India's Pepsi bottler Varun Beverages hits record high on strong outlook

Varun Beverages

07/11/2023 08:24

** Shares of Varun Beverages  VARB.NS  rise as much as 5.2%
to hit a record 995 rupees
    ** Pepsi India bottler on Monday reported a Q3 profit beat,
aided by higher sales volume and steady demand
    ** Motilal Oswal says penetration in south and west India
and continued expansion in capacity to drive growth for co;
maintains "buy" with PT of 1,090 rupees
    ** Growth in energy drinks, dairy products along with
capacity expansion will support volume and margin expansion;
retain "hold", raise PT to 880 rupees from 820 rupees - Antique
Stock Broking
    ** A likely foray into South Africa could further strengthen
co's growth trajectory, says Kotak Institutional Equities,
raising PT to 1,025 rupees from 910 rupees
    ** Stock last up 5.1%, bumping YTD gains to 50.3%

 (Reporting by Ashish Chandra and Ashna Teresa Britto in
Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))