Tata Chemicals completes sale of urea business
Tata Chemicals completed the sale of its urea and customised fertilisers business for Rs. 2,682 crore to Yara Fertilisers India on Friday. The company announced that sale and transfer of the business between the companies secured the final nod of the National Company Law Tribunal (NCLT).
The sale and transfer of the business by the company was initiated in August 2016. The sale is part of the company’s strategy to strengthen its fertiliser business through partnership or transfer of ownership to world class companies.
The company’s profit after tax increased by over 80 per cent to Rs. 156.35 crore in the second quarter of FY18 as against Rs. 86.52 crore in the second quarter of FY17. However, the company had posted a 5.76 per cent drop in it profit after tax to Rs. 557.88 crore in the fiscal year 2017 on a yearly basis.
Tata Chemicals hit an intraday high of Rs. 778.95 per share, up by one per cent and an intraday low of Rs. 767 per share on BSE on Friday. The company had hit its 52-week high of Rs. 781.20 per share on January 11, 2018 and its 52-week low of Rs. 508.80 per share on January 23, 2017 on BSE. At 12:52 hours IST, the stock was trading at Rs. 760.05 per share, lower by 1.41 per cent on BSE on Thursday.