In the morning trade on Thursday, after the reports went that beverage maker Coca-Cola is looking forward to picking up a significant stake in the country’s largest coffee chain, the shares of Coffee Day Enterprises rose nearly 12 per cent.
“The potential stake acquisition is being driven by Coca-Cola’s headquarters in Atlanta, and officials from the beverage maker’s global team are engaged in active talks with the Coffee Day management. It would give Coca-Cola a significant scale in the fast-growing café business, compared to soft drinks,” the report quoted.
However, the beverage maker has denied any such development. A Coca-Cola spokesperson said, “This news is absolutely speculative in nature and as a matter of company policy, we do not have any comments to offer at this point in time.”
The stock pared most gains and traded 4.02 per cent up at Rs 233 around 10:10 am.
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