India's CCL Products falls as margin contracts in June quarter

CCL Products (India)

17/07/2023 08:09

** Shares of CCL Products  CCLP.NS  fall as much as 4.89% to
694.20 rupees, most intraday pct slide in four months 
    ** Coffee producer and distributor reports contraction of
core profit margin in June quarter to 16.18% compared with
17.39% Y/Y
    ** Net profit, core profit rise Y/Y, but fall sequentially
due to sharp rise in total costs- co
    ** CCLP declares dividend of 2.5 rupees for fiscal 2023;
record date set as August 11, 2023
    ** Stock most active in over a week, with trading volume is
387,800 shares as of 12:28 p.m. IST, nearly thrice the 30-day
avg - Refinitiv data
    ** Of the 10 analysts tracking CCLP, seven maintain "strong
buy", two suggest "buy" and one recommends "hold"; median PT is
698 rupees
    ** Stock up 31% in 2023 so far compared with 8% rise in
Nifty 50 index  .NSEI 
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com ; +91 9769003463))