Business Standard ·
Economy, business and finance
Tata Chem rebounds 14% from intra-day low on huge volume; up 29% in 2 days
Tata Chemicals' holding in Tata Sons is around 2.5 per cent. Going by the rough-cut valuation, hypothetically, the investment value could be ₹10,000-15,000 crore, as per ICICI Securities.
Tata Chemicals share price today: Tata Chemicals share price moved higher by 7 per cent to ₹788.50 on the BSE in Wednesday’s intra-day deal. The stock price of the Tata group company bounced back 14 per cent from its intra-day low of ₹690.35 amid heavy volumes.
In the past two trading days, Tata Chemicals’ shares zoomed 29 per cent after the Reserve Bank of India (RBI) rejected Tata Sons' application to surrender its non banking finance company (NBFC) licence, which will force a public listing of the holding company of the salt-to-software conglomerate Tata Group.
At 11:14 AM, Tata Chemicals was quoting 2 per cent higher at ₹749, compared to a 0.53 per cent rise in the BSE Sensex. The average trading volumes on the counter jumped multiple-fold, with a combined 15.2 million equity shares, representing 6 per cent of the total equity of Tata Chemicals, having changed hands on the NSE and BSE.
What’s driving Tata Chemicals stock price?
Last week, the RBI rejected Tata Sons’ application to surrender its registration as a core investment company, which could pave the way for possible listing of the entity and thereby unlock value.