Tata Chemicals Ltd Share Price – NSE  /  BSE

Chemicals, Small Cap

IIFL Finance Ltd, Elgi Equipments Ltd, Indo Count Industries Ltd and Dwarikesh Sugar Industries Ltd are among the other losers in the BSE's 'A' group today, 20 March 2024.

Tata Chemicals Ltd tumbled 7.26% to Rs 1039.2 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 2.77 lakh shares were traded on the counter so far as against the average daily volumes of 4.18 lakh shares in the past one month.

IIFL Finance Ltd lost 6.27% to Rs 337. The stock was the second biggest loser in 'A' group.On the BSE, 2.36 lakh shares were traded on the counter so far as against the average daily volumes of 2.02 lakh shares in the past one month.

Elgi Equipments Ltd crashed 4.84% to Rs 598.65. The stock was the third biggest loser in 'A' group.On the BSE, 8185 shares were traded on the counter so far as against the average daily volumes of 19779 shares in the past one month.

Indo Count Industries Ltd dropped 4.07% to Rs 309.05. The stock was the fourth biggest loser in 'A' group.On the BSE, 71758 shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one month.

Dwarikesh Sugar Industries Ltd corrected 3.69% to Rs 77.3. The stock was the fifth biggest loser in 'A' group.On the BSE, 3.24 lakh shares were traded on the counter so far as against the average daily volumes of 2.23 lakh shares in the past one month.

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Shares of Tata Chemicals were trading at Rs 1185, reflecting a drop of 9.88% from its previous closing price. It hit a low of Rs 1172.50 in early trade.

This correction comes after a surge of about 40% in the stock price in the past six session.

Market analysts attribute the sudden reversal to media reports suggesting the potential postponement or cancellation of the much-anticipated Tata Sons IPO. This news triggered a correction wave across Tata Group companies, including Tata Consumer and Tata Motors.

Adding to the pressure, a domestic broker reiterated its sell rating on Tata Chemicals, with a target price of Rs 780, about 35% lower than the current market price. The brokerage cited the uncertain outlook for the soda ash industry, particularly with continued low import prices and the impact of recent contract renegotiations. The influx of new soda ash capacities, especially from China, further intensifies the competitive landscape.

Further, the delay in the Tata Sons IPO throws a wrench into plans for Tata Chemicals to unlock value from its stake in the holding company. The market anticipated the IPO to unlock significant value for Tata Chemicals shareholders.

Tata Chemicals is a prominent supplier in various sectors including glass, detergent, industrial, and chemical, with a solid position in the crop protection business through its subsidiary, Rallis India.

The company reported a 55.09% decline in consolidated net profit from continuing operations to Rs 194 crore in Q3 FY24, with revenue from operations at Rs 3,730 crore, down 10.07% from the previous year due to lower volumes in soda ash and pricing pressure in all regions.

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Rallis India Ltd, IIFL Finance Ltd, Force Motors Ltd and Infibeam Avenues Ltd are among the other gainers in the BSE's 'A' group today, 07 March 2024.

Tata Chemicals Ltd soared 13.40% to Rs 1336.45 at 11:47 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 21.11 lakh shares were traded on the counter so far as against the average daily volumes of 1.83 lakh shares in the past one month.

Rallis India Ltd surged 13.09% to Rs 287.75. The stock was the second biggest gainer in 'A' group. On the BSE, 9.88 lakh shares were traded on the counter so far as against the average daily volumes of 40209 shares in the past one month.

IIFL Finance Ltd spiked 9.99% to Rs 421.05. The stock was the third biggest gainer in 'A' group. On the BSE, 11.97 lakh shares were traded on the counter so far as against the average daily volumes of 43748 shares in the past one month.

Force Motors Ltd rose 8.48% to Rs 6395. The stock was the fourth biggest gainer in 'A' group. On the BSE, 12989 shares were traded on the counter so far as against the average daily volumes of 39610 shares in the past one month.

Infibeam Avenues Ltd jumped 7.24% to Rs 40.71. The stock was the fifth biggest gainer in 'A' group. On the BSE, 119.35 lakh shares were traded on the counter so far as against the average daily volumes of 58.29 lakh shares in the past one month.

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The stock is up 23.49% in five straight sessions. It is up 18.47% in one month, 17.99% in three months and 15.09% in one year. The stock hit a 52-week high of Rs 1184.90 today.

On the technical front, the stock's daily RSI is at 78.35, indicating an overbought position, while it is trading above its 50-day, 100-day, and 200-day simple moving averages, which are expected to act as crucial support zones in the near term.

Tata Chemicals is a prominent supplier in various sectors including glass, detergent, industrial, and chemical, with a solid position in the crop protection business through its subsidiary, Rallis India.

The company reported a 55.09% decline in consolidated net profit from continuing operations to Rs 194 crore in Q3 FY24, with revenue from operations at Rs 3,730 crore, down 10.07% from the previous year due to lower volumes in soda ash and pricing pressure in all regions.

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