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Tata Chem shares re-acquisition

Shares of India“s largest producer of soda ash and major producer of fertilizer and salt, Tata Chemicals Ltd., are unlikely to rise much further in response to the company“s recent buyback offer, ev…

Shares of India“s largest producer of soda ash and major producer of fertilizer and salt, Tata Chemicals Ltd., are unlikely to rise much further in response to the company“s recent buyback offer, even though the current market price is far below the buyback ceiling, according to most fund managers and stock analysts. The company has consistently paid a dividend of 9 to 10%, the stock is trading toward the low end of a range it“s been trapped in since March 1999 and a new management team has devised a detailed restructuring plan. Sales and profit are likely to increase neatly this year, and as of March its debt-to-equity stood at a low 0.58 and it had cash of INR 17.6 billion (US$ 374 million).

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