Extending the previous week’s gains, shares of Tata Chemicals Ltd. nearly jumped 7 per cent to log a 52-week high on Monday, after the promoter Tata Sons further increases its stake in the chemicals maker.
At 9:31 am, shares of the company were 6.91 per cent up at a 52-week high of Rs 525, while the benchmark index Sensex traded 0.12 per cent high at 45,132.58. Over the last week, the stock has added 33.33 per cent and over 64.39 per cent in the last one month.
On Friday, Tata Sons bought 25,71,651 shares of Tata Chemicals at Rs 471.88 per share. Earlier this month, the promoter group entity bought 18,07,245 shares of the chemicals maker and already held 29.39 percent stake in it as of the September quarter.
Tata Group’s chemical company is the largest saltworks in Asia and the third-largest soda ash manufacturer and the sixth-largest sodium bicarbonate manufacturer in the world. The company also holds a strong position in the crop protection business through its subsidiary, Rallis India.
It deals with two verticals which include the Basic chemistry and the specialty chemistry vertical. In the Basic chemistry business, the company offers key ingredients for glass, detergents, pharma, bakeries, biscuit manufacturing, and other industries.