Tata Chemicals shares experienced a sharp drop of 6.10% today, closing at Rs 1111.85 per share on the BSE. Despite this dip, the stock is still trading 16.01% above its 52-week low of Rs 933 (recorded on February 29, 2024) and is below its 52-week high of Rs 1349.70 (reached on March 7, 2024). The company, with a market capitalization of Rs 28,330.17 crore, has shown resilience in recent times, with gains of 3.37% over the last week and a 7.5% increase over the past year.
Tata Chemicals is set to announce its financial results on October 17, 2024. Recently, CARE Ratings reaffirmed the company’s credit rating. Foreign Institutional Investors (FII/FPI) reduced their holdings slightly from 13.84% to 13.76% in the June 2024 quarter, though the number of FII/FPI investors rose from 283 to 287 during the same period.
Over the last month, the company’s shares have risen 6%, and in the past three months, they are up by over 4%. However, there was a 3% decline over the last six months. Over the last five years, Tata Chemicals has surged by 339%.
In terms of dividends, Tata Chemicals declared a Rs 15 per share (150%) dividend for FY 2023-24. This gives a dividend yield of 1.35% at the current price. The company fixed June 12, 2024, as the record date for dividend entitlement, and the payment was made after the AGM, on or after June 28, 2024.
The company’s dividend history is strong, with 28 dividends declared since June 2001. Leading brokerage Bonanza has recommended a “buy” on Tata Chemicals with a target price of Rs 1275, advising investors to maintain a stop loss at Rs 1130. Analysts noted that recent volume trends suggest increased buying interest, further supporting a bullish outlook.
Earlier this year, on June 7, 2024, Tata Chemicals’ European subsidiary was fined £1.1 million by the Chester Crown Court in the UK due to a 2016 safety incident that resulted in a contractor’s injury and eventual death.
Tata Chemicals, a science-led company, is known for its portfolio that spans basic and specialty chemistry products. The company’s roots go back to 1927 when it began with the Okhamandal Salt Works, and it has since evolved into a major player in the global chemicals industry.
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