India's Tata Consumer sinks as Q2 margin contracts

Tata Consumer Products

21/10/2024 05:53

** Shares of Tata Consumer Products  TACN.NS  slide as much
as 9.3% to 991.3 rupees, lowest since Dec 26
    ** Stock among top losers on Nifty 50 index  .NSEI , which
is down 0.18%
    ** Salt-to-spices maker's Q2 profit tops estimates on demand
for packaged food
    ** But EBITDA margins shrink due to higher raw material
costs in tea biz, Phillip Capital notes
    ** Adds expect near term volume growth challenges in core
portfolio, slowdown in non-branded business from Q3
    ** Five analysts cut PT -LSEG data
    ** Trading vol nearly 2x stock's 30-day avg
    ** TACN down ~7% YTD vs a ~14% gain in Nifty 50


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))