India's Varun Beverages rises as brokers note strategic benefit from Asahi tie-up
BUZZ-India's Varun Beverages rises as brokers note strategic benefit from Asahi tie-up ** 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)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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