Mumbai: Boosted by the tie-up with US coffee chain Starbucks, Tata group firm Tata Coffee today extended its morning gains and advanced by 20% to touch its upper limit on BSE.
Defying the broad bearish market sentiment, shares of Tata Coffee reached the upper limit of Rs 555.70 on BSE, translating into a gain of 20%.
The stock displayed a similar uptrend on the National Stock Exchange where it zoomed by 20.01% to Rs 557.50. In terms of volume, over 16 lakh crore shares of the company were traded on the bourses.
Starbucks Coffee Company and Tata Coffee yesterday signed a non-binding memorandum of understanding (MoU) to collaborate in sourcing and roasting of coffee beans sourced from Tata’s Coorg plantation and developing the latter’s retail outlets and hotels in India.
Starbucks is the world’s biggest coffee chain managing over 16,000 stores and operates in more than 50 countries.
Meanwhile, after a choppy session, the BSE benchmark index Sensex closed lower by 322.38 points or 1.68% at 18,860.44 points.