Tata Coffee gains on rumours of reverse merger

MUMBAI: Shares of Tata Coffee have been moving higher on rumours of a reverse merger with Tata Global, ET Now reported.

At 12:30 p.m., the stock was at Rs 934.60, up 3.16 per cent, on the BSE. It has touched a high of Rs 942.95 and a low of Rs 908.90 in trade today.

The stock is showing signs of a breakout, according to Rajat K Bose, Technical Analyst at rajakbose.com.

“Tata Coffee has been moving in a range of Rs 830-920 for the past several months. It is showing signs of a breakout and if it closes above Rs 920, it is expected to touch Rs 980-1,000 on the upside," Bose said.