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Tata Global Beverages revokes Tata Chemicals’ pledged shares

03 Jun 2011 Evaluate

Tata Global Beverages has revoked Tata Chemicals shares which it had pledged. The company has bought back 1,46,16,246 shares that it had pledged with institutions. In a disclosure to the Bombay Stock Exchange (BSE), Tata Chemicals has informed that Tata Global Beverages has revoked 1,46,16,246 shares of the 1,53,85,522 total shares pledged.

As many as 7,69,276 shares of Tata Chemicals held by Tata Global Beverages still remain pledged. At the end of the March quarter Tata Global Beverages held 6.04% stake in Tata Chemicals. According to Securities and Exchange Board of India (SEBI) norms, it is mandatory for promoters to report pledging of shares to raise funds. The promoter group typically has to disclose the details to shareholders and to stock exchanges.

Tata Global Beverages’ profit after tax for the year ended March 31, 2011 has declined by 53.87% at Rs 180.59 crore as compared to Rs 391.47 crore for the year ended March 31, 2010. Its total Income has increased by 4.22% at Rs 1914.29 crore for the year under review as against Rs 1836.84 crore for the previous year.

On Consolidated basis, the net profit for the year ended March 31, 2011 has plunged by 34.83% at Rs 254.33 crore as compared to Rs 390.30 crore for the year ended March 31, 2010. Its total Income has increased by 3.06% to Rs 6034.01 crore for the year under review from Rs 5854.98 crore a period ago.

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