Tata Chemicals stock is trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. Shares of Tata Chemicals Ltd rose 5% today after the Tata Group firm announced the restructuring of its US operations. Tata Chemicals shares rose 4.97% to Rs 1018 against the previous close of Rs 969.80 on BSE. The stock has been gaining for the last two days. The stock opened higher at Rs 981 against the previous close of Rs 969.80 on BSE.
Tata Chemicals stock is trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The large cap stock has gained 6.45 per cent in a year and climbed 6.2 per cent this year. Market cap of the firm rose to Rs 25,366 crore. Total 1.97 lakh shares of the firm changed hands amounting to a turnover of Rs 19.76 crore. The turnover was the highest after May 4, 2023 when turnover of Rs 22.49 crore was recorded with 2.28 lakh shares changing hands on BSE. The volumes of shares clocked today were also the highest after May 4 volumes of 2.28 lakh shares. The stock hit a 52 week high of Rs 1214.65 on October 11, 2022 and fell to a 52-week low of Rs 773.90 on July 1, 2022.
Later, the stock closed 2.67 per cent higher at Rs 995.70 on BSE.
The company said it has revised the holding structure of its US operations from June 1 to reduce the number of intermediate entities. The restructuring move has seen Tata Chemicals (Soda Ash) Partners undergoing a transformative conversion from a partnership into a limited liability company (LLC). As part of this transition, the entity will be rebranded as Tata Chemicals (Soda Ash) Partners LLC.
The restructuring plan also includes the merger of two intermediate holding entities, TC (Soda Ash) Partners Holdings and TCSAP LLC, into the newly formed Tata Chemicals (Soda Ash) Partners LLC.
Additionally, Tata Chemicals North America Inc. also saw the integration of Valley Holdings Inc., another intermediate holding entity. The restructuring trims the number of US intermediaries held by the company and streamlines its corporate structure.
The Tata Group firm operates through two business segments: Basic chemistry products and Specialty products. Its basic chemistry products business is engaged in the manufacturing of inorganic chemistry products and serves various industries, such as glass, detergents, pharma, biscuit manufacturing, bakeries and other industries. Its basic chemistry products consist of soda ash, sodium bicarbonate, salt and other products. Its specialty products consist of specialty food ingredients, such as prebiotics, formulations for feed, food and pharma customers, and specialty silica for rubber/tire industry.