We had recommended a BUY on Tata Global Beverages Ltd (TGBL) in “India Strategy- A time for midcaps” on October 25, 2012, with a target price of Rs184. The stock has touched a high of Rs182 in today's trading session registering 15.7% return from our recommended price of Rs157. We believe valuations are at comfortable levels now and upside from the stock remains capped. We advise investors to book profit in the stock. In longer term, however, we continue to remain positive on the company given its strong leadership position in the Indian packaged tea market.

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