Tata Sons Chairman N Chandrasekaran, while addressing the Tata Chemicals AGM, said that the demand in this sector has returned and it will reach the pre-Covid level in the current financial year.
Tata Sons Chairman N Chandrasekaran.
Tata Chemicals N Chandrasekaran, chairman of the company, said that the demand for chemicals is seeing a boom at the global and domestic level. The demand for chemicals will reach the pre-covid level in the current financial year. Addressing the shareholders at the 82nd Annual General Meeting of the company, he said that in 2020 due to Corona, there was a huge drop in its demand but till now there has been a lot of improvement.
Not only in Asia, but also in the UK, Europe and US markets, the demand has improved, he added. This is expected to continue throughout the year. Gradually, the demand for chemicals will reach pre-pandemic levels. Let us tell you that there has been a rise in the chemicals stock for some time now and it has given good special returns in the last one year. Talking about Tata Chemicals itself, it has given a return of 7.2 percent in the last one week, 8 percent in a month, 60 percent so far this year and 148 percent in the last one year.
Tata Chemicals performance
Shares of Tata Chemicals closed at Rs 767.70 this week. The 52-week high is Rs 833.95 while the low is Rs 273. The company’s market cap is 19,557 crores. Promoter’s stake in this company is 37.98 percent. Public holds 27.20 per cent, Domestic Institutional Investors 20.81 per cent and FIIs hold 14.03 per cent.
condition of chemical sector
The largest company in the chemical sector is Coromandel International. It has given a return of 21 per cent in a year. Tata Chemicals is the second largest company. It has given 148 per cent, Chambal Fert has given 100 per cent, Fert and Chem has given 181 per cent and GNFC has given 140 per cent.
Company’s revenue declined by 2%
He said that due to the fall in US soda ash prices, the company’s consolidated revenue declined by two per cent. R Mukundan, Managing Director and Chief Executive Officer (CEO) of Tata Chemicals, who was present on the occasion, said that the demand for chemicals is returning and its prices are also reaching normal levels. Margins will also normalize by the fourth quarter of this year, he added.
Mukundan said that talking about the major achievements in the basic chemical industry, our salt sales were the highest. Between India and UK, we crossed 1.5 million tonnes sales. He said additional storage capacity of 180,000 tonnes and salt capacity of 1.4 million tonnes are on track and are progressing as planned.
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