Nirmal Bang Assigns Buy On Tata Group's Midcap Stock, Sees 22% Upside, Gave Over 200% Return In 3 Yrs

Broking firm Nirmal Bang has a Buy on Tata Chemicals Ltd. (TTCH) with an attractive target price of Rs. 1,160 apiece to the stock. If purchased at the current market price, the stock is likely to give a decent return of up to 22%.

Tata Chemicals is Tata Group's Midcap stock operating in the Chemicals sector. It has a market valuation of Rs. 24,417.12 crore.

Bullish on long-term growth in Soda Ash demand

According to Nirmal Bang, The management comments in the AR are positive about future outlook for Soda Ash demand growth, with India expected to enjoy double the global growth projected at 3% p.a. The new segments like Solar Glass for PV cells and Lithium Carbonate are likely to grow faster than industry and increase their share in Soda Ash consumption from 11% to 20% by CY30. "We maintain our BUY rating on TTCH with a 1.4% cut in target price (TP) to Rs1,160 post revision in FY24E/FY25E," the brokerage has said.

Stock Outlook

On Thursday, the stock closed at Rs. 958.50 apiece, down 1.99% from its previous close. The stock recorded its 52 week high on 11 October 2022 at Rs, 1,214.90 apiece and 52 week low on 1 July 2022 at Rs. 773.35 apiece, respectively.

It has fallen 4.46% in the past 1 week. In the last 1 year, it jumped 9.83%. It has given 212.16% robust return in the past 3 years. In gave 29.58% positive return.

Disclaimer - The stock has been picked from the brokerage report of Nirmal Bang. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.