Shares of Tata Coffee Ltd gained more than 5 per cent to hit its 52-week high of Rs 1071.90 in the early trading on Tuesday after the company announced a rise of more than two-fold in consolidated net profit for the second quarter of current fiscal.

Tata Coffee announced that its net profit jumped to Rs 36.84 crore in the three months to September 30 this year, as compared with Rs 17.59 crore in the corresponding period of previous fiscal year.

The profit after tax increased a whopping 65 per cent, from Rs. 31.73 crore to Rs. 52.26 crore during the same period; while consolidated operating income jumped 19 per cent, from Rs 751.24 crore to Rs 891.43 crore.

Hameed Huq, managing director of the company, attributed the strong figures to better performance by instant coffee business. Besides, a favourable foreign exchange on exports of coffee also provided a boost to the results.

Commenting on figures, Huq said, "The improved result is from instant coffee operation which continues to show a substantial growth, as also better operating result from coffee plantations coupled with a favourable foreign exchange on its exports."

The company also said that its recently opened Starbucks coffee store in Mumbai would offer Indian Espresso Roast, which will sourced locally through the coffee sourcing and roasting agreement with Tata Coffee.