The Tata Global Beverages stock rose in early trade today after the firm said it has restructured its international operations. The stock rose over 5% in early trade and hit a fresh intra day high of 235.20 on BSE.
The stock opened at 224 level and hit an intra day low of 221.45 level. At 10:40 am, the stock was trading 4.10% or 10 points higher at 232.40 on BSE. The stock has been gaining for the last two days and has risen 5.37% in the period. It is down over 26% since the beginning of this year and has gained 12.5% over the last one year.
The stock hit a 52-week high of 328.80 on January 15, 2018 and 52-week low of 192.50 on September 25, 2017.
The Kolkata-based firm has restructured its international operations by merging its businesses in Canada, America and Australia (CAA) and the UK, Europe, Middle East and Africa (EMEA) regions into a single unit.
The Tata Group firm has also exited non-core and sub scale markets to focus on core markets.
"In Russia, the company has restructured its operating model, it has divested its stake in plantations in Sri Lanka, and exited its joint venture business in China," Tata Global Beverages Ltd (TGBL) said in a regulatory filing.
TGBL said it has restructured its international operations in order to unlock synergies for the business, optimise costs and streamline operations.
Tata Global Beverages MD and CEO Ajoy Misra said, "The restructure will help us better focus on core markets and better leverage growth opportunities."
The company said EMEA and and CAA units have been merged into a single unit called the international business division, with experienced country heads in key markets, reporting into a single head, Adil Ahmad for the division.
The company said it has also identified back office processes in human resources, finance and operations, and outsourced the management of these back office processes to Tata Consultancy Services (TCS).