Varun Beverages hits 52-week high post-PepsiCo franchisee deal
Tanay Loya / 21 Dec 2017
Varun Beverages broke into a new 52-week high on Thursday after the company signed an agreement with PepsiCo India.
Varun Beverages broke into a new 52-week high on Thursday after the company signed an agreement with PepsiCo India.
The board of Varun Beverages has approved a proposal to sign an agreement to acquire PepsiCo India's previously franchised sub-territory in Jharkhand along with its manufacturing facilities and franchise rights for Chhattisgarh, informed the company.
With this, the company will become a franchisee for PepsiCo products across 20 States and 2 Union Territories of India. The deal will proceed following completion of due diligence and approval from PepsiCo.
Varun Beverages is one of the largest franchisee in the world (outside USA ) of carbonated soft drinks and non-carbonated beverages sold under trademarks owned by PepsiCo.
At 11:15 hours, Varun Beverages was trading at a share price of Rs. 597.40, up Rs 61.85, or 11.55 per cent on the NSE. The scrip opened at Rs. 555.00 and touched a high and low of Rs. 619.90 and Rs. 550.00, respectively. The stock hit a fresh 52-week high of Rs. 619.90. The stock attracted a traded volume of 9,57,412 shares on NSE.
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