Latest News | Tata Coffee Shares Trim Most of Early Gains; Close Nearly 1 Pc Higher
Get latest articles and stories on Latest News at LatestLY. Shares of Tata Coffee on Tuesday trimmed most of its early gains and closed nearly 1 per cent higher.
New Delhi, Oct 19 (PTI) Shares of Tata Coffee on Tuesday trimmed most of its early gains and closed nearly 1 per cent higher.
In early trade, the stock zoomed nearly 9 per cent after the company reported a 26.55 per cent jump in consolidated net profit for the September quarter.
The stock gained 8.45 per cent to its 52-week high of Rs 254 in early trade on the BSE. But later faced profit-taking in fag-end trade to close at Rs 235.60, a gain of 0.60 per cent.
On the NSE also, it jumped 8.64 per cent to its 52-week high of Rs 254.40 in early trade. It gave up most of the gains towards fag-end of trade and closed at Rs 235.95, higher by 0.76 per cent.
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Tata Coffee on Monday reported a 26.55 per cent jump in consolidated net profit for the September quarter at Rs 53.66 crore, driven by value-added businesses.
The company's consolidated net profit during the corresponding quarter of the previous fiscal stood at Rs 42.40 crore, Tata Coffee said in a BSE filing.
The consolidated profit has increased mainly driven by improved performance in the value-added businesses, the company added.
Total income grew by 1.40 per cent during the second quarter of this fiscal to Rs 554.32 crore, compared to Rs 546.63 crore in the year-ago period, primarily due to improved sales of instant coffee in India.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)