Tata Tea Q2 net zooms 92%

Tata Tea today reported a 92% increase in consolidated net profit at Rs 194.08 crore for the second quarter ended September 30, 2006 as against Rs 101.21 crore in Q2FY06.

According to a release issued by the company to the BSE today, total income increased to Rs 1,014.94 crore from Rs 797.85 crore in Q2FY06.

The company, on a stand-alone basis, posted a net profit of Rs 163.92 crore as against Rs 62.92 crore in Q2FY06. Total income stood at Rs 322.78 crore for the quarter ended September 30, 2006 where as the same was Rs 279.57 crore in Q2FY06.

Tata Tea to divest North India Plantation Ops

The Tata Tea board, at its meeting today, decided to divest North India Plantation Operations (NIPO) comprising all its tea estates and factories located in Assam and West Bengal including all assets to a new company.

According to a release issued by the company to the BSE today, the transaction is valued at Rs 359 crore, and will not include the packeting centres and the referral hospital at Chubwa. The transfer will be effective April 1, 2007.

The board is of the view that the decision to divest NIPO would enable the company to focus on branded business.