Mid-day Market Movers: Stellar Q1 results leads to a rally in these chemical stocks on Wednesday afternoon

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On August 10, as the D-Street meanders indecisively, benchmark indices are currently trading in red territory with Sensex down by 0.2 per cent or 101 points at 58751.80. and Nifty is flat at 175717.40

Fine Organics, Fairchem Organics and Tata Chemicals are witnessing positive action in today’s session.  

  Fine Organics Industries Ltd zoomed 18.7 per cent in today’s session as it logged an all-time high at Rs 6909.35. The rally is on the back of a blockbuster Q1 performance. Net Sales grew by 109 per cent at Rs 747.74 crore on a YoY basis and PAT trebled to Rs 160 crore. At CMP the stock has rallied 15.01 per cent quoting at Rs 6694.75. 

  Fairchem Organics Ltd is trading up by 12.8 per cent at Rs 1805.95. The speciality chemical company announced its Q1 results on August 09, wherein net sales grew by 61.86 per cent at Rs 225 crore on a YoY basis while PAT grew byc21.14 per cent at Rs 27.03 crore. In the intraday trades, the shares of Fairchem Organics have logged highs and lows of Rs 1865.10 and Rs 1711, respectively. 

  Tata Chemicals Ltd surged 13.5 per cent at an intraday high at Rs 1086.30 as it reported a 110 per cent jump in its PAT in Q1FY23 at Rs 612 crore compared to Q1FY22. Net sales grew by 34.15 per cent to Rs 3995 crore during the quarter. PAT margins expanded by 555 bps and stood at 15.32 per cent for the quarter. 

At the time of writing, the shares of Tata Chemicals are trading at Rs 1080.45 up 12.88 per cent.