India's Varun Beverages gains on Mondelez distribution pact, diversification push
BUZZ-India's Varun Beverages gains on Mondelez distribution pact, diversification push ** India's Varun Beverages VARB.NS rises as much as 0.47% to 433.30 rupees as Zimbabwe units partners with Mondelez
** Axis Capital says pact will expand co's distribution opportunity to confectionery and packaged foods and maintains 'buy' rating with PT of 530 rupees
** Brokerage says deal will help co enter confectionery business using existing distributing network after this third diversification move
** Sees Mondelez and other deal as path to expand beyond soft drinks and become a larger consumer-products co
** Stock rated "strong buy" on avg by 14 analysts; median PT 556 rupees - data compiled by LSEG
** Stock last up 0.05% to 431.45 rupees** YTD, VARB down 12.1%
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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