TGBL gains 3% on reports of firm's stake sale in group companies to Tata Sons

NEW DELHI: Shares of Tata Global Beverages (TGBL) jumped nearly 3 per cent on Wednesday after a media report suggested that the company has decided to sell its stake in various Tata group listed companies to its parent, Tata Sons, in the next few months.

A Tata Sons spokesperson declined to comment, the report added.

Following the report, the stock rose 2.63 per cent to end the session at Rs 173.35 on BSE.

The report has come at a time when Tata Global Beverages has just appointed Tata Sons’ head N Chandrasekaran as Chairman of the company. Chandrasekaran took over as Chairman of Tata Sons, the holding company of over 100 group firms in February, following Cyrus Mistry's ouster last year.

TGBL, the second largest tea company, with presence in over 40 countries across Asia, Europe, North America, Middle East, Africa and Australia. In coffee segment, it has owns brands such as Eight O'Clock, Grand, map. The Tata group firm also operates a coffee chain with Starbuck in India in a 50:50 joint venture.