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Tata Chemicals promoters increase stake in company by 3.51% in March quarter
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The promoters of Tata Chemicals , increased the stake in the company by 3.51 percentage points to 34.59 percent during the March quarter. Stocks across sectors collapsed in March as the outbreak of coronavirus rattled financial markets globally. Tata Chemicals promoters shored up their stake during this period, taking advantage of the steep decline in …
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The promoters of Tata Chemicals , increased the stake in the company by 3.51 percentage points to 34.59 percent during the March quarter. Stocks across sectors collapsed in March as the outbreak of coronavirus rattled financial markets globally. Tata Chemicals promoters shored up their stake during this period, taking advantage of the steep decline in stock price. For the quarter ended March, Tata Chemicals shares were down 23 percent.
Also, it was during the March quarter that the demerger of consumer business became effective . After the March sell-off, the stock has been on an uptrend, climbing 25 percent through April to May so far.
Tata Chemicals is the largest producer of soda ash in the country and also has facilities in international markets like Europe, North America. Soda ash demand has been lower in the market recently due to the lockdown due to which the prices have declined by 5 percent in the last 3-4 months to Rs1160/kg in Mumbai.
Specialty companies’ stocks in general took a beating during the March quarter. Shares of Deepak Nitrite, Vinati Organics, and SRF fell 4-19 percent, but Tata Chemicals was by far among the worst performers.
Sentiment for the sector changed for the better in April, with stocks rallying 20-50 percent from the lows of March. The perception taking hold among investors is that the sector will not be impacted by the lockdown as badly as some of the other industries, due to continuous demand from essential services sector and export demand.
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