The stock quoted at Rs 395 apiece on the BSE, up 2.65 percent at 1:29 pm on Thursday.
Tata Global Beverages (TGB) share price hit a new 52-week high of Rs 399.40, rising as much as 4 percent in intra-day trade on Thursday. The stock quoted at Rs 395 apiece on the BSE, up 2.65 percent at 1:29 pm.
The stock has risen 24 percent so far this year. The one-year, three-year, five-year and 10-year returns for investors too are consistent with the scrip giving 88 percent, 210 percent, 146 percent and 306 percent, respectively during the period. During the same period, the Sensex has returned 14 percent, 52 percent, 40 percent and 144 percent, respectively.
The company informed exchanges last week that the National Company Law Tribunal (NCLT) has approved the demerger of consumer products business of Tata Chemicals.
As per the arrangement, Tata Chemicals (TCL) Consumer Products segment will be demerged into Tata Global Beverages, which will be renamed 'Tata Consumer Products'.
Brokerage firm ICICI Direct has set a target price of Rs 450 on the stock with a 'buy' rating in its January 15 report after NCLT approval. It said TCL's consumer business has been growing at a strong rate of around 20 percent over the last two years supported by robust growth in volumes across salt, pulses and prices and this will help TGB's growth.
Tata Global Beverages reported a net profit of Rs 152.47 crore for the quarter ended September 30, recording a decline of 17 percent on a year-on-year basis. Its revenues came in at Rs 1,834.06 crore, 4 percent up on YoY while PAT stood at Rs 191.55 crore.
First Published: IST