The Board of Tata Chemicals at its meeting held on 18 September 2020 has approved the appointment of Rajiv Dube (DIN: 00021796) as an Additional Director of the Company in an Independent capacity, not liable to retire by rotation, for a period of 5 years commencing from18 September 2020 to 17 September 2025, subject to approval of the shareholders.

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Shares of Tata Chemicals have surged about 10% in three trading days from its previous closing low of Rs 292 on 17 August 2020. The stock is up nearly 62% from its 52-week low of Rs 197.40 hit on 23 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 63.024. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading between its 100 days and 200 days simple moving average placed at 290.41 and 445.78 respectively. These levels will act as crucial support and resistance zone in near term.

In the derivatives market, Tata Chemical's option chain for 27 August 2020 expiry showed maximum call open interest (OI) of 15.92 lakh contracts at the 320 strike price. Maximum put OI of 3.18 lakh contracts was seen at 300 strike price.

The chemicals maker reported 67.2% drop in consolidated net profit to Rs 74.15 crore in Q1 June 2020 compared with Rs 226.33 crore in Q1 June 2019. Consolidated net sales for Q1 June 2020 stood at Rs 2,348.16 crore, falling 9% from Rs 2584.03 crore in Q1 June 2019.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products, consumer and specialty products.

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Consolidated net sales for Q1 June 2020 stood at Rs 2,348.16 crore, falling 9% from Rs 2584.03 crore in Q1 June 2019. Tata Chemicals said globally, the sales volumes of soda ash declined by 25% with sodium bicarbonate relatively flat. During the quarter, the export market in the US witnessed a steep drop of 45% as compared to previous year. Demand from export market was significantly low in the flat glass segment across the globe.

Profit before tax fell 68% to Rs 109.94 crore during the quarter. Total tax expense declined 68% to Rs 35.79 in Q1 June 2020 over Q1 June 2019.

The company's UK operations did not suffer any significant disruption in production or sales with customer demand remaining as expected. Sodium bicarbonate experienced a healthy growth in demand across user sectors. In Kenya, the company said it did not face any disruption in production but dispatches to the Indian market and South-East Asian countries were disrupted due to lockdown in those countries.

On a standalone basis, the income from operations stood at Rs 628 crore, down 12.6% from Rs 719 crore posted in the corresponding quarter of last year. Profit after Tax (PAT) on standalone basis was Rs 109 crore, down by 47% from Rs 206 crore in the corresponding quarter of last year.

The company's results by reporting segment showed income from operations for the basic chemistry products at Rs 1,672 crore, down by 14%, and specialty products at Rs 676 crore, up by 7%.

Commenting on the results, R. Mukundan, managing director & CEO, Tata Chemicals said, “Despite the unprecedented times, we continued the production and supply of the essential commodities after undertaking all necessary safety measures. In Q1, we adapted to the new normal with a consistent focus on product supply, cash position, optimal CAPEX, and calibrated fixed costs to build up and conserve our healthy cash position. During the quarter, there was no material change in the Company's liquidity position, with no borrowings and sufficient credit lines available. As we step forward, our aim is to move soda ash towards value added products in Performance Materials business, consistent growth in Nutrition science and Agri-science Businesses and seeding the Energy science business.

Shares of Tata Chemicals declined for third consecutive trading session. The counter has lost nearly 6% in last three trading days.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products, consumer and specialty products.

Powered by Capital Market - Live News

Consolidated net sales for Q1 June 2020 stood at Rs 2,348.16 crore, falling 9% from Rs 2584.03 crore in Q1 June 2019. Tata Chemicals said globally, the sales volumes of soda ash declined by 25% with sodium bicarbonate relatively flat. During the quarter, the export market in the US witnessed a steep drop of 45% as compared to previous year. Demand from export market was significantly low in the flat glass segment across the globe.

Profit before tax fell 68% to Rs 109.94 crore during the quarter. Total tax expense declined 68% to Rs 35.79 in Q1 June 2020 over Q1 June 2019.

The company's UK operations did not suffer any significant disruption in production or sales with customer demand remaining as expected. Sodium bicarbonate experienced a healthy growth in demand across user sectors. In Kenya, the company said it did not face any disruption in production but dispatches to the Indian market and South-East Asian countries were disrupted due to lockdown in those countries.

On a standalone basis, the income from operations stood at Rs 628 crore, down 12.6% from Rs 719 crore posted in the corresponding quarter of last year. Profit after Tax (PAT) on standalone basis was Rs 109 crore, down by 47% from Rs 206 crore in the corresponding quarter of last year.

The company's results by reporting segment showed income from operations for the basic chemistry products at Rs 1,672 crore, down by 14%, and specialty products at Rs 676 crore, up by 7%.

Commenting on the results, R. Mukundan, managing director & CEO, Tata Chemicals said, “Despite the unprecedented times, we continued the production and supply of the essential commodities after undertaking all necessary safety measures. In Q1, we adapted to the new normal with a consistent focus on product supply, cash position, optimal CAPEX, and calibrated fixed costs to build up and conserve our healthy cash position. During the quarter, there was no material change in the Company's liquidity position, with no borrowings and sufficient credit lines available. As we step forward, our aim is to move soda ash towards value added products in Performance Materials business, consistent growth in Nutrition science and Agri-science Businesses and seeding the Energy science business.

Shares of Tata Chemicals closed 1.39% lower at Rs 305.60. The result was announced after market hours yesterday, 31 July 2020.

Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products, consumer and specialty products.

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