Tata Chemicals shares fall 3% after Q2 profit drops 64% YoY

Tata Chemicals share price was trading lower by 3 percent in the morning session on October 30 after the company declared its September quarter results.

Tata Chemicals on October 29 reported a 64 percent fall in consolidated net profit at Rs 132.09 crore for the quarter ended September. Its net profit stood at Rs 367.31 crore in the year-ago period.

Total income decreased to Rs 2,677.9 crore in the second quarter of this fiscal from Rs 2,861.35 crore in the corresponding period of the previous year, it said in a regulatory filing.

"With the country gradually reopening, we are witnessing the revival of the chemical sector and customer demand. Our plant operations and capacity utilisation have gained momentum and are getting back to the pre-COVID levels," Tata Chemicals Managing Director and CEO R Mukundan said.

The stock was trading at Rs 315.50, down Rs 10.10, or 3.10 percent at 09:23 hours. It has touched an intraday high of Rs 318.00 and an intraday low of Rs 312.35. It was also one of the top BSE smallcap losers.

According to Moneycontrol SWOT Analysis powered by Trendlyne, MFs decreased their shareholding last quarter with the company reporting decline in quarterly net profit with falling profit margin (YoY).

However, Moneycontrol technical rating is bullish with moving averages and technical indicators being neutral and moving averages crossovers being bullish.