Tata Chemicals share price topped the list of F&O gainers on August 10, rising more than 13 percent on the back of healthy earnings in the June quarter.
The stock was trading at Rs 1,079 on the NSE, up 12.75 percent at the time of writing this article.
It saw a robust gap-up opening on Wednesday and formed large bullish candlestick pattern on the daily charts with significantly above-average volumes. In fact, it has decisively crossed previous resistance point of May 5 and quite aggressively broken the long-down sloping resistance trend line, adjoining October 18, 2021 and May 5, 2022.
Now with Wednesday’s rally, the stock is about 7 percent away from its all-time high of October 18, 2021.
Tata Chemicals on August 9 clocked a massive 87 percent on-year growth in consolidated profit at Rs 641 crore despite significantly higher freight and forwarding charges as well as power and fuel costs. The profitability was driven largely by a healthy growth in operating performance and topline
The revenue from operations during June FY23 quarter came in at Rs 3,995 crore, rising 34 percent over Rs 2,978 crore in the year-ago period.
On the operating front, its EBITDA grew 69 percent on-year to Rs 1,015 crore and margin expanded 522 bps to 25.4 percent during the quarter ended June 2022.
“The operating performance reflects improved realisations, efficient cost management and optimum capacity utilisation in challenging market conditions, and in the context of rising input and energy costs,” Tata Chemicals said in its BSE filing.
The Tata Group company said soda ash realisations have increased across units and in particular, the US and Kenya export pricing remained strong and firm. “Realisations in the UK market moved in line with sharp input cost increases,” it said.
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