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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (5289)	7/27/1999 9:03:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Analyst recommendation. Colgate-Palmolive Named 'Market Perform' at Prime Broking Bloomberg News July 27, 1999, 4:50 a.m. PT Mumbai, July 27 (Bloomberg Data) -- Colgate-palmolive (india) (CLGT IN) was named ''market perform'' by analyst Nimesh Grover at Prime Broking Company. ============

To: Mohan Marette who wrote (5289)	7/27/1999 9:06:00 AM
From: Mohan Marette	Respond to of 12475

India's Tata Tea 1Q Profit Falls Smaller-Than-Expected 33% tatatea.com Bloomberg News July 27, 1999, 4:21 a.m. PT Calcutta, July 27 (Bloomberg) -- Tata Tea Ltd., one of the world's largest tea plantation owners, said its profit fell 33 percent as tea prices and production fell. Tata Tea's profit's were stronger than analysts' expectations, falling to 260.9 million rupees ($6 million) in the three months ended June from 391 million rupees a year earlier. The four analysts surveyed by Bloomberg news on average predicted that the company would post a profit of about 172 million rupees for the quarter. Sales fell to 2.14 billion rupees from 2.23 billion rupees. Indian tea bushes are yielding less tea this year because there hasn't been enough rain in the country's biggest tea growing region in the Northeast Tea prices fell even as production plunged because tea left over from last year's bumper crop was still in the market, analysts said. Prices may rise later this year as that inventory disappears. ''The remaining three quarters are likely to be better than the first quarter as tea prices recover from the present level,''said Satish Turlapati, analyst, S.S. Kantilal Ishwarlal Securities Ltd. in Mumbai. Tea prices fell around 20 percent to 66 rupees per kilogram during the quarter. Production fell 37 percent from a year earlier to 110 million kilograms in the four months ended April,said J. Thomas & Co., India's biggest tea trading company. Exports fell 19 percent to 49 million kilograms. ''Like the industry we've also lost crops,'' due to the drought in Assam, S.M. Kidwai, managing director of Tata Tea said in an interview earlier this month. ''In the (quarter) to June we were about 33 percent behind last year's production.'' Tata Tea's profit was also hurt as a slump in the Russian ruble against the U.S. dollar and the rupee doused demand from its biggest export market, analysts said. The latest quarter's profit was announced after the close in trading. Shares fell 1 percent to 382.10 in Mumbai.