Tata Chemicals rises on buy-back news

Diversified company Tata Chemicals rose 1.33% to INR 41.95 after the company announced late on Monday it would buy back up to 15% of its equity shares at a maximum of INR 60 per share.
The company, w…

Diversified company Tata Chemicals rose 1.33% to INR 41.95 after the company announced late on Monday it would buy back up to 15% of its equity shares at a maximum of INR 60 per share. The company, which has interests in soda ash, cement and fertilizers, said it intends spend up to INR 1.63 million (US$ 34,600) to buy these shares through open market operations. The company belongs to the Tata group, India“s second-largest conglomerate by sales. Analysts said the shares could rise further, but the increase would be checked by the company“s sagging fundamentals. Its main businesses of soda ash and fertilizers are expected to be hurt by the country“s economic slowdown.