The shares of Tata Chemicals opened on a bullish note at Rs 999.95, then gained further ground to touch Rs 1,043, registering a jump of 8.96 per cent over its previous close. In the past month, the stock has gained more than 24%. From the beginning of 2022, the stock has been volatile and has added 14% YTD.
The recent rally can be attributed to the stellar results published by the company. In Q1FY23, the company reported a 34.15 per cent jump in its revenue to Rs 3,995 crore compared to Rs 2,978 crore in the same period of last fiscal.
In the quarter under review, its net profit jumped by 86.25 per cent and stood at Rs 637 crores up from Rs 342 crore which it earned in the corresponding quarter of the previous fiscal.
“The company will continue to focus on operational excellence and executing growth CAPEX, he added. The company has committed an investment of ₹1,800 crores till June and plans to invest ₹1,100 crores to complete the first phase of expansion by March 2024,” said R Mukundan, MD of Tata Chemicals.
Tata Chemicals Limited, part of the Tata group is an Indian global company with interests in chemicals, crop protection, and specialty chemical products. It is one of the largest chemical companies in India with operations in India, Europe, North America, and Africa.
Written by – Anoushka Roy
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