Jay Shree Tea shares surged over 5% on Friday after the company said it was in talks with retail majors to sell branded packaged tea through their outlets.
“We are talking to a few retail majors to sell our branded tea through their outlets. We have already tied up with Reliance Fresh,” RK Ganeriwala, president, Jay Shree Tea & Industries, was quoted as saying.
The stock ended 5.4% higher at Rs 114 with volume traded at 75,385 as against two-week average of 19,769 shares.
The company has installed the latest blending and packaging systems and will invest at least Rs 5-6 crore in modernising the existing packaging system, he said.
Shareholders passed resolutions for amalgamation of subsidiaries Birla Tea, Darjeeling Consolidated and Marionbari Tea. With consolidation of these subsidiaries, the company would produce more 12 lakh kg of tea including 6 lakh kg of high quality Darjeeling tea.
Read more in The Economic Times article.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment