Mumbai: It's brewing gains at the Tata Coffee counter on Wednesday morning, with the stock rising sharply and hitting a 52-week high in opening trades.
The stock, which soared to Rs 175, is currently at Rs 166, up almost 10% from its previous closing price. On the National Stock Exchange, the stock touched a high of Rs 174.90 this morning.
On the National Stock Exchange, the Tata Coffee counter has clocked a volume of nearly 4.5 million shares so far in the session today. On BSE, more than 6 lakh shares have changed hands so far at the Tata Coffee counter today, about five times the average daily volume of 1.23 lakh shares.
On Monday, Equity Intelligence India acquired ten lakh shares of Tata Coffee from the market at a price of Rs 150 per share. Meanwhile, fund manager F Born AG sold 15 lakh shares at the same price yesterday.
Equity Intelligence India, which is among the leading portfolio managers in india, has strong clientele from various income classes from india and abroad.
The Tata Coffee stock has been gaining ground quite consistently for about a month now. From around Rs 117 on 11 August 2017, the stock has gained 50% (at its high of Rs 175), outperforming the benchmark indices Sensex and the Nifty50 by handsome margins.
In August this year, Tata Coffee became the first Indian company to set up a freeze-dried coffee plant in Vietnam. The plant's aim is to produce 5000 MT per annum of freeze dried coffee. Tata Cofee Vietnam marked the company's first foray beyond Indian shores as a manufacturer, making it a significant milestone for the company.
Tata Coffee Limited, a subsidiary of the Tata Global Beverages and a part of the Tata Group, is Asia's largest coffee plantation company and producing more than 10,000 MT of shade grown Arabica and Robusta coffees, is one of the largest exporter of instant coffee in the country.
In the April = June 2017 quarter, net profit of Tata Coffee declined 29.94% to Rs 44.91 crore, compared to its net profit of Rs 64.10 crore in the corresponding quarter of the previous year. Sales declined 13.68% to Rs 367.61 crore in the quarter ended June 2017, from Rs 425.85 crore in the year-ago quarter.