MCLEODRUSS

** Shares of Indian tea making firms Harrisons Malayalam HRMA.NS, Jay Shree Tea JYST.NS and McLeod Russel India MCLE.NS up between 10%-14.7%

** HRMA up ~14.7% to 244.4 rupees, its highest in around two years, while JYST soars to its highest since late-Feb

** MCLE up 10%, hitting upper limit of exchange-mandated trading band

** India's tea prices have been soaring and are expected to stay high as heatwaves and floods hurt output in key producing regions, Reuters reported on Monday

** Production also affected by government ban on 20 pesticides, report adds

** Including session's gains, HRMA up ~38% YTD, while MCLE and JYST jumped ~19% and ~20%, respectively

(Reporting by Manvi Pant in Bengaluru)

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By Rajendra Jadhav

MUMBAI, July 8 (Reuters) - India's tea prices have been soaring and are expected to stay high as heatwaves and floods during the peak harvesting season slash output in key producing regions.

The price rise could support the beleaguered Indian tea industry, which has been struggling with rising production costs amid a negligible rise in tea prices in the past decade.

"Extreme weather events are hurting tea production. Excessive heat in May, followed by ongoing flooding in Assam, are reducing output," said Prabhat Bezboruah, a senior tea planter and former chairman of India's Tea Board.

Production was also affected by the government's decision to ban 20 pesticides, Bezboruah said.

India's tea production in May plunged more than 30% from a year earlier to 90.92 million kg, its lowest for that month in more than a decade, hurt by excessive heat and scant rainfall.

In the north-eastern state of Assam, which accounts for more than half the country's output, more than 2 million people have been affected by severe river flooding in July.

The upside in tea prices started after a heatwave reduced production from April onwards amid good demand, said Kalyan Sundaram, secretary of the Calcutta Tea Traders' Association.

In the last week of June, average tea prices surged to 217.53 rupees ($2.61) per kg, marking a near 20% increase from a year before, according to data compiled by the Tea Board.

Tea production improved in June after good rainfall gave respite from the heatwave, but again flooding in July has limited plucking in many districts of Assam, said a Jorhat-based tea planter.

"July is typically a peak production month, but this year we anticipate a shortfall of 15 to 20 million kg," the planter said.

India produced a record 1.394 billion kg of tea in 2023, but in 2024 production could fall by around 100 million kg, said Bezboruah.

The production shortfall should drive prices significantly higher, but financially weak and indebted producers are struggling to bargain with powerful buyers in peak production months, said a Kolkata-based trader.

More than half of India's total tea production is plucked during July to October.

Average tea prices in 2024 could be 16% to 20% higher than last year, but the increase is unlikely to reduce tea exports, as many buyers are boosting their purchases following the pesticide bans, said Bezboruah.

India's tea exports in the first four months of 2024 jumped 37% from a year ago to 92 million kg, according to the commerce ministry.

The country exports the CTC (crush-tear-curl) grade mainly to Egypt and the United Kingdom, with the orthodox variety shipped to Iraq, Iran and Russia.

($1 = 83.4575 Indian rupees)

(Reporting by Rajendra Jadhav; Editing by Jan Harvey)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

MUMBAI, July 5 (Reuters) - India's tea production in May plunged more than 30% from a year earlier to 90.92 million kilograms (kg), its lowest level in more than a decade, the state-run Tea Board said on Friday, hurt by excessive heat and scant rainfall.

Production in Assam, which accounts for more than half the country's output, fell by more than 26% to 49.84 million kg, the board said.

Exports of CTC (crush-tear-curl) grade tea went mainly to Egypt and the United Kingdom, with the orthodox variety shipped to Iraq, Iran and Russia.

(Reporting by Rajendra Jadhav; editing by Jason Neely)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

Feb 13 (Reuters) - McLeod Russel India Ltd MCLE.NS:

• MCLEOD RUSSEL INDIA LTD DEC-QUARTER CONSOL NET LOSS 816.8 MILLION RUPEES VERSUS LOSS 707.9 MILLION RUPEES

• MCLEOD RUSSEL INDIA LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 3.49 BILLION RUPEES VERSUS 4.89 BILLION RUPEES

Source text for Eikon: ID:nBSE9NlGWM

Further company coverage: MCLE.NS

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Nov 14 (Reuters) - McLeod Russel India Ltd MCLE.NS:

• MCLEOD RUSSEL INDIA LTD SEPT-QUARTER CONSOL NET PROFIT 611.5 MILLION RUPEES VERSUS 1.31 BILLION RUPEES

• MCLEOD RUSSEL INDIA LTD SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.66 BILLION RUPEES VERSUS 4.25 BILLION RUPEES

Source text for Eikon: ID:nBSE1w6M34

Further company coverage: MCLE.NS

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Aug 14 (Reuters) - McLeod Russel India Ltd MCLE.NS:

• JUNE-QUARTER CONSOL NET LOSS 726.5 MILLION RUPEES VERSUS LOSS 382 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 2.26 BILLION RUPEES VERSUS 2.3 BILLION RUPEES

Source text for Eikon: ID:nNSE1S1tqv

Further company coverage: MCLE.NS

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McLeod Russel India Ltd MCLE.NS:

• MCLEOD RUSSEL INDIA LTD- APPROVED EXECUTION OF AN EXCLUSIVITY AGREEMENT WITH CARBON RESOURCES

Source text for Eikon: ID:nNSE6L5T7m

Further company coverage: MCLE.NS

** Shares of tea manufacturer, McLeod Russel India MCLE.NS down 2.5% at 21.70 rupees, set to snap a two-day winning run

** Recovers from near 8% fall to session-low of 20.50 rupees

** Carbon Resources, on Thurs, sold 1.65 mln MCLE shares at 22.2 rupees each, an 9.9% premium to stock's close on Wednesday

** Business Standard reports Carbon Resources sold its full stake; Reuters couldn't verify that with stock market data

** Carbon Resources had held 5.3 mln MCLE shares, equal to a 5.03% stake

** Over 3.5 mln MCLE shares traded, nearly 6x the 30-day avg but less than trading vol on Thurs

** Stock has rallied ~19% in the last two day, but is still down ~27% YTD

(Reporting by Ashna Teresa Britto in Bengaluru)

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May 30 (Reuters) - McLeod Russel India Ltd MCLE.NS:

• MCLEOD RUSSEL INDIA LTD MARCH-QUARTER CONSOL NET LOSS 10.78 BILLION RUPEES VERSUS LOSS 1.93 BILLION RUPEES

• MCLEOD RUSSEL INDIA LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 2.26 BILLION RUPEES VERSUS 2.54 BILLION RUPEES

Source text for Eikon: ID:nBSE2CbTnL

Further company coverage: MCLE.NS

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