India's Varun Beverages rises as brokers note strategic benefit from Asahi tie-up

Asahi group

19/06/2026 05:25

** Varun Beverages  VARB.NS  shares rise 1.27% to 538.30 rupees
** Partners with Japan's Asahi Group  2502.T  to manufacture,
distribute and sell CALPIS dairy-based beverage brand in India
    ** CLSA ("high-conviction outperform", TP: 654 rupees) says
VARB's manufacturing and distribution network should allow it to
scale third-party brands efficiently
    ** Axis Capital ("add", TP: 585 rupees) says partnership
could trigger potential re-rating, though near-term revenue
contribution is likely to be modest
    ** Goldman Sachs ("buy") says alliance could open
opportunities in adjacent categories and geographies and tap
rising demand for healthier drinks
** Average rating by 25 analysts on stock is "Buy", median TP
596.50 rupees - LSEG-compiled data
    ** YTD stock up about 9.5%

(Reporting by Surbhi Misra in Bengaluru)
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