You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Tata Chemicals spurts on acquisition buzz

Capital Market 

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.

Powered by Capital Market - Live News

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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