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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Synopsis
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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NSE
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.
Shares of Tata Chemicals zoomed 10 per cent and hit a new high of Rs 738 on the National Stock Exchange (NSE) in intra-day trade on Thursday on the back of heavy volumes.
Till 11:43 pm, around 13.66 million equity shares, representing 5.4 per cent of the company s total equity, had changed hands on the NSE, the exchange data shows. The name of the buyers and sellers were not ascertained immediately.
In the past three months, the stock of the Tata Group commodity chemicals manufacturer has rallied 100 per cent, as compared to 5.5 per cent rise in the Nifty50 index.
Meanwhile, Tata Sons, the promoter group company of Tata Chemicals, has raised its stake in the company through open market purchases.
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.
Synopsis
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.