Coffee Cafe Day share price rallies 20%; here's why

livemint.com:

₹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.

Also Read: Cafe Coffee Day parent's bankruptcy: What's brewing at Cafe Coffee Global? All about coffee day enterprises' troubles 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%.