Tata Chemicals drops ex-dividend

Tata Chemicals fell 2.59% to Rs 300.50 at 9:16 IST on BSE after the stock turned ex-dividend today, 8 August 2012, for dividend of Rs 10 per share for the year ended 31 March 2012.

Meanwhile, the BSE Sensex was up 39.37 points or 0.22% to 17,641.15.

On BSE, 2,639 shares were traded in the counter as against average daily volume of 69,495 shares in the past one quarter.

The stock hit a high of Rs 304.85 and a low of Rs 300 so far during the day. The stock had hit a 52-week low of Rs 287.80 on 5 October 2011. The stock had hit a 52-week high of Rs 374.50 on 17 February 2012.

The stock had underperformed the market over the past one month till 7 August 2012, falling 4.21% compared with the Sensex's 0.46% rise. The scrip had also underperformed the market in past one quarter, declining 8.7% as against Sensex's 4.07% rise.

The inorganic chemicals maker has equity capital of Rs 254.76 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 3.24% based on the closing price of Rs 308.50 on Tuesday, 7 August 2012.

Tata Chemicals' consolidated net profit fell 46.2% to Rs 107.59 crore on 3.3% growth in net sales to Rs 3020.89 crore in Q1 June 2012 over Q1 June 2011.

Tata Chemicals on Monday, 6 August 2012 said the two units of Di-ammonium Phosphate (DAP) at the company's Haldia plant have resumed the operations. The operations at two units were suspended during the period from 1 April 2012 to 3 July 2012 due to disruption in supplies of Phos Acid, the company said. The operations at the Magadi plant of Tata Chemicals Magadi in Kenya, a wholly owned subsidiary of the company, have resumed operations after it remained partially disrupted during the quarter ended June 2012 due to flooding caused by heavy rains, Tata Chemicals added.

Tata Chemicals is the world's second largest producer of soda ash with manufacturing facilities in India, UK, Kenya and USA. Tata Chemicals is also a leading manufacturer of urea and phosphatic fertilisers and, through its subsidiary, Rallis, has a strong position in the crop protection business. The company has also entered into a JV with Temasek Life Sciences Laboratory (TLL), Singapore for development of jatropha seedings and agronomic package of practices.

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