Tata Chemicals on Wednesday in its filing said that on May 9, the company has signed a business transfer agreement with Unnati Inorganics Private Limited to acquire their undertaking precipitated silica operation, on a slump basis.
Tata Chemicals on Wednesday in its filing said that on May 9, the company has signed a business transfer agreement with Unnati Inorganics Private Limited to acquire their undertaking precipitated silica operation, on a slump basis.
The agreement has been signed for a consideration of Rs 34.20 crore. This agreement also includes an existing manufacturing site, at Dahej, Gujarat, which will produce Highly Dispersible Silica (HDS) after capability augmentation.
This acquisition is a part of the Rs 295 crore investment approved by the board earlier in February 2017.
This speciality chemical product represents a downstream value addition to TCL’s soda ash business, where it ranks among the top manufacturers globally. Precipitated silica is a versatile product with applications in many industries including rubber, coatings and agrochemicals.
Stock view:
Tata Chemicals Ltd is currently trading at Rs 644.95, up by Rs 10 or 1.57% from its previous closing of Rs 634.95 on the BSE.
The scrip opened at Rs 635.85 and has touched a high and low of Rs 648.6 and Rs 635.85 respectively. So far 567240 shares were traded on the counter. The current market cap of the company is Rs 16175.99 crore.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 665.1 on 04-May-2017 and a 52 week low of Rs 400 on 09-May-2016. Last one week high and low of the scrip stood at Rs 665.1 and Rs 624 respectively.
The promoters holding in the company stood at 30.8 % while Institutions and Non-Institutions held 43.36 % and 25.83 % respectively.
The stock is currently trading above its 50 DMA.
Source: India Infoline
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