Tata Chemicals hits record high after LIC hikes stake to 7.09%

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.

Tata Chemicals gained 0.52% to Rs 354.95, extending its winning run to third consecutive trading session. The counter hit a record high of Rs 367.9 in intraday today.

The stock has gained 10% in three days from its previous closing low of Rs 322.45 on 17 November 2020. Shares are up nearly 80% from its 52-week low of Rs 197.40 hit on 23 March 2020.

In last three months, Tata Chemicals has gained 12%, outperforming the BSE Mid Cap index's 10% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 75.746. 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 311.15 and 308.19 respectively. These levels will act as crucial support zones in near term.

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.

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

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