Tata Chemicals at record high; rises 32% in ten days

Tata Chemicals jumped 5.42% to Rs 427.10, extending its winning run to tenth consecutive trading session.

The counter has gained 32.45% in ten trading sessions from its previous closing low of Rs 322.45 on 17 November 2020. The stock hit a record high of Rs 430 in intraday today. The stock is up 116.3% from its 52-week low of Rs 197.40 registered on 23 March 2020.

Life Insurance Corporation (LIC) acquired 52.39 lakh shares (2.056%) of Tata Chemicals between 8 January 2019 and 17 November 2020. LIC's stake in the chemical maker now stands at 7.09% from 5.035% earlier.

In the past three months, Tata Chemicals has jumped 37.3%, outperforming the BSE Mid Cap index's 14% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 90.693. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 323.59 and 313.73 respectively. These levels will act as crucial support zones in near term.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products and specialty chemistry products.

The company's consolidated net profit declined 75.3% to Rs 70.47 crore on a 5.8% fall in net sales to Rs 2609.35 crore in Q2 September 2020 over Q2 September 2019.

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