Tata Chemicals extends winning streak to 11th day after parent hikes stake1 min read . Updated: 03 Dec 2020, 11:02 AM IST
- Tata Chemicals shares hit a new 52-week high of ₹464
- It was the 11th straight day of gains in Tata Chemicals shares
Shares in Tata Chemicals today surged as much as 8.5% to a new 52-week high of ₹464, after its parent Tata Sons increased stake in the company. It was the 11th straight day of gains in Tata Chemicals shares.
Tata Sons Private Ltd. bought about 1.80 million shares in the company at ₹420.92 apiece in a block deal on Wednesday, according to NSE data. Tata Sons Private Ltd. held 29.39% stake in the company as on September 30.
Trading volumes in Tata Chemicals shares were also very high as compared to its recent average.
According to Bloomberg, analysts have five buy, three hold, and two sell recommendations.
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A part of the over Tata group, Tata Chemicals Ltd is a global company with interests in businesses that focus on basic and specialty chemistry products.
For the September quarter, Tata Chemicals shares had reported a 64% fall in consolidated net profit at ₹132.09 crore for the quarter ended September. Its net profit stood at ₹367.31 crore in the year-ago period.
Total income decreased to ₹2,677.9 crore in the second quarter of this fiscal from ₹2,861.35 crore in the corresponding period of the previous year, it said in a regulatory filing.
In the coming quarters, the company is aiming to move up the value chain with business strategy concentrating on four verticals -- performance materials, nutritional sciences, agro sciences and energy sciences.
(With Agency Inputs)