Tata Consumer Products shares extended gains to a second straight day to touch an all-time high on Friday, crossing the Rs 800 apiece mark for the first time ever.

Share Market Live

NSE

The stock jumped as much as 4.73 percent to an all-time high of Rs 810.50 apiece on BSE during the session.

"High growth stocks are enjoying crazy valuations. With an increase in the supply of money, investors have a few high growth stock opportunities to latch on," Varun Singh, FMCG and Retail Analyst, IDBI Capital, told CNBCTV18.com

"Everything looks positive for Tata Consumer Products after the company's good performance in Q1," he said.

Also read: Tata Consumer expects double-digit growth in India foods biz

Earlier this month, the company had reported a net loss of Rs 185.15 crore for the quarter ended June 30. For the corresponding period a year ago, the company had posted a net loss of Rs 327.56 crore.

It reported topline growth of 10.85 percent on a year-on-year basis, as its revenue from operations increased to Rs 3,008.46 crore in the June quarter from Rs 2,713.91 crore in the year-ago period.

The company is performing well in the international market as well, Singh added.

Technically, the stock is seeing a decisive price and volume breakout from a bullish flag pattern, indicating further upside, Sumeet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking, told CNBCTV18.com.

"The entire tea and coffee basket has done phenomenally well over the past few months. As far as Tata Consumer is concerned, the stock saw a steep rally from May and then went into a consolidation mode for last one month and a half," he said.

Chavan has a positive outlook on Tata Consumer shares with a short-term target of Rs 835 and recommends a stop loss at Rs 772.

Tata Consumer shares ended 4.35 percent higher at Rs 807.55 apiece on the bourse, outperforming the headline Sensex index, which rose 1.08 percent to a record closing high of 55,437.29.

As the current price, the Tata Consumer Products stock is up 37.57 percent so far this year.

First Published:Aug 13, 2021 1:40 PM IST