Coffee Day Enterprises sizzles on buzz Coca-Cola eyes stake

Coffee Day Enterprises rose 3.62% to settle at Rs 232.10 on the BSE on reports that US-based beverage maker Coca-Cola is in exclusive talks to pick up a significant stake in the firm.

Meanwhile, the S&P BSE Sensex fell 5.67 points, or 0.01% to 39,586.41.

On the BSE, 91,000 shares were traded in the counter so far compared with average daily volumes of 37,000 shares in the past two weeks. The stock had hit a high of Rs 249.95 and a low of Rs 229 so far during the day. It hit a 52-week high of Rs 325 on 21 September 2018 and a 52-week low of Rs 210.3 on 19 June 2019.

According to media reports, Coca-Cola has entered exclusive talks to pick up significant stake in the country's largest coffee chain CafCoffee Day (CCD). The soft drinks giant is reportedly looking to gain foothold in the rapidly growing caf space and hedge risks associated with its core carbonated drinks business.

On a consolidated basis, Coffee Day Enterprises' net profit declined 17% to Rs 28.83 crore on a 17% rise in the net sales to Rs 1322.20 crore in Q4 March 2019 over Q4 March 2018.

Coffee Day Enterprises owns and operates coffee cafes in India.

Powered by Capital Market - Live News