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Tata Chemicals shares surged 10% in intraday trade on Monday, 26 October, after the company said Kenya's High Court had ruled that it has no jurisdiction over the dispute involving its East African subsidiary, Tata Chemicals Magadi Ltd (TCML), a major soda-ash producer in Africa. Tata Chemicals share price opened at ₹578.65 against its previous close of ₹575.50 and jumped 9.7% to hit an intraday high of ₹631.55. Tata Chemicals in a regulatory filing on Saturday, said that "The High Court of Kenya has passed an order dated 23 October 2026, that the Court has no jurisdiction over the dispute and cannot take any further steps." The ruling is seen as a positive for the company as Kenyan President William Ruto had earlier ordered the Indian firm to leave the century-old Magadi soda ash operation it has run for two decades. Tata Chemicals said TCML is examining the order and will take legal and all other necessary steps for way forward in this matter. The company underscored that the Committee, led by the Principal Secretary for Mining on behalf of the Ministry and the Chief Executive Officer of TCML, is undertaking a detailed technical review of all matters. The panel will submit a report to Cabinet Secretary for consideration and "further direction to establish a sustainable framework that promotes responsible mining, value addition, community development and mutually beneficial partnerships", the company said. According to Vipin Kumar, AVP-Research at Globe Capital Market, Tata Chemicals started its bounce-back rally from the support level of ₹570 spot. However, the positional chart structure remains negative, as the stock is gradually moving south in a lower-highs and lower-lows pattern while trading below both its short-term and long-term moving averages. "Immediate support on the downside is placed around the ₹570 spot level; a decisive break below this would be a negative development that could drag the stock further down toward the ₹520– ₹500 range in the near term. On the upside, the stock faces multiple resistance levels in the ₹670– ₹700 range," said Kumar. Aditya Thukral, founder and analyst at AT Research and Risk Managers, said Tata Chemicals has been in a downtrend with the formation of lower highs and lower lows. The stock price is trading with negative crossovers between all its major exponential moving averages, which is a negative sign. "There is no signal of a trend change in the stock for now, and a rise in the stock price will be an exit opportunity for buyers. All the rallies are corrective in nature, and the structure looks incomplete on the downside. A stiff resistance near ₹700 levels should be used as an exit opportunity, where the stock price could extend losses towards ₹500 levels in the next 3 to 4 months," said Thukral. "The stock is in a downtrend, and a rise near the resistance level of ₹700 is an exit opportunity for short and medium-term investors. The possibility of stock prices falling towards ₹500 seems highly possible," Thukral said. Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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