Tata Coffee snaps 3-day losing streak, jumps 3%

Tata Coffee shares surged over 3% in the morning trade today after the company posted 75% increase in its group consolidated net profit.

For the quarter ended September 30, the group's consolidated net profit reached Rs 17.59 crore as against Rs 10.05 crore a year ago, up 75%.

The stock that was on a downfall for three consequent trading sessions, advanced 3.06% to touch a high of Rs 901.50 on the BSE.

On the National Stock Exchange, the stock witnessed a similar movement and jumped 3.02% to a high of Rs 901.

Tata Coffee later pared with its initial gains and was trading at Rs 888.70, up 1.60% on BSE and at Rs 887.85, up 1.52%, at 1006 hours on NSE.

 

The total sales of the leading integrated coffee plantation company rose 37% to Rs 410.27 crore in the second quarter of the current fiscal, against Rs 298.73 crore in the same quarter last fiscal.