Skip to main content

Café Coffee Day operator’s stock falls over 10% on buzz of undisclosed income seen at Rs 650 cr

According to a report in The Times of India, Income Tax (I-T) Department has detected undisclosed income worth over Rs 650 crore linked to the group after raids.

Weakness in Coffee Day Enterprises, the operator of Café Coffee Day chain, continued as the stock fell over 10.5 percent intraday on Monday. Investors turned cautious of the stock on the back of a media report, which hinted to issues relating to undisclosed income.

According to a report in The Times of India, Income Tax (I-T) Department has detected undisclosed income worth over Rs 650 crore linked to the group after four-day raids. The department expects the undisclosed income figures to be higher, the report states. STOCK FREE INTRADAY TIPS

Last week, search operations were conducted at premises of Cafe Coffee Day and its group companies across 25 locations in Bengaluru, Chikmaglur, Mumbai and Chennai, including the residence of Chairman and Managing Director V G Siddhartha.

Other raids were carried out the Coffee Day Global Limited office located at Chikkamagaluru, two of its coffee estate offices, a residential school office and the Serai Resorts.

Software firm Mindtree’s share price also fell more than 2 percent as Siddhartha and Coffee Day Enterprises hold some stakes in the company.

Siddhartha has 3.25 percent stake in the software firm while Coffee Day Enterprises and Coffee Day Trading have 10.39 percent and 6.3 percent shareholding in the company as of June 2017.

The stock has fallen 13 percent in the past one month, while its three-day fall stood at 13 percent as well.

At 10:18 hrs Coffee Day Enterprises was quoting at Rs 210.60, down Rs 21.30, or 9.18 percent, on the BSE. It touched an intraday high of Rs 220.60 and an intraday low of Rs 207.50.
www.shristocktips.com

Comments

Popular posts from this blog

Market Update: PSU bank index outperforms as PNB, Syndicate Bank jump 2-5%; JP Associates zooms 11%

The market breadth was in favour of the advances with 957 stocks advancing while 668 declined and 383 remained unchanged. On the other hand, in the BSE, 1176 stocks advanced and 888 declined and 108 remained unchanged.

The Indian markets on Friday morning were trading flat with the Nifty shedding 51 points or 0.49 percent  while the Sensex was down 178 points.

The Nifty PSU banking index was up 0.6 percent led by stocks like Syndicate Bank which jumped 5 percent followed by Allahabad Bank which gained over 3 percent. IDBI Bank and OBC were the other gainers. PNB gained 2.38 percent.

The top Nifty gainers included Mahindra & Mahindra and Aurobindo Pharma which were up 1.7 percent each followed by UPL, Yes Bank and Zee Entertainment.

The top Nifty losers included IOC and BPCL which fell 2 percent each followed by HPCL, Tata Motors and NTPC.

The most active Nifty stocks included IDBI bank which jumped over 3 percent while JP Associates zoomed over 10 percent after Rakesh Jhunjhunwala…

HDFC Sec retains sell on Bharti Infratel, reduces target to Rs 310 despite 22% fall in last 2 months

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

"Target price is based on 20x Dec-19E EPS (Rs 356) for business as usual (versus 24x earlier) less impact of Rs 60 per share from Vodafone-Idea merger (versus Rs 39 per share earlier) and likely acquisition of Vodafone-Idea stake in Indus at enterprise value of Rs 50 lakh per tower (+Rs 15 per share)," the research house said.

It further said the key reason for the de-rating is instant loss of tenancies on merger of Vodafone-Idea and impact of Reliance Communications and Aircel businesses’ scaling down.

This would push back Bharti Infrat…

Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

Moreover, the relative strength index or the RSI has turned down from the neutral levels of 50 on two occasions in recent pullbacks suggesting further weakness in the coming trading sessions.

Here is the list of stocks which can give up to 11 percent return:

Arvind Ltd: SELL| Target Rs345| Stop Loss Rs410| Return 11%

On the weekly chart, Arv…