Tata Global Beverages rose 4.27% to Rs 122.05 at 10:57 IST on BSE after consolidated net profit surged 60.10% to Rs 139.62 crore on 2.69% fall in total income to Rs 1656.91 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 15 November 2016.Meanwhile, the S&P BSE Sensex was up 196.56 points, or 0.75%, to 26,501.19
On BSE, so far 6.28 lakh shares were traded in the counter, compared with average daily volume of 4.16 lakh shares in the past one quarter. The stock hit a high of Rs 125.25 and a low of Rs 121.05 so far during the day. The stock hit a 52-week high of Rs 157.65 on 19 October 2016. The stock hit a 52-week low of Rs 100.10 on 12 February 2016. The stock had outperformed the market over the past 30 days till 15 November 2016, sliding 22.07% compared with 4.45% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15% as against Sensex's 6.07% decline.
The mid-cap company has equity capital of Rs 63.11 crore. Face value per share is Re 1.
Tata Global Beverages said that while the underlying business saw volume growth, this was offset by price reductions and adverse impact of currency translation. Group consolidated net profit growth reflected both improved operating performance and better performance by Joint Ventures and Associate companies, Tata Global Beverages said. The latest quarter saw a continued focus on the global health & wellness trend and innovative product launches, the company said.
Ajoy Misra, Managing Director and CEO of Tata Global Beverages, said that the company's product launches leverage the health and wellness trend across geographies. Consumers are seeking enhanced beverage experiences which are also healthy choices and the company is leveraging this insight across product categories. Joint venture companies Tata Starbucks and NourishCo continue to show steady growth and the company is committed to growing them further, Ajoy Misra said.
Tata Global Beverages focusses on branded natural beverages tea, coffee and water. Tata Global Beverages is the 2nd largest player in branded tea in the world. It has a strong portfolio of brands, including Tata Tea, Tetley, Jemča, Vitax, Eight O'Clock Coffee, Himalayan, Grand Coffee and Joekels.
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