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Tata Coffee shares surged over 3 per cent in the morning trade today after the company posted 75 per cent increase in its group consolidated net profit.
For the quarter ended September 30, 2011 the group’s consolidated net profit reached Rs 17.59 crore against Rs 10.05 crore a year ago, up 75 per cent.
The stock that was on a downfall for three consequent trading sessions, advanced 3.06 per cent to touch a high of Rs 901.50 on the BSE.
On the National Stock Exchange, the stock witnessed a similar movement and jumped 3.02 per cent to a high of Rs 901.
Tata Coffee later pared with its initial gains and was trading at Rs 888.70, up 1.6 per cent on the BSE and at Rs 887.85, up 1.52 per cent, on the NSE.
Total sales of the integrated coffee plantation company rose 37 per cent to Rs 410.27 crore in the second quarter of the current fiscal against Rs 298.73 crore in the same quarter last fiscal.
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