Coffee Day at 20% UC
Coffee Day Enterprises is the top gainer on the BSE since the opening bell today morning; from its close of Rs.21.38, it opened at Rs.25.65, its intraday high and 20% UC of the day. It is closer to its 52-week low of Rs.21.38 than its high of Rs.74.54.
The stock price has been on a decline since 13th Jan, losing 30% and 62% for a one-year period.
The stock hit the UC on its announcement that the Chennai-bench of National Company Law Appellate Tribunal (NCLAT) has ruled in its favour, dismissing the bankruptcy plea against the company by IDBI Trusteeship involving a Rs 228 crore default.
NCLAT had initially granted interim relief by staying the proceedings on August 14, 2024. However, as it failed to pass a final ruling within the Supreme Court’s deadline of February 21, 2025, the proceedings resumed. The appellate tribunal finally delivered its verdict last week, dismissing the insolvency case entirely.