Tata Global Beverages hits record high, surges 17% in three days
On September 28, Tata Starbucks announced that it will open the first store in south Mumbai by October-end
Tata Global Beverages has soared over 7% to Rs 156, also its record high on back of over three-fold jump in trading volumes. The stock opened at Rs 146 and has seen 10.27 million shares changing hands on the counter so far on the NSE and BSE.
Tata Group’s beverage company has outperformed the market by gaining 17% in past three trading sessions as compared to 1.5% rise in benchmark Sensex after Tata Starbucks announced that it will open the first store in south Mumbai by month-end.
Tata Starbucks is the 50:50 joint ventures between Seattle-based coffee chain Starbucks and Tata Global Beverages. On September 28 the company announced that the first store in India will open in the Horniman Circle area of Mumbai by the end of October 2012.
Analyst at foreign broking house has maintained BUY on the stock due to strong EPS (earning per share) growth of 25% for each of the next 2 years due to rising beverage consumption in India and better contribution from overseas subsidiaries.