Tata Chemicals rallied 8.5 percent on Thursday recording a 52-week high share price at Rs 464 per share after parent company Tata Sons Private Ltd increased its stakes and bought 1.80 million shares in the company at Rs 420.92 per share in a block deal on Wednesday as per NSE data. Tata Chemical has been recording strong gains for 11 days straight. As of September 30, Tata Sons Private Ltd held 29.39% stake in the company.
Tata Chemicals Ltd is a part of the Tata Group and is a global company with interests in businesses that focus on basic and speciality chemical products.
Tata Chemicals stakes had reported a 64 percent dip in the consolidated net profit at Rs 132.09 crore for the quarter ended September. Tata Chemicals net profit stood at Rs 367.31 crore in the year-ago period.
The company stated in a regulatory filing that their total income dropped to Rs 2,677.9 crore in the second quarter of this fiscal from Rs 2,861.35 crore in the corresponding year-ago period.
In the upcoming quarters, the company is aimed at moving up the value chain with a proper business strategy concentrating on four verticals — performance materials, nutritional sciences, agro sciences and energy sciences.