Tata Chemicals hits record high after promoter hikes stake

Tata Chemicals climbed 6.44% to Rs 454.85 after promoter Tata Sons bought 0.7% stake in the company via bulk deal on Wednesday.

On Wednesday, 2 December 2020, Tata Sons acquired 18.07 lakh equity shares (0.70% equity) of Tata Chemicals at Rs 420.92 per share via bulk deal on the NSE. As of 30 September 2020, Tata Sons held 29.39% stake in the company.

The scrip hit a record high of Rs 464.75 in early trade today. The stock added 41.06% in the past eleven trading session from a closing low of Rs 322.45 on 17 November 2020. It has jumped 130.42% from its 52-week low of Rs 197.40 in 23 March 2020.

On a consolidated basis, Tata Chemicals' net profit declined 64% to Rs 132.09 crore on 5.8% fall in net sales to Rs 2,609.35 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. It is currently is the world's third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.

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