Tata Tea bubbles up on restructuring report

DALAL STREET SPIKES

Tea major Tata Tea was in the limelight after hitting an all-time high in the intra-day trading after the company announced its plans to exit from its plantation business.

The stock finally closed at Rs 546.50, up 3.62 per cent from its previous close of Rs 527.40. The stock has been attracting buying interest lately following rumours that the company was planning a bonus issue.

From a low of Rs 292 on May 17, the stock has appreciated 87 per cent. Tata Tea today said it would consider a proposal to sell or lease 17 of its tea estates to a company backed by employees.

Tata will also considering another proposal to either sell or lease some of its tea plantations in Kerala and Tamil Nadu, including one coffee estate.

The counter in today's trading witnessed volumes of more than shares on BSE alone.