Why Tata Chemicals Stock Gained 45% in One Month
By Aditya Raghunath
Investing.com -- Tata Chemicals Ltd (NS: TTCH ) is currently trading at Rs 454, and technical analysts say that the stock can hit Rs 500 in the short term. The stock that was trading at Rs 313 on November 5 has been on a stellar run since the last one month, rising over 45% to its current price.
Promoter Tata Sons bought 1.8 million shares of Tata Chemicals on December 2 worth Rs 76 crores. This is the second time in a short period that it has increased its holding in the company. In the September quarter, Tata Sons increased its holding in the chemical company from 28.51% to 29.39%. Tata Chemicals also holds stakes in Rallis India (NS: RALL ) (50%) and Titan (NS: TITN ) (1.56%). Rallis India has risen by 22% in the same period while Titan has gone up almost 15%.
Tata Chemicals is the world’s third-largest producer of soda ash with a manufacturing presence in Asia, Europe, Africa, and North America. When it announced its results for the quarter ended September 2020, it said that it is witnessing an increase in demand in the chemical sector. Demand is rising in all sectors where soda ash is utilized except for the construction sector.
The company also said that plant operations and capacity are getting back to pre-COVID levels.
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after reaching 500 it will see correctionLike 3
after reaching 500 it will see correctionLike 2
my guts feel says to buy it.Like 1
my guts feel says to buy it.Like 5
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