 "More crises brewing for Darjeeling tea")
Shares to tea producing companies continued their upward movement on expectation of rise in tea prices on the back of declining production.
Harrison Malayalam and McLeod Russel India were up more than 10% in intraday, while Jay Shree Tea, Kanco Tea, Dhunseri Tea, Goodricke Group, Warren Tea, B&A and Rossell India rose between 5% and 10%, against 0.84% decline in the S&P BSE Sensex.
In past one month, the stock prices of Goodricke Group, B&A, Diana Tea, Warren Tea and Harrisons Malayalam have zoomed more than 50%, while McLeod Russel India, Jay Shree Tea, Dhunseri Tea, Tata Global Beverages and Kanco Tea were up in the range of 25% to 48% on the BSE. On comparison, the S&P BSE Sensex was up marginally by 0.23% during the period.
As per Tea Board India data, production in North India in September declined by 42 million kg. Apart from Assam, tea production in the Dooars and Terai regions of West Bengal also went down by around nine million kg "owing to climatic adversities".
It is expected that the annual production shortage this year in Assam is likely to be around 5% of last year's production. In view of this, the prices are expected to firm up in the coming months; IANS report suggested quoting North Eastern Tea Association's Advisor and former Vice Chairman of Tea Board India Bidyananda Barkakoty. CLICK HERE TO READ FULL REPORT
Harrison Malayalam and McLeod Russel India were up more than 10% in intraday, while Jay Shree Tea, Kanco Tea, Dhunseri Tea, Goodricke Group, Warren Tea, B&A and Rossell India rose between 5% and 10%, against 0.84% decline in the S&P BSE Sensex.
In past one month, the stock prices of Goodricke Group, B&A, Diana Tea, Warren Tea and Harrisons Malayalam have zoomed more than 50%, while McLeod Russel India, Jay Shree Tea, Dhunseri Tea, Tata Global Beverages and Kanco Tea were up in the range of 25% to 48% on the BSE. On comparison, the S&P BSE Sensex was up marginally by 0.23% during the period.
As per Tea Board India data, production in North India in September declined by 42 million kg. Apart from Assam, tea production in the Dooars and Terai regions of West Bengal also went down by around nine million kg "owing to climatic adversities".
It is expected that the annual production shortage this year in Assam is likely to be around 5% of last year's production. In view of this, the prices are expected to firm up in the coming months; IANS report suggested quoting North Eastern Tea Association's Advisor and former Vice Chairman of Tea Board India Bidyananda Barkakoty. CLICK HERE TO READ FULL REPORT
