Tea stocks sizzle on prices hike; Parry Agro up 7.61%
Tea stocks were in the limelight on Friday following reports leading branded tea players like Hindustan Unilever and Tata Tea have increased tea prices.
By INDIATIMES NEWS NETWORK |
MUMBAI: Tea stocks were in the limelight on Friday following reports leading branded tea players like Hindustan Unilever and Tata Tea have increased tea prices.
“Shares of tea companies are witnessing an up-trend on expectations that they will also hike prices due to increased demand,” said an industry analyst.
Leading branded tea players HUL, Tata Tea, Girnar, Wagh Bakri and Jivraj Tea have raised their prices and others are expected to follow, according to The Economic Times.
Tea companies are facing pressure on profit margins due to higher demand, reduced production and higher procurement prices across low, medium and premium tea segments, the report says.
The price of branded tea has increased in the range of Rs 1-7 per pack.
Tata Tea has increased price by Re 1 and HUL has raised the price of its brand Brooke Bond Red Label by Rs 7 (from Rs 98 to Rs 105 for 500 gm pack), the report quotes industry sources.
Tata Tea shares were up 1.53 per cent at Rs 904 on BSE.
Assam Company shares were locked at 5 per cent upper circuit at 52-week high of Rs 51.85 on BSE. The stock has gained 51 per cent in one month.
Dhunseri Tea, Diana Tea, Tezpore and Warren Tea also hit the 5 per cent upper circuit.
Dhunseri Tea was at Rs 149.40; it gained 41.61 per cent in one month on BSE. Diana Tea traded at Rs 27.45. Tezpore quoted Rs 68.35. The stock has gained 36.70 per cent in one month.
Warren Tea was up 4.64 per cent at Rs 114, having gained 45.59 per cent in one month. Today it touched a 52-week high of Rs 118.
Goodricke shares were up 3.24 per cent at Rs 95.50. The stock has gained 43.18 per cent in one month. Today it touched a 52 week high of Rs 98.40.
Parry Agro shares were up 7.61 per cent at Rs 1,995.
“Shares of tea companies are witnessing an up-trend on expectations that they will also hike prices due to increased demand,” said an industry analyst.
Leading branded tea players HUL, Tata Tea, Girnar, Wagh Bakri and Jivraj Tea have raised their prices and others are expected to follow, according to The Economic Times.
Tea companies are facing pressure on profit margins due to higher demand, reduced production and higher procurement prices across low, medium and premium tea segments, the report says.
The price of branded tea has increased in the range of Rs 1-7 per pack.
Tata Tea has increased price by Re 1 and HUL has raised the price of its brand Brooke Bond Red Label by Rs 7 (from Rs 98 to Rs 105 for 500 gm pack), the report quotes industry sources.
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Tata Tea shares were up 1.53 per cent at Rs 904 on BSE.
Assam Company shares were locked at 5 per cent upper circuit at 52-week high of Rs 51.85 on BSE. The stock has gained 51 per cent in one month.
Dhunseri Tea, Diana Tea, Tezpore and Warren Tea also hit the 5 per cent upper circuit.
Dhunseri Tea was at Rs 149.40; it gained 41.61 per cent in one month on BSE. Diana Tea traded at Rs 27.45. Tezpore quoted Rs 68.35. The stock has gained 36.70 per cent in one month.
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Warren Tea was up 4.64 per cent at Rs 114, having gained 45.59 per cent in one month. Today it touched a 52-week high of Rs 118.
Goodricke shares were up 3.24 per cent at Rs 95.50. The stock has gained 43.18 per cent in one month. Today it touched a 52 week high of Rs 98.40.
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Parry Agro shares were up 7.61 per cent at Rs 1,995.
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