India's Varun Beverages rises after snacks foray in Zambia, Zimbabwe

Varun Beverages

15/07/2024 11:05

** Shares of Varun Beverages Ltd  VARB.NS  rise 2.8%
    ** Stock is top gainer on consumer goods index  .NIFTYFMCG 
    ** The Pepsi India bottler says will manufacture, distribute
and sell affordable range of snacks under 'Simba Munchiez' brand
in Zambia and Zimbabwe
    ** VARB already distributes beverages in Zambia and
Zimbabwe, which along with Morocco, formed 17% of CY23 revenue
    ** Analysts rate VARB "buy" on avg, similar to most stocks
on 15-member Nifty FMCG index - LSEG data
    ** Stock's 31.6% jump YTD also most on index, which has
risen 5.4%

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))