India's Varun Beverages hits record high, stock overbought

Varun Beverages

17/08/2023 10:40

** Shares of India's Varun Beverages  VARB.NS  up as much as
4.98% to hit record high at 934.65 rupees 
    ** Pepsi bottler posts biggest pct gain since June 15
    ** Stock rises for the fourth consecutive session, if gains
hold 
    ** Co shares trading above 50-day and 200-day simple moving
averages since Aug 11 
    ** Relative Strength Index seen above upper limit of 70,
signaling stock in overbought zone
    ** About 3.1 mln shares changed hands by 3:00 P.M. IST, 1.7x
30-day avg  
    ** Mean recommendation of 15 analysts eyeing the stock is
"buy", median TP is 917.50 rupees - Refinitiv IBES data 
    ** Including session's gains, stock had risen ~38% so far
this year 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))