CCL Products rallies 14% on high export sales hopes

CCL Products (India) has rallied 14% to Rs 143 on reports that the export of instant coffee reached an all-time high during the calendar year 2011. The company is the largest coffee exporters accounted 11% of the total coffee export made by the India.

Total coffee exports registered a 20% growth in quantum to 3.46-lakh tonnes in calendar year 2011 over 2010, according to data released by the Coffee Board of India. In rupee value terms, the exports grew 63% to Rs 4,872 crore for 2011 over the previous year, while in dollar terms the exports were up by 65% at $1.05 billion.

 

Meanwhile, the International Coffee Organisation (ICO) has revised its global coffee production estimate for the current coffee year (October-September) to 128.6 million bags, which is 1.2 million bags more than the forecast it made in November.
 
The stock opened at Rs 134 and touched high of Rs 146 on the National Stock Exchange (NSE). A combined 131,637 shares have already changed hands on the counter so far, as against less than 10,000 shares that were traded daily in past two weeks on the NSE and BSE.