Tata Chemicals share price today: Total 1.41 lakh shares of the firm changed hands amounting to a turnover of Rs 13.65 crore on BSE. Market cap of the firm fell to Rs 24,850 crore on Wednesday. Shares of Tata Chemicals Ltd are in focus after the stock turned ex-dividend today. Tata Chemicals has declared a dividend of Rs 17.50 per share i.e. 175% for the financial year 2022-23 subject to the approval of the shareholders at the AGM. Tata Chemicals stock fell 4.3% to Rs 957.35 against the close of Rs 1,000.35 in the previous trading session on BSE. The stock of Tata Chemicals has fallen after two sessions of gains.
The stock has climbed 7.42% in a year and risen 4.14% in 2023. Total 1.41 lakh shares of the firm changed hands amounting to a turnover of Rs 13.65 crore on BSE. Market cap of the firm fell to Rs 24,850 crore on Wednesday.
In terms of technicals, the relative strength index (RSI) of the stock stands at 58.4, signaling the stock is neither oversold nor overbought. Tata Chemicals has a one-year beta of 1, indicating high volatility during the period. Tata Chemicals shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
On the outlook of the stock, Abhijeet from Tips2trades said, "Tata Chemicals looks bearish on the Daily charts with strong resistance at Rs 1009. A daily close below support of Rs 957 could lead to target of Rs 920 in the near term."
Gaurav Bissa, VP, InCred Equities said, "Tata Chemicals witnessed a strong upside from lows made in 2020. However, it has been trading in a range from October 2021 with major supports at Rs 780 and major hurdle at Rs 1160. The stock is also trading in a small triangle pattern on the daily charts with recent rejection seen from triangle hurdle placed at Rs 1020 levels. The stock is seen bouncing support from its 89ema on the weekly charts which it has not broken since 2020 on closing basis. The market participants who have already bought can hold with stop loss placed at Rs 930 whereas fresh buying is advised after triangle breakout is confirmed above Rs 1020 levels."
The dividend is subject to the shareholders' approval at the company's 84th Annual General Meeting (AGM), scheduled to be held on June 26, 2023.
The Board of Directors of Tata Chemicals recommended the dividend for the financial year 2022-23 during earnings announcement for the March 2023 quarter and fiscal.
Tata Chemicals reported a 61.81 per cent rise in its fourth quarter profit for the financial year 2022-23 (FY23). Net profit rose to Rs 709 crore in the last quarter against Rs 438.17 crore in the same period last year. Revenue climbed 26.61 per cent to Rs 4407 crore in Q4 FY23 against Rs 3480.7 crore in Q4 FY22.