India’s own proxy for Tesla disappoints in first step; brokerages rush to degrade it
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The sentiment was buttressed by the company s announcement earlier this year that it has acquired 127 acre land in Gujarat’s Dholera region to set up a lithium-ion plant.
Reuters
For many investors, unable to invest in stocks like Tesla to capitalise on an industry of the future, Tata Chemicals became a natural proxy.
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MUMBAI: In the first four months of 2021, shares of
Tata Chemicals soared nearly 70 per cent driven by the expectations that the company will soon set up a lithium-ion battery plant in the country to capitalise on the growing demand for such energy storage units and the production-linked incentive plan announced by the government.
Tata Chemicals falls 8% after dull numbers in Q4
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Last Updated: May 04, 2021, 10:09 AM IST
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The company reported an 85 per cent decline in consolidated profit after tax (PAT) to Rs 29 crore for the quarter ended March 2021.
Agencies
On a consolidated basis, Tata Chemicals income from operations rose 11% to Rs 2,636 crore during the quarter under review.
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NEW DELHI: Shares of
Tata Chemicals plunged as much as 8 per cent on Tuesday morning. The Tata group firm posted dismal earnings for the quarter ended on March 31, 2021.
The scrip opened 7.9 per cent down at Rs 721.85 on BSE, but later recovered marginally to trade at Rs 726.85 at 9.35 am (IST). Benchmark BSE Sensex traded 133 points, or 0.27 per cent, higher at 48,851. The Tata Chemicals stock had closed at Rs 782.85 on Monday.
Market Movers: What sparked rally in Coal India & Tata Chemicals; 94 scrips give buy signal
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The gains were much more prominent in the broader market as the Nifty Midcap 100 and Nifty Smallcap 100 index closed 1.5 per cent and 1.4 per cent higher, respectively.
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Nifty50 ended 0.8 per cent, or 115.4 points, higher at 15,097.35, while Sensex closed at 51,039.31, up 0.5 per cent or 257.6 points.
MUMBAI: Benchmark equity indices ended the February derivative series on a high note as they built on the gains of Wednesday. The strength in the market was buttressed by the rise in global equity markets.
Global equities rose after US Federal Reserve Chief Jerome Powell suggested that the central bank was in no rush to trim down its bond purchasing even as the outlook for economic growth is improving rapidly.
Is Tata Chemicals going to be the next jewel in Tata crown?
The management of Tata Chemicals has plans to spend Rs 2,400 crore in expansion, of which Rs 800 crore has been already spent.
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Tata Chemicals has staged a sharp rally off the recent lows. The stock is expected to touch Rs 620 in the short term, according to technical analysts.
MUMBAI: Here’s the next jewel in the famed Tata crown. With expansion plans that include lithium-ion cells for electric vehicles (EV), chemicals, nutritionals and agri-sciences, Tata Chemicals could well be the next Titan Industries – a multibagger idea from the storied conglomerate.