Shares of nine tea companies rose by 0.4% to 8.14% at 15:21 IST on BSE after an executive was quoted as saying that tea prices are expected to firm up further in the coming months.
Harrisons Malayalam (up 3.4%), Assam Company (India) (up 8.14%), Jay Shree Tea & Industries (up 5.08%), Warren Tea (up 0.87%), Asian Tea & Exports (up 6.81%), McLeod Russel India (up 0.48%), Goodricke Group (up 1.11%), Diana Tea (up 3.55%) and Tata Global Beverages (up 0.4%) edged higher.
Meanwhile, the BSE Sensex was provisionally down 273.26 points, or 1.01% to 26,747.40
Kamal Kishore Baheti, Whole Time Director & CFO of McLeod Russel India was quoted as saying that tea prices are now Rs 5-Rs 7 higher per kg compared to last year. The price trend of tea is on the higher side, Baheti was quoted as saying. He was further quoted as saying that tear prices are also supported by low inventory position due to shortage of production last year. Meanwhile, prices of tea are reportedly rising due to an increase in daily auctions with prices of Assam tea hitting record high of Rs 501 per kilogram (kg).
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