Earnings from Coonoor tea auctions plunge 30%

PS Sundar Coonoor | Updated on March 20, 2020 Published on March 20, 2020

The earnings from the auctions of the Coonoor Tea Trade Association (CTTA) have fallen as much as 30.23 per cent in the first two months of 2020 over the corresponding period last year. This is because of low volumes being sold despite the falling prices.

In the nine auctions held in January and February, producers sacrificed prices by as much as ₹17.09 per kg to liquidate unsold teas. Nevertheless, 1.65 million kg less tea was sold, compared with January and February 2019, due to slackened demand from both upcountry buyers and exporters.

Average prices fall

The average prices dropped to ₹82.61 per kg (₹99.70).

As a result, the overall earnings dropped to ₹72.34 crore from ₹103.69 crore, or 30.23 per cent.

Published on March 20, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.