Stocks

Tea stocks may gather steam

| Updated on: Jul 15, 2012

Tea stocks such as Goodricke, Jayshree Tea and McLeod Russel could see some buying interest as tea production in May dropped to 72.5 million kg, down 4.8 per cent from a year ago. According to the Tea Board, unfavourable weather in Assam hampered plucking. Tea production in the first five months of 2012 fell 11.4 per cent to 215.8 million kg from a year ago, the board said in a statement on Friday. Production in other parts of the country, too, has been affected due to indifferent weather. According to industry sources, production has been hit in South India during June. Tea output from Assam is likely to fall 5 per cent in 2012 due to a dry spell in the first five months and heavy rains from June, factors that could harden prices further.

Published on July 15, 2012

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