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Tea stocks slip on buzz Indian tea prices fall

Capital Market  |  Mumbai 

Joonktolle Tea & Industries (down 8.50%), Asian Tea & Exports (down 7.03%), Warren Tea (down 4.99%), Duncans Industries (down 3.97%), (India) (down 3.46%), & Industries (down 3.45%), Harrisons Malayalam (down 2.88%), Tata Global Beverages (down 2.61%) and Goodricke Group (down 1.54%), edged lower.

The Sensex was down 296.08 points or 1.91% to 15,195.27.

Report suggested that price of CTC (crush-tear-curl) tea stood at Rs 120.23 per kilogram (kg), down 3.51% from Rs 124.60 at the previous weekly auction.

Dust tea price fell 2.39% to Rs 114.85 per kg.

As per report, tea prices are expected to recover once supplies will come down by the end of January 2012.

Report added that India's tea exports is reportedly expected to fall nearly 7% in 2011 to 180-185 million kgs. Exports in the first 10 months from January is reported to have fallen to 149.97 million kg, down 8% on year, as demand softened for Indian leaf due to payment problems with Iran and unrest in the Middle-East in the first half of the year.

India exports CTC tea mainly to Egypt, Pakistan and the UK, and the premium orthodox variety to Iraq, Iran and Russia, report said.

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First Published: Wed, December 19 2012. 09:32 IST