At around 11.48 AM, Tata Chemicals was trading at Rs734 per piece down by 2% on Sensex.
The stock has touched an intraday high and low of Rs741.45 per piece and Rs716.45 per piece respectively.
"The rating affirmation reflects the likely recovery in TCL's consolidated revenue and profitability from the trough during the pandemic fallout in the fiscal year ending March 2021. We expect the recovery to sustain over the upcoming 12 to 18 months, strengthening TCL's debt/EBITDA leverage to comfortably below 4.5x and EBITA margin towards 20%," says Kaustubh Chaubal a Moody's Vice President and Senior Credit Officer.
The stable outlook reflects Moody's view that TCL will sustain revenue growth across all its businesses while maintaining its leading position in the global soda ash industry. In addition, the stable outlook continues to reflect Moody's expectation that TCL will retain its measured approach to growth and that it will prudently deploy its cash surplus in new EBITDA-accretive investments.