Tata Global Beverages rose 1.39% to Rs 127.75 at 12:00 IST on BSE after Starbucks strengthened global partnership with Tata Group with multiple new commitments.
The world's largest US based coffee retailer, Starbucks Coffee Company made the announcement yesterday, 27 June 2016.Shares of Tata Coffee rose 3.04% to Rs 106.85.
Meanwhile, the S&P BSE Sensex was up 57.08 points or 0.22% at 26,460.04.
On BSE, so far 1.79 lakh shares were traded in the Tata Global Beverages' counter as against average daily volume of 2.24 lakh shares in the past one quarter. The stock hit high of Rs 128.70 and low of Rs 126.90 so far during the day. The stock had hit a 52-week high of Rs 149.80 on 6 January 2016. The stock had hit a 52-week low of Rs 100.10 on 12 February 2016. The stock had outperformed the market over the past one month till 27 June 2016, gaining 7.46% compared with 0.94% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.26% as against Sensex's 4.2% rise.
The mid-cap company has equity capital of Rs 63.11 crore. Face value per share is Re 1.
In a meeting at the iconic Starbucks Reserve Roastery and Tasting Room in Seattle, Washington, chairman and chief executive officer of Starbucks Coffee Company, Howard Schultz, and chairman, Tata Sons, Cyrus Mistry, announced multiple new joint initiatives last week which expand the existing Tata and Starbucks relationship and strengthen the companies' commitment to developing the Tata-Starbucks brand and building a different kind of company in India.
For the first time, Starbucks will offer a single-origin coffee from India in the US, giving customers from outside the country a unique opportunity to experience a rare, small-lot coffee from the Tata Nullore Estates located in Coorg coffee growing area of India. Starbucks Reserve Tata Nullore Estates will be the first coffee from India to be roasted at the Starbucks Reserve Roastery and Tasting Room and will only be available at Seattle location later this year.
Starbucks also announced plans to increase its coffee roasting capacity for supplying its stores in India and, over time, select markets around the globe.
Starbucks also announced it will soon take flight on Vistara, India's fastest growing full service airline, later this year. Starbucks' fresh brewed coffee service will be exclusively available on all Vistara flights. A joint venture between Tata Sons and Singapore Airlines, Vistara operates more than 457 flights weekly to 17 destinations across India and, in June, celebrated the milestone of flying two million travelers.
Starbucks will extend its Teavana specialty tea brand to India this December with unique bold and customized flavor combinations. Starbucks also plans to expand the availability of Himalayan Mineral Water, bottled by Tata Global Beverages, beyond Starbucks stores in India to Singapore later this year, as the companies explore opportunities to introduce the bottled water brand to stores across Starbucks China and Asia Pacific region.
The local joint venture, Tata Starbucks Private Ltd had opened their first India store in October 2012, and now has 84 outlets making its pace of expansion a record in Starbucks' 45-year history.
Tata Global Beverages' consolidated net profit jumped 2631.5% to Rs 106.53 crore on 2.8% rise in net sales to Rs 1927.99 crore in Q4 March 2016 over Q4 March 2015.
Tata Global Beverages has an integrated 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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