Shares of Tata Chemicals surged more than 10 per cent in early trade on May 2 after the company reported that consolidated profit after tax doubled to Rs 470.24 crore in the quarter ended March. The company posted a PAT of Rs 29.26 crore in the same period last year.

Consolidated operating income rose 32 per cent to Rs 3,481 crore in the quarter, Tata Group said in a regulatory filing on April 29. Rs 2,636 crore in the same period last year. Tata Chemicals’ consolidated after-tax profit rose 221 per cent to Rs 1.4 crore in 2021-22 from Rs 436 crore a year ago.

PTI reported that operating income rose 23.74 per cent to Rs 12,622 crore compared to Rs 10.22 crore in FY21. The stock was trading at Rs 1,043 on the NSE at 10.31 am, rising to Rs 102.25, or 10.87 per cent. It touched a high of Rs 1,046.65 and a low of Rs 962.30. Volume for the stock was 422,153 shares versus its five-day average of 35,427 shares, an increase of 1,091.61 per cent.

“While the global demand environment for our products and their applications continues to improve, the supply-side environment, especially energy and input costs, remains high, while logistical challenges in the market continue.