Tata Chemicals Hits 52-week High On Value-Buying

Mumbai, May 22: | Updated: May 23 2003, 05:30am hrs
The stock of Tata Chemicals Ltd (TCL) soared to a 52-week high on Thursday on value-buying backed by a strong financial performance, the euphoria over the merger with Hindustan Lever Chemicals Ltd (HLCL) and lucrative dividend yield. Hitting a new 52-week has become a routine for a host of old-economy stocks, led by banking and auto ancillary firms.

On The Stock Exchange, Mumbai (BSE), TCL rose 1.2 per cent, or 90 paise, to close at Rs 74.65, off an intra-day high of Rs 75.40, on volume of 184,806 shares. In the last six months, the stock has risen by about 60 per cent.

Earlier, TCL announced a 55 per cent interim dividend for fiscal 2002-03 along with its fourth-quarterly numbers. TCL is a leading player in soda-ash segment, accounting for 42 per cent of Indias soda-ash capacity. In the salt business, TCL is a market leader with a 38 per cent market share in the branded segment.

Dealers said TCL is likely to benefit from the merger with HLCL. The merger is expected to contribute to enhanced operating synergies, expanded geographical presence and a larger product portfolio.