Tata Global advanced so far as 6.2 percent to 104 rupees, the biggest intraday jump since August 10, before trading at 103.35 rupees starting 10:45 am in Mumbai. The stock was the biggest gainer today on the BSE100 Index.
Tata Global Vice Chairman R.K. Krishna Kumar said yesterday that the equivalent venture Tata Starbucks Ltd. will unlock outlets in Mumbai and New Delhi this year beginning August and will have 50 stores within the first 12 months.
The partners plan to capitalize on the rising coffee consumption in the world’s fastest growing foremost economy after China.
The Indian stores will build on the world’s largest coffee- shop chain’s expansion outside the US, where stores are less lucrative than those in the Asia-Pacific region.
Starbucks will fight with Barista Coffee Co., a unit of Italy’s Lavazza SpA (LAVA), and Cafe Coffee Day, run by Amalgamated Bean Coffee Trading Co. in India, where consumption of the drink almost doubled in the decade throughout 2010 to 108,000 metric tons.