Tata Global Beverages rises on appointing Sunil D'Souza as MD & CEO

Tata Global Beverages rose 1.78% to Rs 318 after the company announced appointment of Sunil D'Souza as managing director and CEO.

Tata Global Beverages on Friday announced the appointment of Sunil Alaric D'Souza as managing director and CEO of the company.

Sunil D'Souza will assume this role with effect from 4th April 2020, subsequent to the retirement of Ajoy Misra, who is currently the MD & CEO of the company.

Sunil D'Souza is currently the managing director of Whirlpool of India. Prior to this, he has served in several leadership roles in Pepsico. The filing was made after trading hours on Friday, 20 December 2019.

The company also announced the appointment of Ajit Krishna Kumar as chief operating officer. He is currently senior vice president in the chairman's office in Tata Sons, where he leads group strategy for consumer businesses.

The S&P BSE Sensex fell 24.05 points or 0.06% at 41,657.49.

On the technical front, the stock's RSI (relative strength index) stood at 55.320. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 301.48 and 200-day moving average (DMA) placed at Rs 255.10. Both these levels would serve as support levels in the near term.

Tata Global Beverages' consolidated net profit fell 18.5% to Rs 153.59 crore on 4.2% rise in net sales to Rs 1,834.06 crore in Q2 September 2019 over Q2 September 2018.

Tata Global Beverages is a global beverage business with presence in over 40 countries. The firm has significant interests in tea, coffee and water and is the No. 2 player in branded tea in the world.

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