India's Varun Beverages hits record high on Cheetos deal with PepsiCo

Varun Beverages

21/02/2024 04:50

** Shares of Varun Beverages  VARB.NS  up as much as 2.5% at
record high of 1,473.55 rupees
    ** Co and PepsiCo Inc.  PEP.O , through their units, have
signed an exclusive snacks appointment agreement to manufacture
and package Cheetos in Morocco, starting May 1, 2025
    ** The Pepsi India bottler will start producing the product
commercially in its own manufacturing facility, investing about
1 bln rupees ($12.1 mln) 
    ** VARB added that the agreement is in addition to the
existing distribution agreement for PepsiCo's snacks portfolio
in Morocco
    ** Stock has been trading above its 200-day moving avg since
November 2020
  

            
($1 = 82.9053 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))