Tata Chemicals said that its subsidiary Tata Chemicals (Soda Ash) Partners (TCSAP) has served a notice to withdraw from American Natural Soda Ash Corporation (ANSAC) effective 31 December 2022.
TCSAP will continue to fulfil all its obligations as a member of ANSAC until the termination date including utilising ANSAC as its exclusive export sales outlet for all of its U.S. produced soda ash sold to all territories serviced by ANSAC.
"Tata Chemicals will focus on developing an integrated world class customer centric global sales organisation, serving customers diverse needs from locations in India, UK, Kenya and USA," the company said in a BSE filing made after market hours on Friday (1 January 2021).
Shares of Tata Chemicals were up 2.05% at Rs 489.60. In the past on year, the stock has gained 67.63% while the benchmark S&P BSE Sensex has added 16.10% during the same period.
Last week, a domestic brokerage reportedly recommended hold rating on Tata Chemicals with a target price of Rs 490.
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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