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Tata Chemicals spurts on acquisition buzz

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Tata Chemicals rose 3.99% to Rs 543.70, following the media report that the Tata Group company is in advanced talks to acquire the industrial salt unit of Archean Group.

The media reported that Tata Chemicals is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The board of Tata Chemicals is set to discuss the potential offer as soon as this month, the report added.

The BSE has sought clarification from Tata Chemicals on 13 January 2021, with reference to a media report. The reply is awaited.

Archean Group is a privately held business conglomerate, with diversified business interests across sectors including industrial salt, industrial chemicals & fertilizers, mining & minerals and granites. operations and strategic investments are spread across India, South America, Middle East, Africa, Far East and South East Asia.

Shares of Tata Chemicals have surged 11.67% in six trading days from its previous closing low of Rs 486.90 on 5 January 2021. The counter hit a record high of Rs 551.55 in intraday today. The stock has moved up by 175.43% from its 52-week low of Rs 197.40 on 23 March 2020.

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

On a consolidated basis, the chemical maker's 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 13:45 IST
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