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Why Tata Chemicals share surged 7% in intraday trade

Tata Chemicals share price has gained over 30 per cent in the last one week and 64 per cent over the last one month

Chitranjan Kumar | December 7, 2020 | Updated 14:55 IST
Why Tata Chemicals share surged 7% in intraday trade
Tata Chemical shares jump 7.28% to hit fresh 52-week high of Rs 526.80 on Monday

Shares of Tata Chemicals rallied over 7 per cent to hit fresh 52-week high of Rs 526.80 in intraday trade on Monday after its parent company Tata Sons further hiked stake in the company. Tata Sons, promoter of Tata Chemicals, on Friday acquired 25.72 shares of the company worth over Rs 121 crore through bulk deal.

Earlier today, shares of Tata Chemicals opened higher at Rs 505.90 against previous closing price of Rs 491.05 and gained as much as 7.28 per cent to hit a fresh 52-week high of Rs 526.80 on the Bombay Stock Exchange (BSE). The stock has rallied over 33 per cent in the last one week and 64 per cent over the last one month. The stock has spiked 166 per cent from its 52-week low of Rs 197.40 touched on March 23, 2020.

On the volume front, there was a surge in buying as 11.82 lakh shares changed hand over the counter as against two-week average volume of 4.37 lakh shares.   

On the National Stock Exchange (NSE), Tata Chemicals shares were trading at Rs 511.85, up 4.27 per cent, against the previous closing price of Rs 490.90. During the day's trade, the stock hit 52-week high of Rs 527 after opening higher at Rs 505.25.

As per the bulk deal data available on the NSE, Tata Sons bought 25,71,651 shares ( or 1.01 per cent equity) of Tata Chemicals at an average price of Rs 471.88, amounting to Rs 121.35 crore.  

Earlier on December 2, Tata Sons acquired 18.07 lakh shares (representing 0.7 per cent equity stake) of the company at Rs 420.92 via bulk deals, the NSE data showed.

As per the latest shareholding pattern available on the BSE, Tata Sons held 29.39 per cent stake in Tata Chemicals.

Tata Chemicals, the world's third-largest producer of soda ash, reported a 64 per cent decline in consolidated net profit at Rs 132.09 crore for the second quarter ended September 30, 2020 against a net profit of Rs 367.31 crore in the year-ago period. Total income dropped 6.1 per cent to Rs 2,677.9 versus Rs 2,861.35 crore in the corresponding period of the previous year.

Meanwhile, BSE Sensex was trading 220 points, or 0.49 per cent, higher at 45,299, and the NSE Nifty was quoting at 13,330, up 71 points or 0.54 per cent.

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