India's United Breweries up; top shareholder Heineken's March qtr sales beat estimates

United Breweries

24/04/2024 10:34

** Shares of Kingfisher beer maker United Breweries
 UBBW.NS  up as much as 8.9% to a record 2,026.20 rupees 
    ** UBBW's top shareholder Heineken  HEIN.AS  said beer
volumes rose 4.7% Y/Y in March qtr, beating a 2.5% growth
expected by analysts in a company-provided poll; stuck to its
forecast for profit growth in 2024
    ** Heineken CEO said that all regions posted higher volume
and net revenue; India net revenue grew 20% organically
    ** UBBW last up 8.1%, set for third straight session of gain
    ** Analysts' avg rating on UBBW at "hold"; median PT is
1,725 rupees - LSEG data
    ** Stock up ~13% YTD, its fourth straight annual gain
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))