Shares of Tata Chemicals rallied 7 per cent to hit a new high of Rs 456 on the National Stock Exchange (NSE) on Thursday, surging 13 per cent in the past two days after the promoter company, Tata Sons, bought 1.8 million shares of the company for Rs 76 crore via open market.

On Wednesday, December 2, 2020, Tata Sons purchased 1.8 million equity shares, representing 0.71 per cent equity, of Tata Chemicals at price of Rs 420.92 per share on the NSE via bulk deal, the exchange data shows. The names of the sellers were not ascertained immediately.

In the past one month, the stock has outperformed the market by surging 42 per cent, as compared to 13 per cent rise in the Nifty50 index.

Currently, the Tata Group commodity chemicals company is the world’s third-largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa, and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.

While announcing the July-September quarter (Q2FY21) results on October 29, Tata Chemical’s management said the company is witnessing the revival of the chemical sector and customer demand. The plant operations and capacity utilisation have gained momentum and are getting back to the pre-Covid levels.

At 09:30 am, Tata Chemicals was trading 6 per cent higher at Rs 452 on the NSE, against 0.41 per cent gain in the Nifty50 index. A combined around 6 million equity shares had changed hands on the counter on the NSE and BSE.