Globally the Robusta Coffee futures and London cocoa futures are used as the benchmark for the pricing of physical Robusta Coffee and physical cocoa, respectively.
Sunil Shankar Matkar
September 07, 2021 / 02:23 PM IST
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Coffee stocks were witnessing buying demand from investors on September 7 after Robusta coffee futures on ICE hit a four-year peak in the previous session. Tata Coffee stock rallied as much as 6.4 percent and CCL Products gained 5.4 percent intraday today.
Tata Coffee was trading at Rs 213.45, up 4.66 percent and CCL Products was quoting at Rs 405.80, up 1.93 percent at the time publishing this copy.
“Coffee stocks are buzzing today after Robusta coffee futures on ICE hit a four-year peak on Monday on tightening supplies, while London cocoa futures hit new six-month highs. The outlook for coffee prices is still bullish both globally and domestically on the back of supply issues,” said Santosh Meena, Head of Research at Swastika Investmart.
Globally, the Robusta Coffee futures and London cocoa futures are used as the benchmark for the pricing of physical Robusta Coffee and physical cocoa, respectively.
Santosh Meena feels both technically and fundamentally, Tata Coffee and CCL Products look strong. “Tata coffee has an immediate resistance zone of Rs 215-220; above this, we can expect a move towards Rs 245 level. On the downside, Rs 200-195 is a critical demand zone, and only below this, we can expect any weakness,” he said.
According to him, CCL Products stock may continue to outperform because of its strong financials where Rs 415-430 is an immediate resistance zone. Above this, it is likely to head towards the Rs 500 level. Rs 400-385 is an immediate and strong demand zone.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research expects Tata Coffee stock to trade up to the level of Rs 245 in near future, and CCL to trade till the level of Rs 480.
“Tata Coffee stock has reversed from an important support level of Rs 180 and it has formed an inverse head and shoulder in the hourly chart. CCL has reversed from the support of 100EMA and has picked up momentum after the reversal,” he reasoned.
Roasted coffee company CCL Products reported sharply higher consolidated profit at Rs 43.84 crore in the quarter ending June 2021, compared to Rs 38.48 crore in the corresponding period last fiscal. Revenue in the same period increased to Rs 326.12 crore from Rs 289.20 crore YoY.
India’s largest coffee and tea manufacturer and a subsidiary of Tata Group, Tata Coffee started off the year FY22 with a consolidated profit at Rs 46 crore in June 2021 quarter, down from Rs 61.60 crore in the same period last year. Revenue from operations also fell to Rs 532.65 crore from Rs 587.53 crore YoY.
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