Tata Chemicals Intraday Buy Call
Stock market analyst VK Sharma has maintained ‘Buy’ rating on Tata Chemicals stock to achieve an intrday target of Rs 415.
According to Mr. Sharma, day traders can purchase the stock around Rs 408.30 with a strict stop loss of Rs 400. If the stock market remains on positive track, the next target for the day will be above Rs 417.
Shares of the company, on Wednesday (May 28), closed at Rs 408.30 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 551930. Current EPS and P/E stood at 20.67 and 19.90 respectively. The share price has seen a 52-week high of Rs 431 and a low of Rs 231.1 on BSE.
The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.
Tata Chemicals and Khet-Se Agriproduce, an Ireland-based Total Produce joint venture company, have launched their wholesale business for fresh fruits and vegetables sourcing, packaging and distribution in Punjab. It is also expected to begin operations in Mumbai in the next six months.
During the last month, the company announced the successful completion of the acquisition of USD based General Chemical Industrial Products for a total consideration of USD 1,005 million, after fulfilling all necessary regulatory requirements and approvals.
The acquisition of General Chemicals takes Tata Chemicals total global capacity up from around 3.0 million tons to around 5.5 million tons of soda ash per annum. Tata Chemicals had in 2005-06 acquired the Brunner Mond Group of Companies, a leading producer of Soda Ash with a presence in the UK, Netherlands and Kenya.
Other stocks from the same sector that looks good for short-term trading includes United Phos, Guj Gas and Pidilite Ind.