Varun Beverages (VBL) gained 2.75% to Rs 847.70, extending its gaining streak to fourth consecutive trading session.
Shares of Varun Beverages grew 7.88% in four trading sessions from its previous closing low of Rs 785.75 on 4 July 2022. The counter hit an all time high of Rs 849.80 in intraday today. The stock has soared 76.28% from its 52-week low of Rs 480.87 recorded on 11 August 2021.
On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 43,000 shares in the past two weeks.
In the past one year, the stock has jumped 65.03%. Outperforming the Nifty 50 index which rose 3.13% in the same period.
On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 748.97, 695.55 and 646.97 respectively. These levels will act as crucial support zones in near term.
On the technical front, the stock's daily RSI (relative strength index) stood at 74.161. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
More From This Section
The company's consolidated net profit surged 98.2% to Rs 271.09 crore on 26.2% increase in net revenues to Rs 2827.47 crore in Q1 FY22 over Q1 FY21.
Varun Beverages is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.
VBL has been granted franchises for various PepsiCo products across 27 States and 7 Union Territories in India. India is the largest market and contributed ~75% of revenues from operations (net) in fiscal 2021. VBL has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe.
Powered by Capital Market - Live News