One year since the change of guards at Bombay House, the street is abuzz with rumors of restructuring and pulling up of underperformers in the group. Some of it is beginning to take shape.
Tata Chemicals' income from operations fell marginally by 0.7 per cent to Rs 3,462 crore in the second quarter of 2017- 18, the company said in a statement.
Tata Chemicals said that the divestment by the company is in line with its strategic direction to focus on speciality chemical and food businesses while maintaining leadership in inorganic chemicals and exiting the fertiliser business.
In a regulatory filing, the company said its board approved the sale of the Phosphatic fertiliser business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.
The immediate support base for the index has shifted upwards to 9900 regions as it is the confluence of following:
The midcap Index which was again the outperformer, up 1.29 percent led by Jain Irrigation Systems and Jaiprakash Associates while Bajaj Auto, ICICI Lombard General Insurance Company, MphasiS and Vedanta were some of few stocks that hit 52-week high on the NSE.
Back in August and early September on multiple occasions, Nifty had faced resistance around supply point of 9,930-9,990.
Sandeep Wagle of powermywealth.com recommends buying Reliance Industries and Tata Chemicals.
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Arvind, Havells India and L&T Finance Holdings and can sell Oriental Bank of Commerce.
Ashwani Gujral of ashwanigujral.com recommends buying Coromandel International, Ashok Leyland, IGL, Edelweiss Financial Services and Jubilant Foodworks.
In the Nifty50 Index, the top gainers were GAIL India which was up 2.33 percent followed buy Bharti Infratel which added 1.79 percent while Sterlite Technologies was the top gainer in the BSE which zoomed 8.92 percent.
Ashwani Gujral of ashwanigujral.com recommends buying GAIL India, BASF, Bharat Forge, Ashok Leyland and EID Parry.
Ashwani Gujral of ashwanigujral.com recommends buying CESC, GAIL India and Tata Chemicals.
Sandeep Wagle of powermywealth.com recommends buying Tata Chemicals and NTPC.
Mitessh Thakkar of mitesshthakkar.com suggests buying Ashok Leyland, Tata Chemicals, Container Corporation of India, Nestle India and Canara Bank.
Sandeep Wagle of powermywealth.com suggests buying Kajaria Ceramics and Tata Chemicals.
Ashwani Gujral of ashwanigujral.com recommends buying Bharat Forge, Max Financial and Tata Chemicals.
"The parties have a mutually agreed exclusivity agreement in this regard which expires on 31st October, 2017," Tata Chemicals said in a statement last evening. The sale consideration is expected to be Rs 400-500.
Tata Sons will acquire up to 4.31 crore shares or 6.84 per cent stake in Tata Global Beverages Ltd (TGBL) from Tata Chemicals as a part of restructuring of its investment portfolio, TGBL said in a regulatory filing.
According to VK Sharma, Head of Business, Private Client Group at HDFC Securities, one can pick Maruti Suzuki, Ashok Leyland, Kotak Mahindra Bank, Tata Chemicals, Torrent Power and Kajaria Ceramics.
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Colgate Palmolive and Bharat Forge and sell Andhra Bank and Amara Raja Batteries.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy Bajaj Finserv and Tata Chemicals and sell ITC.
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy GSFC, Jain Irrigation Systems and Coal India and sell Tata Chemicals.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy BPCL and Manappuram Finance and hold Maruti Suzuki while one can sell Just Dial and Tata Chemicals.
Tata Chemicals reported a weak set of Q1 earnings. In an interview to CNBC-TV18, R Mukundan, MD & CEO of Tata Chemicals spoke about the results and his outlook for the company.