Tata Tea continues upward rally

DALAL STREET SPIKES

Tata Tea stock was in limelight hitting a four-year high of Rs 431.80 in intra-day on Friday. The stock has been witnessing a sharp upward rally in last few days.

In today's trading, the counter gained 2.18 per cent to close at Rs 429.50 on volumes of 1.17 lakh shares on the BSE. On the NSE, the counter witnessed volumes of more than 4.5 lakh shares.

Strong fundamentals and a fall in interest costs are in favour of the company, analysts remarked. The scrip has been on a rise and has appreciated from Rs 383.50 on August 30 to today's close of Rs 431.80.

Tata Tea reported a flat 0.5 per cent growth in the first quarter ended 30 June 2004 at Rs 22.50 crore from Rs 22.30 crore in the same quarter last year. Net sales rose 13.5 per cent to Rs 205.80 crore.