Coffee Day shares gain 2 per cent as Citi gives ‘Buy’ rating

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New Delhi | Updated: December 18, 2015 4:11:39 PM

Coffee Day share price gained as much as 2 per cent after Citi initiated coverage with 'Buy' recommendation.

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Coffee Day share price gained as much as 2 per cent on Friday after Citi initiated coverage with ‘Buy’ recommendation. (Photo: Reuters)

Coffee Day share price gained as much as 2 per cent after Citi initiated coverage with ‘Buy’ recommendation.

According to Citi, the share price of Coffee Day can touch Rs 315. It says Cafe profitability is likely to improve as the company takes initiatives to raise sales throughput and completed a phase of store rationalisation.

At 10.34 am, the share price of Coffee Day Enterprises was trading 0.67 per cent up at Rs 285.50. The scrip opened at Rs 281.90 and had touched a high and low of Rs 289.30 and Rs 280.80, respectively, in trade so far. Later, the share price of the company closed 0.67 per cent up at Rs 285.50.

Citi says the company’s mix is improving as its high-growth, high margin vending business ramps up and commodity exports fall.

In the past one month, the share price of Coffee Day gained 6.50 per cent to Rs 283.60 on December 17. Sensex fell marginally 0.23 per cent durign the same period.

For the quarter ended September 2015, the company posted a consolidated net loss of Rs 9.34 crore, up 76.54 per cent, against net loss of Rs 39.80 crore in the corresponding quarter a year ago.

(With inputs from Reuters)

 

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