Shares of Café Coffee Day hits upper circuit as the turnaround plan is being prepared by the management
The share price of Café Coffee Day jumped higher by 4.84 per cent on Friday to hit the upper circuit. The shares of café coffee day are seen trending as the markets is abuzz with the reports that the management is ready with a turnaround plan.
In past five trading sessions the share price of Café Coffee Day has jumped higher by ~9 per cent.
Café Coffee Day management is believed to be monetizing its10 floors corporate office in Bangalore. The beleaguered company has already started reducing the debts and the company is waiting for the lenders to approve its turnaround plan.
Monetisation of the corporate head office is a part of the broader plan to restructure company.
The shares of Café Coffee Day are in a bear grip, however the share price managed to cross the 20D SMA from below on September 16. The stock has been gaining with rising volumes in the past three sessions.
BSE Sensex is trading at life highs on Friday even as the broader markets underperform.
As many as 223 stocks hit the upper circuit on Friday while 201 stocks have made a fresh 52 week high so far on Friday.