high of Rs 738 on the National Stock Exchange (NSE) in intra-day trade on Thursday on the back of heavy volumes.
Till 11:43 pm, around 13.66 million equity shares, representing 5.4 per cent of the company s total equity, had changed hands on the NSE, the exchange data shows. The name of the buyers and sellers were not ascertained immediately.
In the past three months, the stock of the Tata Group commodity chemicals manufacturer has rallied 100 per cent, as compared to 5.5 per cent rise in the Nifty50 index.
Meanwhile, Tata Sons, the promoter group company of Tata Chemicals, has raised its stake in the company through open market purchases.
Shares of Tata Chemicals hit a fresh record high of Rs 552 after rising 5 per cent on the BSE in intra-day trade on Wednesday. The stock has surged 10 per cent in the past two trading days, on report that the Tata Group commodity chemicals company is in advanced talks for Archean s industrial salt unit. At 12:14 pm, Tata Chemicals was trading 4 per cent higher at Rs 543, as compared to 0.12 per cent decline in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined around 12 million equity shares changing hands on the NSE and BSE, till the time of writing this report.