Tata Consumer Products enters Nifty 50 index, replaces GAIL India
Shares of Tata Consumer Products ended 1.21 per cent high or Rs 7.60 at Rs 636.50 on Wednesday as the scrip entered the Nifty 50 index. On BSE, the stock closed at Rs 638.50, higher 1.43 per cent or Rs 9. The Kolkata-headquartered company has replaced GAIL India from the index.
Formerly known as Tata Global Beverages Limited, Tata Consumer Products Limited is a part of the Tata Group. It is an integrated food and beverage company.
Tata Consumer Products is amongst the top 10 FMCG companies in the country. The company was formed in February 2020 when the consumer products business of Tata Chemicals merged with Tata Global Beverages. It is also the world's second-largest manufacturer and distributor of tea and a major producer of coffee.
The exchange's Index Maintenance Sub-Committee (Equity) decided to make replacements in the indices as part of its periodic review.
For the third quarter ended December 2020, Tata Consumer Products reported a 25.26 per cent rise in consolidated net profit to Rs 237.03 crore. The company had posted a net profit of Rs 189.23 crore in October-December quarter a year ago.
Nifty 50 is a benchmark that represents the weighted average of 50 of the largest companies in the country.
