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McLeod Russel, Jay Shree Tea hit 52-week high; Harrisons Malayalam up 20%

McLeod Russel India, Jay Shree Tea, Tata Global, Warren Tea, Goodrick Group, Dhunseri Tea, B&A, Terai Tea and Harrisons Malayalam hit their respective 52-week highs.

SI Reporter  |  Mumbai 

More crises brewing for Darjeeling tea

Shares of producing companies have extended their past one week rally, surging by up to 20% on the BSE on back of heavy volumes in otherwise subdued market on expectation that lower production may boost prices.

As many as nine stocks - McLeod Russel India, Jay Shree Tea, Tata Global Beverages, Warren Tea, Goodrick Group, Dhunseri Tea, B&A, Terai and - hit their respective 52-week highs on the BSE. By comparison, the S&P BSE Sensex was down 0.30% at 33,621 points at 03:05 PM.

In September this year, owing to heavy torrential downpour, production in Assam, which accounts for over 50% of the annual production in the country, fell by 27% at 81.75 million kg (mkg). Production in West Bengal's Dooars region also dipped by around 19% at 43.01 mkg in the same month, the Business Standard reported. CLICK HERE TO READ FULL REPORT

“Since the start of calendar year 2017 (CY17), weather conditions are getting adverse. Hence, Kenya’s production is already down by 43 mkg till Aug-17. This decline in production has positively impacted the Mombassa auction prices, which have increased around 25% YoY to US$2.86/kg for 9MFY18,” analysts at said in McLeod Russel’s result update.

The brokerage firm believe that with better export environment, McLeod Russel would focus on improving exports and would report healthy growth on a low base. It expect export revenue to clock 30.0% CAGR in FY17-19E.

HARRI. MALAYALAM 114.35 95.30 20.0
ASSAM CO. (I) 6.32 5.27 19.9
JAY SHREE TEA 132.25 117.30 12.8
TATA COFFEE 176.00 161.30 9.1
B & A 365.00 339.40 7.5
KANCO TEA 87.00 81.25 7.1
MCLEOD RUSSEL 225.00 211.00 6.6
JAMES WARREN TEA 153.90 146.60 5.0
TYROON TEA CO. 51.75 49.30 5.0
JOONKTOLLE TEA 183.95 175.25 5.0
DIANA TEA 28.85 27.50 4.9
ASIAN TEA & EXP 18.50 17.65 4.8
WARREN TEA 173.50 166.30 4.3
GOODRICKE GROUP 511.05 490.45 4.2
TATA GLOBAL 288.00 277.20 3.9
DHUNSERI TEA 340.00 329.70 3.1

First Published: Tue, November 28 2017. 15:18 IST