Tata Chemicals will hold a meeting of the Board of Directors of the Company on 28 January 2021.

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The media reported that Tata Chemicals is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The board of Tata Chemicals is set to discuss the potential offer as soon as this month, the report added.

The BSE has sought clarification from Tata Chemicals on 13 January 2021, with reference to a media report. The reply is awaited.

Archean Group is a privately held business conglomerate, with diversified business interests across sectors including industrial salt, industrial chemicals & fertilizers, mining & minerals and granites. operations and strategic investments are spread across India, South America, Middle East, Africa, Far East and South East Asia.

Shares of Tata Chemicals have surged 11.67% in six trading days from its previous closing low of Rs 486.90 on 5 January 2021. The counter hit a record high of Rs 551.55 in intraday today. The stock has moved up by 175.43% from its 52-week low of Rs 197.40 on 23 March 2020.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products and specialty chemistry products. Currently it is the world's third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.

On a consolidated basis, the chemical maker's net profit declined 64% to Rs 132.09 crore on 5.8% fall in net sales to Rs 2,609.35 crore in Q2 September 2020 over Q2 September 2019.

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TCSAP will continue to fulfil all its obligations as a member of ANSAC until the termination date including utilising ANSAC as its exclusive export sales outlet for all of its U.S. produced soda ash sold to all territories serviced by ANSAC.

Tata Chemicals will focus on developing an integrated world class customer centric global sales organisation, serving customers diverse needs from locations in India, UK, Kenya and USA, the company said in a BSE filing made after market hours on Friday (1 January 2021).

Shares of Tata Chemicals were up 2.05% at Rs 489.60. In the past on year, the stock has gained 67.63% while the benchmark S&P BSE Sensex has added 16.10% during the same period.

Last week, a domestic brokerage reportedly recommended hold rating on Tata Chemicals with a target price of Rs 490.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products and specialty chemistry products. Currently it is the world's third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.

On a consolidated basis, the chemical maker's net profit declined 64% to Rs 132.09 crore on 5.8% fall in net sales to Rs 2,609.35 crore in Q2 September 2020 over Q2 September 2019.

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Tata Chemicals announced that its wholly owned subsidiary, Tata Chemicals (Soda Ash) Partners (TCSAP) has on 31 December 2020 exercised its right and served a notice to withdraw from American Natural Soda Ash Corporation (ANSAC), through whom a large part of theirexport sales were effected, effective 31 December 2022 (termination date).

TCSAP will continue to fulfil all of its obligations as a member of ANSAC until the termination date including utilising ANSAC as its exclusive export sales outlet for all of its US produced soda ash sold to all territories serviced by ANSAC.

Tata Chemicals will focus on developing an integrated world class customer centric global sales organisation, serving customers diverse needs from locations in India, UK, Kenya and USA.

Powered by Capital Market - Live News