Tata Chemicals Plunges Over 6% Post March Quarter Results Tata Chemicals Plunges Over 6% Post March Quarter Results Tata Chemical s net profit declined 85 per cent to Rs 29 crore in the fourth quarter ended March 2021 from Rs 198 crore in corresponding quarter of the previous year
Updated: May 04, 2021 9:29 am IST
At 9:22 am, Tata Chemicals shares were trading at Rs 732, lower by 6.50 per cent, on BSE
Tata Chemicals shares plunged more than 6 per cent after the chemicals giant reported a huge decline in profit in the quarter ended March 2021. At 9:22 am, the shares of Tata Chemicals were trading at Rs 732, lower by 6.50 per cent, on the BSE.
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.
Is Tata Chemicals going to be the next jewel in Tata crown?
The management of Tata Chemicals has plans to spend Rs 2,400 crore in expansion, of which Rs 800 crore has been already spent.
Synopsis
Tata Chemicals has staged a sharp rally off the recent lows. The stock is expected to touch Rs 620 in the short term, according to technical analysts.
MUMBAI: Here’s the next jewel in the famed Tata crown. With expansion plans that include lithium-ion cells for electric vehicles (EV), chemicals, nutritionals and agri-sciences, Tata Chemicals could well be the next Titan Industries – a multibagger idea from the storied conglomerate.
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.