Tata Coffee up 17% on pact with Starbucks

Tata group firm Tata Coffee today rocketed over 17 per cent on Bombay Stock Exchange, buoyed by the company's tie-up with US coffee chain Starbucks.

Shares of Tata Coffee opened the day on a robust note and zoomed by 17.57 per cent to touch a four-month peak of Rs 544.50 a share on BSE.

Investors also flocked Tata Coffee's counter on the National Stock where the stock surged by 7.43 per cent to Rs 499.10 a share.

Starbucks Coffee Company and Tata Coffee yesterday signed a non-binding memorandum of understanding (MoU) to collaborate in sourcing and roasting of coffee beans sourced from Tata's Coorg plantation and developing the latter's retail outlets and hotels in India.

Starbucks is the world's biggest coffee chain managing over 16,000 stores and operates in more than 50 countries.

Meanwhile, the BSE sensitive index Sensex was trading 102 points lower at 19,080.79 points at 10:55 hrs.