Cafe Coffee Day share latest news: Coffee Cafe Day share price on Thursday’s session was trading close its 20% upper circuit limit on multiple positive news development this week. Coffee Cafe Day share price opened today’s at ₹39.01 apiece on BSE. Coffee Cafe Day share price touched intraday high of ₹46.81 and low of ₹38.40.
For the quarter that ended June (Q1FY24), Coffee Day Global Ltd, that operates coffee chain Café Coffee Day, reported a net profit of ₹24.57 crore as against a loss of ₹11.73 crore in the year-ago period.
In the quarter under review, revenue from operations stood at ₹223.20 crore. According to the quarterly figures of Coffee Day Enterprises, it was ₹189.63 crore during the same period last year. For the quarter ended June, the total income came in at ₹250 crore.
Coffee Day Global Ltd is an unlisted company, its parent company Coffee Day Enterprises Ltd reports its quarterly earnings.
Economic Times (ET) recently reported that Rare Asset Reconstruction Company (ARC) intends to take over as the leading lender by purchasing the loans issued by Cafe Coffee Day chain operator. Rare ARC reportedly offered to pay upfront 60–65% of the unpaid debt. A loan from Coffee Day Global worth 110.4 crores was purchased by Rare ARC last week for 68 crores. As of 2022, CCD owes 960 crores of rupees.
On the back of these news developments, so far this week, Coffee Cafe Day stock price rose more than 22%. According to trendlyne data, Coffee Cafe Day stock price fell 5% and underperformed its sector by 25% in the past year.
“This counter has seen volatile swing in last one month, this week the momentum is on the positie side as prices are up more than 22% this week, no major view but prices can extend upmove towards 52 – 55 , 41 is support,” said Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.
Last week, the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) has stayed the admission of corporate insolvency case brought by National Company Law Tribunal (NCLT) Bengaluru against the the coffee chain firm.
The NCLT order against CCD has been put on hold until the next hearing of the appeal filed by Malavika Hedge, the former director of CCD, by Justice Rakesh Kumar Jain, a judicial member, and Shreehsa Merla, a technical member, according to NCLT’s notice issued on Friday.
In July, IndusInd Bank filed a complaint with the NCLT, stating that CCD had defaulted on a loan of more than ₹94 crore. The NCLT approved the bankruptcy petition based on the petition.
At 14:41 IST, Coffee Cafe Day share price was trading at ₹45.55, up nearly 17% on BSE.