Business Daily from THE HINDU group of publications
Thursday, Dec 06, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Dec 06, 2007 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Stocks Columns - Ear to the ground The stock of Tata Chemicals has been accumulated by punters on expectation that it would be re-rated soon by institutions. Market sources say that the stock has been witnessing a lot of institutional buying – both domestic and foreign. The expectation of re-rating is due to its cross-holding in various companies that could fetch higher valuations. The company is holding substantial shares in Indian Hotels, Orient Hotels, Rallis India, TCS, Tata Steel, Tata Motors, Tata Tea, and Titan Industries. It is also holding stake in Tata Investment Corporation and Madras Fertilizers. Besides, the price of soda-ash has been spurting. Soda ash has been contributing significantly to Tata Chemicals revenues. Tata Chemicals, which is among the larger manufacturers of dense soda ash, is poised to benefit from the price rise, say market men. Recently, FMC Wyoming Corporation has increased the soda ash price, and market men believe that Tata Chemicals could follow suit. The recent fancy towards fertiliser stocks also lifted the sentiment, they said. The stock today closed at Rs 354.80 , a gain of about 11 per cent on the BSE. Trading volumes doubled to 7.35 lakh shares from its two-week average quantity of 3.7 lakh shares. K.S. Badri Narayanan More Stories on : Stock Markets | Stocks | Ear to the ground | Tata Chemicals Ltd
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