India's Varun Beverages up as Morgan Stanley initiates with 'overweight'

Varun Beverages

16/04/2024 09:04

** Shares of Varun Beverages  VARB.NS  rise as much as 2.8%
before trimming some gains; last up 1.2% to 1,397 rupees 
    ** Pepsi India bottler up after dropping for six straight
sessions 
    ** Morgan Stanley initiates coverage on stock with
"overweight", PT of 1,701 rupees, a 23% premium on last close 
    ** Says VARB to continue outpacing industry growth backed by
strong profitability as its business strategy aligns with
evolving consumer preferences
    ** Says expansion of India's electricity infrastructure has
opened access for remote areas, which bodes well for co
    ** VARB looks better than peers, preferred pick in staples -
MS 
    ** Analysts' avg rating on stock is "Buy", in line with
peers Britannia  BRIT.NS  and Dabur  DABU.NS  while Nestle India
 NEST.NS  is rated "Hold"
    ** Including session's gains, stock up 13% YTD vs 6.5% loss
in Nifty FMCG index  .NIFTYFMCG  


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))