HomeNewsA Kolkata-based tea Manufacturer is listed on the BSE's SME Market

A Kolkata-based tea Manufacturer is listed on the BSE’s SME Market

Published on

    After the completion of its public offering on February 13, Kolkata-based tea manufacturer Indong Tea Company became the 417th company to be listed on the BSE SME Platform on Tuesday. The business is involved in tea plantation and the production of CTC Tea, and its portfolio of goods and services also includes CTC (crush/cut, tear, curl) tea, tea, and tea plantation, rolling, fermenting, drying, grading, and packing/dispatching.

    The initial public offering included a fresh issue of 50,04,000 equity shares with a face value of Rs 10 each for cash at Rs 26 per equity share. The issue price was set at Rs 26 per share.

    West Bengal’s Indong Tea Company owns the Indong Tea Estate, a tea garden used to grow CTC tea. According to the company website, Hariram Garg, the promoter of the tea exporting business Asian Tea & Exports, acquired the firm in August 2014. He reportedly spent additional money and built new equipment, which led to the production of high yields from the plantations.

    Also Read: Small- and Medium-sized Businesses Should follow these Five cybersecurity Tips

    During the quarter ending in September 2022, it had an operating revenue of Rs 13.24 crore and a net profit of Rs 2.04 crore.

    “As part of our growth plan, our emphasis is on boosting sales, lowering operating expenses, achieving efficiency, assuring product quality, and leveraging and enhancing our reputation in the market through regional outreach, diversification, and expansion.

    The managing director of Indong Tea Company, Hariram Garg, was quoted by the news agency ANI as stating, “We think that our growth in the local market can bring us new business expansion and prospects.

    “Our focus is on expanding our business in other markets, which will provide us enticing prospects to increase our clientele and sales. After the planned public offering, we are optimistic that we will be able to implement our growth strategy in a way that generates exponential value for all stakeholders while reliably providing excellent goods, the executive continued.

    The India Brand Equity Foundation reports that India was the world’s second-largest tea producer. According to a 2018 assessment, 6.37 lakh hectares of land were used to harvest tea in India. In addition, India is one of the top tea-drinking countries in the world, with domestic consumers consuming 80% of the nation’s tea production.

    Also Read: The Digital Transformation of Indian SMEs: How video Conferencing adds Value

    In both the calendar year 2020 and the financial year 2020–21, India produced a total of 1,283 million kg of tea. India produced 127.11 million kg of tea in May 2022, up from 91.77 million kg in April 2022. The output of tea in India from January through September 2022 was 984.67 million kg.

    Latest articles

    How to Take Initiative at Work | Tips for Success

    Taking initiative is a great way to show your employer that you are ready...

    More like this

    How to Take Initiative at Work | Tips for Success

    Taking initiative is a great way to show your employer that you are ready...