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This is an archive article published on June 8, 2011

Tata Global Beverages shares up 5

Shares of Tata Global Beverages surged amid news reports of stake sale to a strategic investor.

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Shares of Tata Global Beverages rose by 5 per cent in morning trade on the BSE on Wednesday amid news reports that the company plans to sell a stake of around 20 per cent in its international operations to a strategic investor.

Reacting to the move,shares of the company jumped by 5 per cent to touch an early high of Rs 99 on the BSE,while on the NSE,the stock went up by 4.88 per cent to touch an early peak of Rs 98.80.

Later,the scrip trimmed some of its gains and was trading at Rs 97.40,up 3.34 per cent from the previous close on the BSE.

On the volume front,over 20 lakh shares of the company changed hands in morning trade.

The company,which has partnerships with beverages groups PepsiCo and Starbucks,expects to conclude a deal in the next few months,the Financial Times reported,quoting Tata Global Beverages Vice-Chairman R K Krishna Kumar.

Meanwhile,the broader market bellwether Sensex was trading flat at 18,485.12 at 1152 hours.

 

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