However, they remain positive on the sector's long-term growth story on the back of ramp-up in China's environmental inspections and specialty chemical players having a healthy margin of safety
Since the negative divergence of the Relative Strength Index (RSI) has not been able to dampen the upside bias, the inherit strength is growing stronger in Tata Chemicals, charts show
The company's Ebitda margins improved 323 basis points to 24.9 per cent from 21.7 per cent in previous year quarter
The company said the Covid-19 was unlikely to have any significant impact on its operations
The stock jumped 12% to Rs 1,683 on the BSE today, surpassing its previous high of Rs 1,629 touched on February 26, 2020.
Over the past one month, shares of NFIL, Fairchem Speciality, Neogen Chemicals, Deepak Nitrite, and Alkyl Amines have gained in the range of 24 per cent to 50 per cent, against a 3 per cent.
The Company has entered into a $ 410 million (approx. Rs 2,900 crore) multi-year contract with a global company for manufacture and supply of a high performance product in the fluorochemicals space.
The stock rallied 8% to Rs 1,104.75 on Wednesday, extending its Tuesday's 4% gain on the BSE.
Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.
In the past two months, the stock has outperformed the market by surging 34 per cent against 7 per cent rise in the benchmark index.
The stock has rallied 32% in past two months, as compared to 6% rise in the benchmark S&P BSE Sensex
The stock that hits a new lifetime high attracts more volumes resulting in higher price levels.
Net profit on a standalone basis for the quarter ended March 2016 increased 90% to Rs 31.5 crore