Tata Chemicals share price: The company’s shares increased by 14.52% to reach an all-time high of Rs 1,349.70. The share has increased 43.67% at this price in the last six trading days.
In Thursday’s trading, shares of Tata Chemicals Ltd. continued their strong upward trend for the sixth straight day. The stock reached its all-time high value of Rs 1,349.70 with a 14.52 percent rise. The share has increased 43.67% at this price in the last six trading days. One major reason for the share price’s continuous rise is the excitement on Wall Street surrounding Tata Sons’ possible listing as a Tata Chemicals promoter.
For the most part, analysts were optimistic about the counter. The counter’s support will be set at Rs 1,140. In the foreseeable future, the stock could rise over the Rs 1,450 mark. One analyst advised traders to think about booking gains at the current levels.
Tata Sons must list by September 2025 since Reserve Bank of India (RBI) has categorized the business as an upper-layer NBFC (non-banking financial company). Tata Sons promotes Tata Chemicals and holds a 31.90% stake in the company. Approximately 10,000 are owned by Tata Chemicals. This presents an opportunity to potentially unlock value and gain indirect exposure to Tata Sons. In general, there is a difficult period in the chemical space. Therefore, the valuations were very appealing.” Devarsh Vakil, HDFC Securities’ Deputy Head of Retail Research,
The stock has experienced significant buying activity in order to reach its all-time high trajectory. Axis Securities’ Head of Technical Research, Rajesh Palviya, stated that “the upside momentum can increase further.”
“The market has certain expectations around Tata Sons’ listing. It would be a good thing for the listed Tata Group companies, including Tata Chemicals, if that were to occur. However, take your time and buy at any price points. “Shareholders of Tata Chemicals may maintain their holdings in anticipation of Tata Sons’ eventual listing,” stated G. Chokkalingam, MD, creator of Equinomics Research.
“Tata Chemicals is benefiting most from the possible listing news of Tata Sons, even with the third-quarter (Q3 FY24) performance being below average. With the next resistance at Rs 1,473, it has sparked a robust rally. But given that the stock is extremely overbought and a daily closure below the support level of Rs 1,140 might eventually fall to Rs 930, investors should book gains now, according to AR Ramachandran of Tips2trades.
Consolidated net profit for the Tata Group-owned company in the three months that ended on December 31 was Rs 158 crore, a 60% decrease from the same period the year before.
Today’s trading volumes for the stock were high, with almost 27.93 lakh shares changing hands on the BSE. The amount exceeded the 2.99 lakh share two-week average volume. With a market capitalization of Rs 33,438.04 crore, the counter’s turnover was Rs 359.27 crore.
The two largest shareholders of Tata Sons, the holding company of the Tata Group, are the Dorabji Tata Trust (28%) and the Ratan Tata Trust (24%). About 3% of the holding company is owned by Tata Motors and Tata Chemicals. Two percent is owned by Tata Power, while one percent is owned by Indian Hotels.
Meanwhile, Fitch Ratings has maintained Tata Chemicals’ ‘BB+’ rating and changed its outlook for the company’s long-term foreign-currency Issuer default rating (IDR) from ‘Positive’ to ‘Stable’.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.