Teba is the style of jacket, punto is the jersey fabric it's made from. I have seen Teba jackets in linen and cotton but the most popular seems to be this light weight wool jersey. They are four buttoned, unlined and unvented with button cuffs, a sort of cross between a jacket and a cardigan. I've looked online a bit and they appear to descend from a type of hunting jacket made for the Count de Teba in 1946 - see this article for more details.
Tebas are hugely popular, the typical look of the older, elegant Spanish gentleman out for a post-siesta stroll.
