Tea Stocks Surge On Hopes Of Higher Realisations As Prices Rise
Tea stocks rally up to 16% on rising price; Bombay Burmah hits new peak
According to a Reuters report, tea prices have been soaring and are expected to stay high as heatwaves and floods during the peak harvesting season slash output in key producing regions
Tea stocks surge on hopes of higher realisations as prices rise
After a period of prolonged uncertainty in tea producing companies, optimism suddenly seems to have returned in the industry as the scrips of tea producing firms rallied on the Bombay Stock Exchange today with hopes of the balance sheet getting better in the near term.Shares of McLeod Russel surged by 11.49 per cent at Rs. 192.15 apiece while Rossell India's shares surged by 7.73 per cent at Rs. 119.15 per share on the BSE. Goodricke Group's scrip went up by 5.23 per cent at Rs. 405.15 per share and James Warren Tea's shares jumped 4.70 per cent to close at Rs. 137.1 each share.The optimism, as per industry officials, is on account of tea prices improving as production is poised to decline.In September this year, owing to heavy torrential downpour, tea production in Assam, which accounts for over 50 per cent of the annual tea production in the country, fell by 27 per cent at 81.75 million kg (mkg). Production in West Bengal's Dooars region also dipped by around 19 per cent at 43.01 ...
 "Tea stocks surge on hopes of higher realisations as prices rise")
