India's Varun Beverages gains on CLSA's rating upgrade

Varun Beverages

04/03/2025 05:03

** India's Varun Beverages VARB.NS climbs 1.8% to 465.25 rupees

** Brokerage CLSA upgrades Pepsi's India bottler to "high-conviction outperform" from "outperform"

** Says investor concerns over competition with Reliance's Campa are "overdone"; profitablity and growth outlook for VARB remain strong

** CLSA cuts PT to 770 rupees from 802 rupees to factor heightened competition and potential price cuts by VARB

** Analysts covering the stock rate it "buy" on avg; median PT is 677.50 rupees - data compiled by LSEG

** Stock trims YTD losses to 27%

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))