Tata Coffee share price up 12% on impressive Q1 numbers
The consolidated income of the company for the June quarter was at Rs 592 crore compared to Rs 472 crore in the year-ago period.
July 29, 2020 / 10:22 AM IST
Tata Coffee share price surged almost 12 percent intraday on July 29, a day after the company declared its June quarter numbers.
Consolidated total income of the company for the quarter was higher at Rs 592 crore compared to Rs 472 crore for the corresponding quarter of the previous year, an increase of 26 percent, driven by improved performance from the value-added businesses, the company said in an exchange filing.
Strong operating performance from Eight O' Clock Coffee (EOC) was driven by higher volumes. TCVCL operations continued to improve with robust sales. Consequently, the group's consolidated net profit for Q1FY21 was higher at Rs 62 crore compared to Rs 35 crore for the corresponding quarter of the previous year, an increase of 77 percent, Tata Coffee added.
The stock price has gained over 12 percent in the past three days and was trading at Rs 93.10, up Rs 9.85, or 11.83 percent at 1006 hours. It has touched an intraday high of Rs 96.80 and an intraday low of Rs 91.40.
The scrip also witnessed a spurt in volume by more than 6.93 times and was trading with volumes of 334,254 shares, compared to its five day average of 54,070 shares, an increase of 518.19 percent.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Tata Coffee has zero promoter pledge, with the stock showing strong momentum—price above short, medium and long-term moving averages.
Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.