Tata Chemicals spurts 23% in five days; hits 52-week high

Tata Chemicals soared 9.26% to Rs 1160.15, extending gains for the fifth trading sessions.

The stock is up 23.49% in five straight sessions. It is up 18.47% in one month, 17.99% in three months and 15.09% in one year. The stock hit a 52-week high of Rs 1184.90 today.

On the technical front, the stock's daily RSI is at 78.35, indicating an overbought position, while it is trading above its 50-day, 100-day, and 200-day simple moving averages, which are expected to act as crucial support zones in the near term.

Tata Chemicals is a prominent supplier in various sectors including glass, detergent, industrial, and chemical, with a solid position in the crop protection business through its subsidiary, Rallis India.

 

The company reported a 55.09% decline in consolidated net profit from continuing operations to Rs 194 crore in Q3 FY24, with revenue from operations at Rs 3,730 crore, down 10.07% from the previous year due to lower volumes in soda ash and pricing pressure in all regions.

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