Varun Beverages rose 1.75% to Rs 672.70 at 10:30 IST on BSE after the company said that its board approved to acquire franchisee rights for PepsiCo India's previously franchised sub-territory in Bihar.
The announcement was made after market hours yesterday, 17 January 2018.Meanwhile, the S&P BSE Sensex was up 373.21 points, or 1.06% to 35,455.03.
On the BSE, 6,276 shares were traded in the counter so far, compared with average daily volumes of 2.77 lakh shares in the past two weeks. The stock had hit a high of Rs 686.90 and a low of Rs 665 so far during the day. The stock hit a record high of Rs 761.55 on 2 January 2018. The stock hit a 52-week low of Rs 341.25 on 14 March 2017.
Upon completion of this acquisition, Varun Beverages will be a franchisee for PepsiCo products across 20 states and 2 Union Territories of India.
On a consolidated basis, net profit of Varun Beverages rose 159.9% to Rs 33.71 crore on 8% rise in net sales to Rs 959.79 crore in Q3 September 2017 over Q3 September 2016.
Varun Beverages (VBL) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA).
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