Tata Chemicals, which had closed yesterday at Rs.491.05, rose over 7% to hit a new high today morning at Rs.526.80. The stock has been hitting a new high consistently since last week. On 1st Dec, a week ago, it had hit a high of Rs.408 and since then jumped up 29%.
The reason for this euphoria on the counter is only purely on the back of Tata Sons buying from the open market to increase its stake.
According to data on bulk deal, on Friday, Tata Sons bought over 25 lakh shares on the NSE at an average price of Rs.471.88. This is 1.01% stake
Prior to this, Tata Sons, on 2nd Dec, had bought over 18 lakh shares at an average price of Rs.420.92/share, which is 0.71% stake.
As at 30th Sept, Tata Sons, held 29.39% stake and now it has increased to 31.11%.