Tata Global up as Starbucks JV to start operations

Tata Starbucks will open the first store in Mumbai by the end of October 2012

Tata Global Beverages has surged 7% to Rs 141 on back of heavy volumes on reports that Tata Starbucks, the 50:50 joint venture between the company and Starbucks Coffee Company will open their first store in India by the end of next month.

“Tata Starbucks will open the store in the Horniman Circle in the Fort district of Mumbai by the end of October 2012,” the report suggests.

The store will also be the first Starbucks location to feature espresso sourced and roasted locally from India through the coffee sourcing and roasting agreement with Tata Coffee, added report.

The stock opened at Rs 133 and hit a high of Rs 142 on the BSE. As many as a combined 5.11 million shares have already changed hands on the counter so far against an average sub 2 million shares that were traded daily in past two weeks.