Shares of tea companies are in focus and trading higher by up to 11% on the BSE on expectation that tea prices are likely to surge.
Rossell India, Williamson Magor & Company, Mcleod Russel India, Jay Shree Tea, Tata Global Beverages and Bombay Burmah Trading Corporation were trading higher between 2%-11% on the BSE. At 10:30 AM, the S&P BSE Sensex was down 7 points at 25,279.
According to media reports, the support extended by leading blenders at Kochi auctions lifted the prices of some tea varieties, especially good liquoring tea this week. This particular variety in the dust category was dearer by Rs 5 to Rs 7 (particularly, the powdery types), as the sale progressed.
Prices of medium and plainer varieties also witnessed an upward movement by Rs 2 to Rs 5. The quantity on offer in CTC dust was 9,68,500 kg and there was a strong demand in sale no 12 with 96% of the offer getting sold. CLICK HERE FOR FULL REPORT
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