Tea stocks gain on 10-15% price rise buzz
Shares of tea manufacturing companies have extends their yesterday’s gain on reports that that wholesale tea prices are expected to rise by about 10-15% soon on the back of a faltering supply.
Among the individual stocks, Tata Global Beverages, Bombay Burmah Trading Corporation, Jay Shree Tea and Industries, Goodricke Group, Mcleod Russel India and Warren Tea have rallied 3-8% on the Bombay Stock exchange.
“The prices of good premium teas will go up by Rs 20 per kg to Rs 210-Rs 220 per kg. Similarly, low-end teas will go up by Rs15 per kg to Rs 100," a report suggests quoting Indian Tea Association chairman CS Bedi.