Since January 8, the stock has rallied 23 per cent as latest shareholding pattern reveals that foreign portfolio investors' (FPIs) stake in VBL touched a new high of 19.35 per cent at the end of December 2019 quarter (Q3 FY20). In comparison, the benchmark Nifty 50 index has gained 1 per cent during the same period.
FPIs hiked their stake in VBL for the fifth straight quarter, since September 2018, when they had 12.7 per cent stake in the company. As on September 2019, FPIs held 19.17 per cent stake in the company, increased from 14.21 per cent at the end of June 2019 quarter.
In the past few quarters, VBL has reported strong growth in revenues led by healthy overall volume growth on the back of acquisition of south and west sub-territories from PepsiCo.
Meanwhile, rating agency CRISIL last week reaffirmed its rating on the long-term bank facilities and debt programme of the company. CRISIL has also withdrawn its rating on the non-convertible (NCD) debentures of Rs 300 crore since these are completely redeemed.
The upgrade reflects CRISIL's belief that the group's business and financial risk profiles will remain strong over the medium term. VBL's business profile is underpinned by its dominant share in PepsiCo's beverage portfolio in the country along with healthy growth in international territories.
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