Tata Coffee soars 10% as Q1 net more than doubles

Shares of Tata Coffee today rose with gains of nearly 10 per cent after the company posted over twofold jump in first quarter net profit.
It reported an over twofold jump in consolidated net profit at Rs 46 crore for the quarter ended June 30, while the net profit stood at Rs 21 crore in the year-ago period.
On BSE, the stock opened at Rs 124.15, then jumped 14.05 per cent to an intra-day high of Rs 131.50, which is also its 52-week high level. The shares ended at Rs 126.55, up 9.76 per cent on BSE.
The stock also witnessed a spurt in volumes of over 5.26 times and following the uptick in the counter the market capitalisation of the company improved to Rs 2,363.58 crore.

Similar movement was witnessed on the NSE, where the stock opened at Rs 125.20, then rallied to an intra-day high of Rs 131.30 and finally settled for the day at Rs 126.65 higher by nearly 10 per cent over its previous closing price.
The company reported 21 per cent an increase in its total income from operations at Rs 426 crore in the first quarter of this fiscal as compared to Rs 352 crore in the corresponding quarter of the previous year.
The rise in income was "driven by improved performance of both Tata Coffee and its overseas subsidiary Eight O' Clock Coffee", it added.