Tata Chemicals share price hits new high; LIC increases stake to 7.09%

Tata Chemicals share price gained a percent intraday on November 20 after Life Insurance Corporation of India increased stake in the company to 7.09 percent from 5.03 percent earlier.

The stock was trading at Rs 358.05, up Rs 4.95, or 1.40 percent at 09:51 hours. It has touched a 52-week high of Rs 367.90.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities is of the view that despite weak market conditions, Tata Chemicals on the short-term time frame has formed a strong price volume breakout pattern.

The management of Tata Chemicals said the company is witnessing the revival of the chemical sector and customer demand. The plant operations and capacity utilisation have gained momentum and are getting back to the pre-COVID levels.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages. The company has zero promoter pledge with promoters increasing shareholding QoQ.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.