Tata Chemicals is trading up 5% near its two-year high level of Rs 380 on reports that the company is in talks with the Council of Scientific and Industrial Research (CSIR) and the department of science and technology to develop a potash manufacturing facility that will eventually help India cut back on imports that cost an annual Rs 10,000 crore.
 
“If the proposed facility, which will use locally developed technology to tap seawater for making potash, comes up, it will become an integral part of a concerted government policy to stem, over the next 10 years, the financial drain caused by the imports. Potash loosely refers to a category of salts that contains potassium, a key plant nutrient used in fertilizers. Funding will come from both the government and Tata Chemicals&" according to the report.
 
The stock opened at Rs 366 and hit high of Rs 382 on the BSE. Around 164,000 shares have already changed hands on the counter so far, as against an average 172,000 shares that were traded daily in past two-weeks.