Tata Global Beverages rose 4.01% to Rs 150.45 at 15:17 IST on BSE after the company said its UK-based subsidiary has acquired a 100% stake in the equity capital of Australia's Bronski Eleven.
The company made the announcement during trading hours today, 19 May 2014.
Meanwhile, the BSE Sensex was up 251 points, or 1.04%, to 24,372.74.
On BSE, so far 8.18 lakh shares were traded in the counter, compared with an average volume of 2.99 lakh shares in the past one quarter.
The stock hit a high of Rs 151.50 and a low of Rs 145.30 so far during the day. The stock hit a 52-week high of Rs 170.20 on 3 November 2013). The stock hit a 52-week low of Rs 128.05 on 27 June 2013.
The stock had underperformed the market over the past one month till 16 May 2014, falling 3.98% compared with 8.28% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 2.92% as against Sensex's 18.44% rise.
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The mid-cap company has an equity capital of Rs 61.84 crore. Face value per share is Re 1.
Tata Global Beverages said its overseas subsidiary based in UK has acquired a 100% stake in the equity capital of Bronski Eleven, Australia, engaged in coffee business under the MAP brand, with presence in the R&G coffee and coffee in Pods (single service portions) segments in Australia. The investment is in line with the company's strategic vision to become a leader in the "good for you" beverage segment in Australia and it also helps Tata Global Beverages to expand its portfolio to include high growth contemporary single serve business.
On a consolidated basis, Tata Global Beverages' net profit rose 49% to Rs 120 crore on 9% increase in income from operations to Rs 2081 crore in Q3 December 2013 over Q3 December 2012. The company will announce Q4 results on 28 May 2014.
Tata Global Beverages is a global beverage business. The company has significant interests in tea, coffee and water and is the world's second largest tea company.
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