Tata Coffee has rallied 5% at Rs 1,058 in opening deals after reporting more than doubled consolidated net profit at Rs 65 crore in the quarter ended September 2012. Tata Group Company had profit of Rs 31 crore in previous year quarter.
The consolidated operating income rose by 19% at Rs 891 crore on year-on-year basis, Tata Coffee said in a filing.
“The improved result is from instant coffee operation which continues to show a substantial growth, as also better operating result from coffee plantations,” PTI report suggests quoting company’s executive director of finance M Deepak Kumar.
The stock opened at Rs 1,033 and hit a record high of Rs 1,066 on the BSE. A combined around 55,000 shares have changed hands on the counter on both the exchanges.
