Varun Beverages jumped 8.58% to Rs 747.60 at 9:25 IST on BSE after the company announced that it has further deepened its relationship with PepsiCo by entering into a strategic partnership for the larger Tropicana portfolio.
The announcement was made after market hours yesterday, 4 January 2018.
Meanwhile, the S&P BSE Sensex was up 135.76 points, or 0.4% to 34,105.40.
On the BSE, 9,312 shares were traded in the counter so far, compared with average daily volumes of 30,888 shares in the past two weeks. The stock had hit a high of Rs 750.40 and a low of Rs 725 so far during the day. The stock had hit a record high of Rs 761.55 on 2 January 2018. The stock had hit a record low of Rs 341.25 on 14 March 2017.
The stock had outperformed the market over the past one month till 4 January 2018, gaining 35.21% compared with the Sensex's 3.35% rise. The scrip had also outperformed the market over the past one quarter, rising 34.97% as against the Sensex's 7.26% rise. The scrip had also outperformed the market over the past one year, jumping 67.31% as against the Sensex's 27.55% rise.
The large-cap company has equity capital of Rs 182.59 crore. Face value per share is Rs 10.
Varun Beverages announced that it has further deepened its relationship with PepsiCo by entering into a strategic partnership for the larger Tropicana portfolio along with Gatorade and Quaker Value-Added Dairy in territories across North and East India. This is part of the company's strategy to expand its product portfolio through its valued relationship with PepsiCo.
The company already holds manufacturing, sales and distribution rights for Tropicana Slice and Tropicana Frutz in North and East
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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